Open

Coming up

Don't miss

Replay


LATEST SHOWS

FOCUS

Overfishing and the global appetite for bluefin tuna: can Tokyo turn the tide?

Read more

MEDIAWATCH

Too many graphic images from Gaza ?

Read more

FASHION

Who's next in Paris, an event with international ready-to-wear and fashion accessories collections

Read more

ENCORE!

Tunisia's Carthage International Festival turns 50

Read more

THE OBSERVERS

Muslims and Christians clean up Bangui, and violence spirals out of control in Algeria's Gardaia

Read more

IN THE PAPERS

Is there such thing as 'telegenic' victims of war?

Read more

IN THE PAPERS

2014-07-22 07:21 IN THE FRENCH PRESS

Read more

THE INTERVIEW

Michel Sidibé, UNAIDS Executive Director

Read more

TALKING EUROPE

Dalia Grybauskaite, President of the Republic of Lithuania

Read more

  • A call for harmony in riot-hit ‘Little Jerusalem’ Paris suburb

    Read more

  • Israel identifies ‘missing’ soldier in Gaza

    Read more

  • Hollande says French warship delivery will ‘depend on Russia’s attitude’

    Read more

  • Colombia's Rodriguez signs ' €80m' contract with Real Madrid

    Read more

  • Ukraine rebels release bodies, black boxes from flight MH17

    Read more

  • Widodo poised to become Indonesian president

    Read more

  • An ‘explosion of violence’: French press reacts to Gaza protests

    Read more

  • Notorious ‘VIP’ prison in Paris closed for renovations

    Read more

  • Christians in Iraq's Mosul face execution or exodus

    Read more

  • Scores killed as Libyan militias fight over airport

    Read more

  • Ukraine football players refuse to return home after friendly in France

    Read more

  • China steps up communist education to guard against ‘moral decline’

    Read more

  • French rugby stars attacked with machetes and swords

    Read more

  • Hollande announces new military operation in West Africa

    Read more

Business

AstraZeneca to cut further 7,000 more jobs

Latest update : 2009-01-29

The pharmaceutical company AstraZeneca has announced it will double a cost-cutting programme designed to axe 8,000 jobs, taking the number of redundancies at the firm up to an estimated 15,000 by 2013.

AFP - Anglo-Swedish pharmaceuticals giant AstraZeneca said Thursday it will axe 7,000 more jobs by 2013, extending a cost-cutting programme that has already shed about 8,000 positions since 2007.

"New initiatives include further rationalisation of the global supply chain, additional restructuring of the sales and marketing organisation and business infrastructure," AstraZeneca said in an annual earnings release.

"When fully implemented, these and other new business reshaping activities, combined with revised estimates for the original 2007 programme... will result in the overall programme delivering a reduction of approximately 15,000 positions by 2013."

A company spokeswoman told AFP that 8,000 positions were no longer in existence since the company announced its programme in 2007.

"The expected number (of job cuts) has grown and we are extending the programme out to 2013, so it is going to be over the next four years."

"Alongside the restructuring programme we are still recruiting people," she stressed.

The programme will reap cost savings of 2.5 billion dollars (1.9 billion euros) per year following its full implementation, compared with the previous annual forecast of 1.4 billion dollars.

AstraZeneca said that it expected to be saving 2.1 billion dollars before the end of 2010, with the rest of the savings achieved by 2013.

The group also announced that its 2008 annual net profits rose nine percent to 6.10 billion dollars (4.56 billion euros) on strength in emerging markets, while revenues grew 6.9 percent to 31.60 billion dollars.

However, net profit sank by 1.4 percent to 1.248 billion dollars in the final quarter of 2008, compared with the same period of 2007.

"AstraZeneca has delivered a robust performance in an increasingly challenging market environment," chief executive David Brennan said in the results statement.

"I am particularly pleased with our continued success in globalising our business, as shown by our strong performance in emerging markets.

"We are also making good headway in further improving the efficiency of our organisation. The expansion in the scope of our restructuring efforts is another important step towards sustaining our long-term competitiveness."

Speaking after publication of the results, Brennan said the job cuts were "not a reaction to the recession" but admitted it was not immune to the global downturn.

Many pharmaceutical companies are looking to cut costs as they face more competition from generic drugmakers.

AstraZeneca is the latest drugs giant to unveil job losses after similar announcements last year by British rival GlaxoSmithKline, German pharmaceutical and chemical group Merck and US group Schering-Plough.
 

Date created : 2009-01-29

COMMENT(S)