Pharmaceutical company profits up 28% despite job losses
Pharmaceuticals group AstraZeneca said today it plans to cut 3,000 jobs from its workforce over the next three years.
The moves, which will be focused on the production side of the business, were announced as Astra said annual profits rose 28% to $8.54bn dollars (€6.5bn).
Delivering a performance in line with City expectations, Astra said sales of its five key growth products – including cholesterol-lowering product Crestor - had been strong.
But it warned that the company, as well as the industry, needed to face up to the challenges posed by patent expirations and pricing pressures brought about by governments and private sector firms.
As a result, the company said it had taken “a further step in its drive to improve productivity”.
Astra employs around 65,000 people worldwide, including 2,500 at its main base at Macclesfield, Cheshire. It has a number of other sites around the UK, including at Avlon near Bristol.
The company did not provide details about where in the world the jobs might go. It said the moves were subject to consultations with unions and works councils.
