Breaking News Bar
updated: 3/21/2013 7:18 AM

AstraZeneca to cut 2,300 jobs

hello
Success - Article sent! close
  • Struggling drug company AstraZeneca PLC says it will cut some 2,300 jobs worldwide as part of a restructuring plan.

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

 
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.

Share this page
Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.