AstraZeneca cuts another 2,300 jobs

PHARMACEUTICAL firm AstraZeneca cut another 2,300 jobs this morning in a bid to simplify the business.

It comes on top of the 1,600 job cuts announced earlier this week. It now employs a total of 51,700 people worldwide.

The changes are expected to incur one-off restructuring costs of $2.3bn (£1.5bn), but yield benefits of around $800m a year by 2016.

Chief executive Pascal Soriot this morning set out his plan for growth, which includes investing in new medicines and driving growth in emerging markets.

“Based on our focused investment in key growth platforms and our pipeline, we believe we can significantly exceed current market consensus for 2018 revenues of $21.5bn,” said the pharma company this morning.