AstraZeneca to axe 7,600 jobs as part of cost-cutting drive

AstraZeneca is to axe 7,600 jobs as part of an expanded cost-cutting drive

In February, the Anglo-Swedish drugmaker announced plans to shed about 3,000 jobs, and said it would increase the cuts to more than 10% of its 2006 workforce, in an attempt to save $900m (£440m) annually by 2010.

The company said its expanded job cuts would affect European sales and marketing teams and employees working in research and development and other areas in Britain, Sweden, Germany, France, the US and Canada.

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AstraZeneca added that it would “continue to look for further initiatives to improve the long-term efficiency,” but would not confirm how many losses would be experienced in the UK.

Pre-tax profit for the three months to 30 June fell 10% to $1.99bn (£980m), but was flat for the half year, while sales jumped 10% to $7.27bn (£3.5bn) in the quarter and by 11% for the six months.