AstraZeneca Projects Production Job Cuts

AstraZeneca plans to eliminate approximately 3,000 manufacturing-related jobs, or 4.6% of its workforce, over the next three years. The cuts come as part of a productivity program that will also entail closure of unspecified production assets, according to CEO David Brennan. The move follows Pfizer's announcement that it will cut 10% of its workforce in an efficiency push (C&EN, Jan. 29, page 7). "Management remains committed to maintaining a competitive financial performance during a period when the company, as well as the industry, faces challenges posed by patent expirations and pricing pressure," Brennan says. The announcement was made during the company's 2006 results presentation, at which it reported a 28% increase in operating profit to $8.2 billion.