AstraZeneca to cut costs by £1.1bn annually in three-year overhaul
Summarised from 2 outlets · 4 reports · Updated 30 Oct, 18:17 · Archive
Pharmaceutical firm AstraZeneca plans to slash annual costs by £1.1 billion over three years to fund new drug development.
Pharmaceutical firm AstraZeneca has unveiled plans to slash costs by 1.5 billion US dollars (£1.1 billion) a year as part of a three-year restructuring to boost investment in its new drug pipeline. The London-listed group said the overhaul would cost it up to two billion dollars (£1.5 billion) in restructuring charges but declined to provide details on where specific savings would come from.
The company employs 100,000 workers globally, of which around 10,000 are based in the UK. Its global headquarters are in Cambridge, with other UK sites including research and development and manufacturing bases in Macclesfield, Cheshire, as well as sites in London and Speke, Liverpool. Chief financial officer Aradhana Sarin said the programme would involve hiring more in some areas and cutting back in others. 'Overall we do expect that the company will continue to grow, we are not expecting to shrink the headcount,' she said.
Sarin described the initiative as a 'reshaping programme' that would be 'widespread' and not target one specific location or business unit. 'It is a reshaping programme so there will be areas where we are upskilling employees, reskilling employees, hiring new people, skills and new technology areas, and there will also be areas where we are reducing slightly or reorganising slightly,' she said. The company is targeting annual sales of 80 billion dollars (£58.8 billion) by 2030, underpinned by about 20 new medicine launches from more than 180 projects in its pipeline.
How it is being reported
- AstraZeneca launches overhaul to cut costs by £1.1bn a yearAnglo-Swedish AstraZeneca employs 100,000 workers globally, of which around 10,000 are based in the UK.Independent Business · 30 Oct, 14:38
- AstraZeneca launches overhaul to cut costs by £1.1bn a yearAnglo-Swedish AstraZeneca employs 100,000 workers globally, of which around 10,000 are based in the UK.Evening Standard · 30 Oct, 14:38
- AstraZeneca launches overhaul to cut costs by £1.1bn a yearAnglo-Swedish AstraZeneca employs 100,000 workers globally, of which around 10,000 are based in the UK.Independent Business · 30 Oct, 11:36
- AstraZeneca launches overhaul to cut costs by £1.1bn a yearAnglo-Swedish AstraZeneca employs 100,000 workers globally, of which around 10,000 are based in the UK.Evening Standard · 30 Oct, 11:36
In this story: AstraZeneca · Cambridge · Macclesfield · Cheshire · London · Liverpool · Aradhana Sarin
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