LONDON (Reuters) – AstraZeneca’s (AZN.L: Quote, Profile, Research, Stock Buzz) new chief executive announced another 2,300 job cuts in sales and administration on Thursday as he set out his stall for returning the drugmaker to growth.
Pascal Soriot believes his plan to invest in smart deals to bring in new products and make the research more targeted will ultimately deliver new sales, with 2018 revenue expected to “significantly exceed” today’s market consensus of $21.5 billion.
LONDON (Reuters) – Thirty years ago, when the world faced the terrifying prospect of an untreatable disease known as AIDS, big drugmakers scented an opportunity and raced to develop new medicines.
Today, as the world confronts another crisis, this time one of antibiotic resistance, the industry is doing the opposite. It is cutting research in a field that offers little scope for making money.
LONDON (Reuters) – AstraZeneca is to cut around 1,600 jobs as it overhauls research operations and consolidates drug development work in three major centers in Britain, the United States and Sweden.
The move will see the end of drug development at the company’s Alderley Park facility in northwest England, for many years a hub of the group’s research and development (R&D) efforts, the drugmaker said on Monday.
LONDON (Reuters) – AstraZeneca’s (AZN.L: Quote, Profile, Research) new CEO Pascal Soriot, outlining his investment strategy for the ailing drugmaker this week, is unlikely to offer any quick fixes to plug a looming $6 billion (3.9 billion pounds) sales gap.
The former Roche (ROG.VX: Quote, Profile, Research) executive aims to invest more in existing products, rebuild the group’s research base, and – crucially – use acquisitions to replenish future drug supply.