Issue Date: February 2, 2009
AstraZeneca, Sepracor Slash Head Count
Pharma companies continue to cut back amid tougher times. AstraZeneca is making yet another round of cuts as it continues to overhaul its global supply chain and sales and marketing organization. By 2013, the company will slash 7,400 jobs, adding to the 7,600 positions eliminated in its 2007 restructuring program. With this latest move, AstraZeneca now expects to save $2.5 billion, up from the $1.4 billion in savings from the 2007 program. The news came as the British pharma firm reported flat fourth-quarter sales of $8.2 billion. Separately, Sepracor says it is trying to make itself "more nimble and efficient" to deal with the more competitive operating environment. The specialty drug company will cut 20% of its workforce, or about 530 positions, to reduce spending by $210 million between the fourth quarter of 2008 and the end of this year.
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