Business

AstraZeneca to cut 2,300 jobs

Posted March 21, 2013 6:53 am

Associated Press

LONDON — Struggling drug company AstraZeneca PLC says it will cut some 2,300 jobs worldwide as part of a restructuring plan.

The company said Thursday the cuts are in addition to a previously announced program cutting 1,600 positions related to research and development announced March 18 and the elimination of 1,150 positions announced last year.

A company statement indicates the elimination of these positions will result in a one-time $2.3 billion restructuring charge.

The company anticipates the cuts will produce benefits of about $800 million per year by 2016.

New CEO Pacal Soriot said the company’s goal is to be a global firm with a “focused portfolio in core therapy areas.”

The company’s finances have been hurt as generic competition has damaged sales.

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