Summary Box: AstraZeneca to cut 7,300 jobs

AP News
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Posted: Feb 02, 2012 5:00 PM
Summary Box: AstraZeneca to cut 7,300 jobs

JOB CUTS: Drugmaker AstraZeneca PLC said it will cut another 7,300 jobs as it warned Thursday of a tough year ahead, due to government spending cuts on health care and stiff competition.

RISING PROFIT: The Anglo-Swedish company said its full-year profit was $10 billion, up from $8.1 billion a year earlier. The profit advance was helped heavily by a $1.5 billion gain from the sale of a dental subsidiary.

TOUGH OUTLOOK: The company said revenue this year will be hit by government interventions on prices, generic competition and the loss of exclusivity for the drugs Seroquel IR and Atacand.