AstraZeneca to cut a net 1800 jobs

CEO David Brennan (pictured) said: "In 2009 we delivered a strong financial performance, exceeding the targets we set at the beginning of the year. In addition, good progress was made on the pipeline; we now have five products awaiting regulatory approval, and have added four significant late stage development projects through our externalisation efforts. "Our plans for the next five years confirm our commitment to research-based, innovative biopharmaceuticals. I believe successful execution of this strategy will benefit patients and generate the cash flow necessary to provide for the investment needs of the business and shareholder returns." AstraZeneca said that driving increased productivity from investments in research and development was key to portfolio renewal and value creation and it would undertake additional restructuring within its R&D function. The plans include a reduction in the number of disease area targets within its core therapeutic areas, a continued focus on externalisation, some consolidation of activities onto a smaller R&D site footprint, and other efficiency measures, that seem likely to lead to further job losses. However, by 2014, 3,500 jobs may be affected by this programme, the company said. "After taking account of positions that will be retained whilst being relocated to another site, the investment in new skills and capabilities and further expansion of our Biologics activities, the net reduction may be around 1,800 positions," it went on.