2009-02-01
Reports: GlaxoSmithKline to cut thousands of jobs
(APW_ENG_20090201.0310)
1) British drug maker GlaxoSmithKline will cut thousands of jobs when it announces full-year results this week, two newspapers reported Sunday.
2) The Sunday Telegraph said up to 6,000 posts would be eliminated around the world. The Observer said as many as 10,000 jobs could go -- 10 percent of the company's global work force.
3) GlaxoSmithKline PLC spokesman Phil Thomson would not comment on the reports, but said the company had "an ongoing restructuring program."
4) Major pharmaceutical manufacturers are facing increasing competition from generic rivals to their best-selling drugs.
5) Like its rivals, Glaxo has already been cutting jobs to help make savings. The company aims to shave 700 million pounds ($1 billion) off its annual cost base by 2010.
6) Last week, rival AstraZeneca confirmed plans to slash another 6,000 jobs, bringing its total cut to 15,000. U.S. drug maker Pfizer Inc. also has cut almost 15,000 jobs over the last two years.



2010-01-28
AstraZeneca reports strong rise in earnings
(APW_ENG_20100128.0597)
1) Pharmaceutical company AstraZeneca PLC on Thursday reported a 26 percent jump in fourth quarter net profit to $1.56 billion after booking strong sales for its swine flu drug.
2) Full-year net profit surged 23 percent to $7.54 billion as the company also performed well in emerging markets and saw off some challenges from generic rivals.
3) Revenue rose 9 percent over the quarter to $8.95 billion, and lifted 4 percent over the year to $32.8 billion.
4) However, AstraZeneca acknowledged that the outlook for 2010 is tougher as some of its key products come off patent.
5) The company, Britain's second-largest drug maker behind GlaxoSmithKline PLC, also announced plans for a $1 billion share buyback this year.