AstraZeneca is rumoured to be cutting up to 3,000 further jobs ahead of posting its full-year financial results, reports published in the Sunday Times suggest.
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The reports cite unnamed analysts who suggested that the company could also extend its share buyback programme, although the pharmaceutical company is refusing to comment on the speculation.
The rumours come off the back of a string of job cuts that have occurred at AstraZeneca in recent years, with the company announcing in December 2011 that up to 1,150 would be lost in the US.
The company also announced the loss of 400 sales positions in October 2011, with AstraZeneca casting an eye towards current expenditure and the 2016 patent expiry of its Crestor medication.
AstraZeneca is, however, reported to be extending its $3bn share buy-back programme, which could alleviate investor fears.
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By GlobalDataNumerous pipeline setbacks, including those related to potential ovarian cancer treatment olaparib and diabetes medication dapagliflozin, have caused AstraZeneca’s share price to fall in recent months.
Image Caption: AstraZeneca’s headquarters in London, UK. Courtesy: AstraZeneca.
