AstraZeneca reportedly cuts 600 sales jobs in US
AZN•AstraZeneca reportedly cut about 600 jobs from its US respiratory and immunology commercial teams as part of a three-year cost-savings initiative. The company announced plans to save about $1.5 billion annually and reinvest in its drug pipeline.
1. US team reductions
AstraZeneca cut about 600 jobs from its respiratory and immunology commercial teams in the US as part of its three-year cost-savings initiative. Some employees affected by the restructuring are expected to be reassigned within the company.
2. Savings and revenue goals
The cuts follow AstraZeneca’s late-October announcement that it planned to save about $1.5 billion annually and reinvest in its drug pipeline. CEO Pascal Soriot is seeking to reassure investors that the company can meet its target of $80 billion in annual revenue by 2030.
3. Portfolio contribution
AstraZeneca’s immunology and respiratory portfolio accounted for 16% of its third-quarter revenue, or $2.5 billion. The company declined to comment on the reported cuts.
