AstraZeneca Slashes Workforce

February 2007 | Company Finance Alert

Following on from US drugmaker Pfizer's decision to cut 10,000 jobs, Anglo-Swedish drug firm AstraZeneca is slashing 5% of its workforce, as a wave of cost cutting hits the industry. The UK's second largest drugmaker is eliminating 3,000 jobs from its production and manufacturing departments, as the company' hypertension blockbuster Toprol (metoprolol succinate) comes under threat from generic raiders. BMI expects further job losses at the major drugmakers, as with fewer products on the horizon, they look to maintain profits through streamlining operations.

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