Well, this certainly means the dividend will be cut at least in half.
One big question/issue is what the company will do to replace sales that are lost to generics and refill the pipeline. I doubt that we will see a drastic change in strategy in the near-term. Once a new full-time CEO is in place, and the new chairman is fully integrated, they will need to document that strategy. I doubt that it will be the same as it is now (I would guess that major shareholders would not be happy if it were). How much of a change, and its implications, will be proposed by the new folks at the top. Where the dividend goes long-term depends on what the new strategy is and how they will implement it. Same goes for the share buybacks that AZN has done over the past few years.
Their current plan is to use single-digit billion dollar deals (like the recent purchase of Ardea for a billion and a quarter) to refill the pipeline. Another bigger deal, the size of MedImmune, would not have been considered.
My point was that it seems unlikely that the new chairman/CEO combination will stick to the same plan. I'm not sure how they will change it, but I would expect to see a new/different strategy once they are in place.