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AZ announces further job cuts

Anglo-Swedish pharma company AstraZeneca (AZ) is planning on cutting a further 4,300 jobs by 2010 in order to cut costs as it aims to make annual savings of USD900m (GBP440m).

Anglo-Swedish pharma company AstraZeneca (AZ) is planning on cutting a further 4,300 jobs by 2010 in order to cut costs as it aims to make annual savings of USD900m (GBP440m).

The company announced 3,000 job cuts in February, and another 300 marketing job cuts in May.

Around 1,800 jobs will go in European sales and marketing, another 1,800 to go in business infrastructure, and 700 roles to go in R&D.

Total restructuring costs are expected to amount to USD1.6bn.

The firm has suffered several high profile late-stage drug failures in the last year, with a stroke treatment failing in trials in January, heart drug AGI-1067 failing in March, and news that results for its blockbuster Crestor have been mixed.

27th July 2007

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