AstraZeneca to cut 7,300 jobs
Pharmaceuticals giant AstraZeneca, which has two sites in the South West, has announced plans to cut another 7,300 jobs across its operations.
The jobs will go by the end of 2014 as part of a fresh round of cost savings. A total of 21,600 jobs have already been lost at the company since 2010.
AstraZeneca has 8,000 UK-based staff and operates from sites in Avlon and Brixham. The announcement follows reports earlier this week that said the business was planning to cut 3,000 staff.
A spokesman for the group said: "Our priority in the coming weeks will be to work with our affected employees on the proposed changes, acting in accordance with relevant local consultation requirements and labour laws."
AstraZeneca also revealed its annual results this morning. Core profits at the pharmaceutical business were also down by 4 per cent to $13.2bn (£8.3bn).
Revenue in Western Europe was particularly hit – falling by 11 per cent. The company said revenue of nearly $1bn (£632m) was lost because of "generic competition".
Chief executive David Brennan added: "While the further expected losses of market exclusivity make for a challenging 2012 outlook, we remain committed to a long-term, focused, R&D based strategy, and today we have announced further steps to drive productivity in all areas to improve returns on our investment in innovation."
