AstraZeneca‘s Alderley Park R&D site” height=”248″ src=”https://www.pharmaceutical-technology.com/wp-content/uploads/static-progressive/az-alderley.jpg” style=”padding: 10px” width=”300″ />
Job cuts at Anglo-Swedish pharmaceutical firm AstraZeneca (AZ) are to be worse than feared, following an announcement made by the company amid rumours previously reported in the Sunday Times.
The Sunday Times originally reported that up to 3,000 jobs could go, but AZ has now revealed that a total of 7,300 jobs will be cut over the next two years as part of an extensive restructuring programme.
The announcement comes against a backdrop of disappointing financial results, with the company reporting a fall in pre-tax profits for the quarter ending December 2011, down $230m to $2.05bn, for which AZ has blamed increased competition.
Amidst increased generic competition for some of its products, AZ must also contend with the looming patent expiry of its cholesterol drug Crestor, which loses exclusivity in 2016.
AstraZeneca has previous for extensive rounds of job cuts, with its first round of restructuring occurring between 2007 and 2009, resulting in the loss of 12,600 positions.
A further 9,000 jobs were announced to be lost in the company’s second restructuring programme, taking place between 2010 and 2012. The latest round is expected to save up to $1.6bn per year by 2014.
AstraZeneca, the UK’s second largest drugs firm behind GlaxoSmithKline, currently employs 61,000 staff globally.
Caption: Up to 300 job losses could be seen at AstraZeneca’s Alderley Park R&D site, pictured. Credit: AstraZeneca