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article imageAstraZeneca to cut 7,300 jobs worldwide

By Tim Sandle     Feb 2, 2012 in Business
London - The international pharmaceutical company AstraZeneca PLC has announced that it will cut 7,300 jobs based on its prediction of a tough year head and in the context of the global economic outlook.
The UK-Swedish based global drugs giant AstraZeneca has announced, according to the BBC, that it will cut several thousand jobs during the course of the year. This is due to the economic downturn, which has led to a government spending cuts on health care and the competitive marketplace. Sky News additionally notes that several valuable patents which the company holds will shortly expire.
City AM estimates that the job cuts will save the multi-national $1.6 billion. The drug maker has 61,000 staff globally of whom 8,000 are in the UK.
AstraZeneca develops, manufactures, and sells pharmaceuticals to treat disorders in the gastrointestinal, cardiac and vascular, neurological and psychiatric, infection, respiratory, pathological inflammation and oncology areas.
The announcement of the job losses has come on the same day AstraZeneca have announced, according to The Daily Telegraph, a 24 per-cent increase in profits (on the completion of the 2011 financial year). The company’s full-year profit was $10 billion, up from $8.1 billion a year earlier. The profit advance was helped heavily by a $1.5 billion gain from the sale of its dental subsidiary, Astra Tech.
According to The Guardian, Chief Executive David Brennan warned that the company is facing a "challenging 2012 outlook" and went on to state that: "The company anticipates a constant-currency revenue decline for 2012 in the low double-digit range.”.
Although the jobs will be lost worldwide the British Unite and GMB trade unions have expressed fears that a high number will be lost from the UK.
The company is accustomed to making large staff cuts. Between 2007 and 2009, AstraZeneca cut 12,600 positions from its workforce.
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