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AstraZeneca launches overhaul to cut costs by £1.1bn a year
The company said savings will be reinvested in new drug development as it faces up to $2 billion in restructuring charges.
- Anglo-Swedish AstraZeneca has unveiled a three-year cost-cutting program to slash $1.5 billion in annual costs, with savings reinvested into the company's pipeline and transformative technologies.
- Facing upcoming patent losses for products like Farxiga, the company is ramping up development with more than 180 projects in its pipeline to reach $80 billion in annual sales by 2030.
- Third-Quarter pre-tax profits jumped 22% to $3.96 billion while operating profits rose 22% to $4.39 billion, demonstrating strong financial footing as the restructuring carries a one-time charge of around $2 billion.
- AstraZeneca employs 100,000 workers globally, including around 10,000 in the UK with bases in Cambridge, Macclesfield, Cheshire, London, and Speke, Liverpool; management declined to detail job impacts.
- Chief executive Pascal Soriot of AstraZeneca said the company is "on track to deliver our 2030 ambition," with about 20 new medicine launches planned and the overhaul expected to complete by end of 2029.
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Evening Standard+6 Reposted by 6 other sources
AstraZeneca launches overhaul to cut costs by £1.1bn a year
Anglo-Swedish AstraZeneca employs 100,000 workers globally, of which around 10,000 are based in the UK.
·London, United Kingdom
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Total News Sources9
Leaning Left2Leaning Right0Center5Last UpdatedBias Distribution71% Center
Bias Distribution
- 71% of the sources are Center
71% Center
L 29%
C 71%
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