Based: London, U.K.
Announced layoffs: 550
AstraZeneca's ($AZN) job-chopping total for 2014 may pale in comparison with what the company did last year, but it's still hefty. After announcing 5,050 layoffs the year prior, the British pharma said last February it would add another 550 to the equation, bringing the overall tally to 5,600 positions.
The way AZ saw it, the reductions--as well as some operational moves to revamp its IT team and infrastructure, pull out of R&D in Bangalore, India (shedding an additional 168 jobs), and scrap branded generics in certain emerging markets--would help it squeeze $300 million out of its yearly costs. The total annual savings from the years-long restructuring? $2.5 billion, the pharma giant figured.
While the company didn't say which jobs would go and where, it did say it would nix the newly tagged 550 positions by 2016, finishing with them at the same time it wrapped the previously announced 5,050.
Of course, AstraZeneca has announced quite a few other layoffs since generics began seriously eating away at its blockbuster sales. Its restructuring--phases 1 to 3--claimed more than 20,000 jobs.
CEO Pascal Soriot has been trying to turn things around at the drugmaker since taking the helm in 2012, shortly after generic competition hit for blockbuster antipsychotic Seroquel. Meanwhile, new products haven't kicked in yet, partly because of some high-profile R&D missteps.
-- Carly Helfand (email | Twitter)
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