AstraZeneca Job Cuts Continue While Profits Soar

Pharmaceutical giant AstraZeneca will cut its workforce by 16 percent by 2014, even as it continues to show strong growth in its profits. The company reported $31.6 billion in profits last year, an increase of 6.9 percent over last year.

“AstraZeneca delivered a strong financial performance, exceeding the targets set at the beginning of the year,” reads a company statement on their website. According to a story in the Wall Street Journal, even though the company is showing impressive profits now, it is bracing itself for competition from generic drugs. The company produces Arimidex for cancer and Pulmicort for asthma, but it expects sales to decline as generic forms will come on the market this year. “Let’s face it, 2010 is going to be a challenging year,” said CEO David Brennan.The company has already cut 12,600 jobs over the past three years. The latest job cuts will affect the company’s sales and marketing division, research and development units, and business infrastructure, according to the Swedish news website The Local. The company has about 63,000 employees worldwide.