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London-based pharmaceutical company AstraZeneca plans to slash 8,000 jobs, or 12% of its work force, by 2014 to cut costs.
London-based pharmaceutical company AstraZeneca plans to slash 8,000 jobs, or 12% of its work force, by 2014 to cut costs. AstraZeneca's revenues in 2010 are expected to come under pressure as its key products, child asthma medication Pulmicort and breast cancer treatment Arimidex, lose patent protection.
Chief Executive Officer David Brennan said the company expected a percentage fall in revenue this year. To meet the challenge, AstraZeneca will revamp its research and development (R&D) operations and reduce annual costs by $1.9 billion.
The new round of cuts will be global, including sales and marketing, business infrastructure, R&D, and the supply chain. Some closures of R&D sites or facilities are also expected as part of the reorganization. The company cut 7,600 jobs in the year 2007 and another 1,400 in 2008 as part of its cost-cutting program.