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AstraZeneca Plans 2,300 More Job Cuts

Its sales have been hurt by expiring patents and generic rivals


jobless unemployment 630A new round pink slips is going out at AstraZeneca (NYSE:AZN).

Just three days after cutting 1,600 jobs in research and development, the drug maker announced on Thursday that it will trim its payroll by another 2,300 workers around the world. The job cuts come as the company restructures to focus on its drug pipeline, the Associated Press notes.

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The company will take a $2.3 billion charge relating to the job cuts. Over the past 13 months, AstraZeneca has shed 11,000 workers, including the new layoffs.

Expiring patent protection for some of its most popular medications has dented AstraZeneca’s profits as generic drug makers undercut its sales. The company says it expects continued sales declines as more patents expire.

Last year, the company recruited new CEO Pascal Soriot from French competitor Roche (PINK:RHHBY). Soriot had served as the COO at Roche’s pharmaceuticals unit.

Shares of AstraZeneca climbed almost 2% in Thursday morning trading.

Article printed from InvestorPlace Media,

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