IHS Chemical Week

Chemical Week Magazine :: Pharmaceuticals & Fine Chemicals

Pharma Majors Plan Job Cuts

10:16 AM MDT | August 28, 2007 | Alex Scott

AstraZeneca, Bristol-Myers Squibb (BMS), and Johnson and Johnson (J&J) have announced separate plans to make significant job cuts as part of ongoing restructuring programs. The companies cite the need to significantly cut costs. AstraZeneca says it plans to cut 7,600 jobs, about 10% of its workforce, including 3,000 job cuts announced at the start of this year. Meanwhile, the company says it will spend $1.6 billion over the next two years as part of the restructuring. AstraZeneca expects the program to realize annualized savings of more than $900 million by...

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