AstraZeneca puts in ‘solid performance’ but cuts more jobs
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Manufacturing News, Source : TheManufacturer.com
Published : 26 Jul 2007 12:41
Reporting its second quarter and half year results today, pharmaceutical giant AstraZeneca said it had put in a solid financial performance, strengthened its pipeline with two new compounds progressing to a new phase of development and the addition of MedImmune, the US company it acquired last month.
However, having earlier announced the possibility of 3000 job cuts. the Anglo-Swedish group now says that 7600 jobs will go in a belt-tightening exercise.
Group sales over the first half advanced 11 per cent to $14.2 billion (£7.1bn) from $12.8bn over the same period last year. Pre-tax profits remained level at $4.25 billion.
Chief executive David Brennan, said a solid underlying financial performance meant the company was on track to deliver its full year targets. “The first half saw excellent progress in strengthening the product pipeline; in addition to two new compounds progressing into Phase III, the successful acquisition of MedImmune will have a transformational impact upon AstraZeneca's science base. AstraZeneca is now well positioned to deliver its biologics strategy on a greatly accelerated timeline."
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