AstraZeneca launches overhaul to cut costs by $1.5 billion a year
PA Media/dpaLondonPharmaceutical firm AstraZeneca has unveiled plans to slash costs by $1.5 billion a year as part of a major restructuring to boost investment in its new drug pipe...
Pharmaceutical giant AstraZeneca is set to cut costs by an estimated $1.5 billion annually through a three-year restructuring program. This move aims to bolster investment in its pipeline of new drugs. The London-listed company, which employs around 100,000 people worldwide, including about 10,000 in the UK, has not disclosed specifics on where the savings will be made or if any job cuts are in the pipeline.
The company's global headquarters are in Cambridge, England, with additional sites in Macclesfield, Cheshire, London, and Speke, Liverpool. AstraZeneca's "reshaping for sustainable growth" initiative is designed to bolster resources and capabilities across its business operations and therapy areas. The company reported improved profits for the third quarter, with pre-tax profits increasing by 22% to $3.96 billion and operating profits rising by 22% to $4.39 billion.
The firm is intensifying its focus on new drug development, currently having over 180 projects in its pipeline, with the ambition to launch around 20 new medicines by 2030. CEO Pascal Soriot expressed optimism about AstraZeneca's prospects, stating that the company is on track to meet its $80 billion annual sales target and maintain growth over the coming decade.
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