AstraZeneca drugmaker to cut 1,600 jobs

• Published March 19, 2013 Modified March 18, 2013

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Struggling Anglo-Swedish drugmaker AstraZeneca PLC said Monday that it will eliminate 1,600 jobs, mostly in the U.S. and United Kingdom, as its new CEO starts a major research and development reorganization.

The cuts, meant to reduce costs and make research programs more productive, come just weeks after the company reported big drops in revenue and net income for 2012 and forecast continuing difficulties as generic competition hurts sales.

The job reductions amount to nearly 3 percent of AstraZeneca’s 57,200 workers worldwide. In January, AstraZeneca said generic competition in Western Europe and other areas was slashing sales of top sellers including Nexium for severe heartburn, Seroquel IR for schizophrenia and Crestor for high cholesterol.

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