AstraZeneca to cut 8,000 jobs

Anglo-Swedish pharmaceutical giant, AstraZeneca (AZ) has announced it is to cut 8,000 jobs worldwide by 2014.

AZ, which employs 11,000 people in the UK, including offices in London, Macclesfield, Cheshire, Luton and Bristol, has yet to say how the job cuts will affect the UK.

The cuts come on top of 12,600 job losses since 2007 as the firm continues to further its 'productivity programmes' which have already saved $1.6bn. AZ has predicted a further $1.8bn to be saved over the next four years with this latest announcement.

The losses will come in the firm's sales and marketing, business infrastructure, research and development, and supply chain operations, as AZ looks to focus on its more profitable drugs and treatment departments.

There was also a warning that some research and development sites could be closed.

The news comes as AZ announced a "strong financial performance in 2009" which saw the firm's annual revenues increase by seven per cent, as well as the elimination of its $7,174m net debt.