AstraZeneca slashes jobs, Euro sales and marketing posts impacted
AstraZeneca said it plans to eliminate an additional 4,600 jobs in Europe and North America as part of a major cost-cutting initiative aimed at helping save the company $900 million by 2010.
CEO David Brennan told reporters the new cuts would include 1,800 European sales and marketing jobs, 700 research and development positions, and 1,800 business infrastructure posts.
The company previously announced plans for 3,000 job cuts in February at its first-quarter results. That original number was changed today to 3,300.
In total, the cuts amount to 7,600 staff, or nearly 12% of the company's workforce, compared to the 3,000 originally planned.
An AstraZeneca spokeswoman did not specify to MM&M how many US positions would be eliminated but did say that US sales and marketing positions should not be impacted.
Countries affected by the cuts include the US, Britain, Germany France and Canada.
Meanwhile, AstraZeneca's second-quarter pharmaceutical sales increased 6% to $7.3 million.
Nexium sales in the second-quarter were unchanged at $1.3 billion.
Seroquel sales increased 11% to $963 million in the second-quarter.
Crestor sales in the second-quarter were up 38% to $678 million. Sales in the US were up 30%. Sales in other markets were up 47%.
Arimidex sales increased 10% in the second-quarter.
Symbicort sales were up 25% to $414 million, including $30 million in stocking sales in the US ahead of the launch on June 25. Sales in other markets were up 15%.