Company News: AstraZeneca

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AstraZeneca announced plans to cut 8,000 jobs -- around 12% of its global workforce -- by 2014 as part of a cost-cutting exercise. The firm, which has already eliminated 12,600 jobs in recent years, will lose US market exclusivity on Arimidex and Pulmicort Respules this year and has projected a revenue decline in the mid-single digits for the year. The company will also restructure its R&D function to focus on fewer disease area targets and close some R&D sites.

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