AstraZeneca is the latest company to announce that it will be cutting back on its employee numbers as the industry seems to be passing through a job cuts round.
AstraZeneca is a multinational company specialized in pharmaceutical and biopharmaceutical products. The British-Swedish company is headquartered in Cambridge, England.
The pharma and biopharma company includes most of the major diseases in its products portfolio. As such, it offers cancer, infections, and neuroscience-related products. It also has cardiovascular, inflammation, and gastrointestinal alternatives.
AstraZeneca expanded its outreach area and has also established a series of United States bases. Its North American headquarters are located in Wilmington, DE.
A number of other company commercial organizations are spread throughout the country. But the latest company statement has not come as good news.
Following the company’s efforts to cut back on costs, AstraZeneca will be joining the pharma job cuts round. The company announced, on Thursday, that it will be cutting back 700 positions.
The 700 chopped positions will not target a single location or work sector. As they will be spread throughout the various nationwide quarters, they will include both nonfield and field sales positions.
According to an AstraZeneca spokesman, the jobs cuts round decision was difficult to make. The company statement released Thursday offered more details.
The cuts decision was reportedly made with the best interests for the company’s U.S. future. AstraZeneca stated that the whole North American organization is passing through difficult times.
Market estimates are predicting potentially lower company revenues for its United States division in the next fiscal year.
Currently, the pharma and biotech company is trying to cut back costs. The approximated value of this cut-back should be of around $1.1 billion.
As such, the company stated that the decision to reduce job numbers was difficult but necessary. The job elimination process will target all the commercial organization, including company headquarters.
AstraZeneca is said to be suffering in its sales because of the generics competition. Two of its former top seller products are being challenged.
Nexium, the stomach-related medicine has been facing copycats since last year. Crestor, the statin drug, has been reportedly losing ground since May 2016 in the generics market.
Crestor and Nexium have long since been withheld as company blockbusters. In 2014, Nexium sales reached a total value of $3 billion, before the generics release.
Last year, in 2015, Crestor brought in $5 billion, almost 21 percent of the company’s total sales value.
The AstraZeneca estimated $1.1 billion worth of cutbacks are targeting all of its bases, not just the U.S. ones. Just a few days ago, the company announced that it be transferring some of its United Kingdom-based finance jobs.
AstraZeneca’s Thursday statement also declared that the company will be looking to cause the least possible disruptions. As such, the company stated that it will continue to treat its employees with respect.
As stated earlier, AstraZeneca is the latest such company to join the pharma job cuts round.
Mylan announced the biggest pharma job cuts round as yet. The company will reportedly be cutting “less than 10 percent” of its global number of employees. Its worldwide number of workers is believed to surpass 35,000 employees.
Endo has also announced a series of cutbacks as it will renouncing about 375 sales employees. Amongst the current job cuts round, Perrigo announced the smallest number of cutbacks. The company will reportedly be laying off about 80 staffers.
As AstraZeneca announced the job cuts round, it is hoping to somewhat reshape the company manufacturing network. It is reportedly looking to increase its biologic drugs sector whilst slimming down other areas.
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