AstraZeneca profit dips slightly in Q4, to ax 15K jobs
AstraZeneca reported an uptick in sales for its fiscal 2008 fourth quarter and year end as well as a doubling in its cost-cutting plan—which means the elimination of approximately 15,000 jobs by 2013.
The company said it aims to save almost $3 billion a year by 2013, with most of the savings realized by 2010, by eliminating 7,400 jobs with the firm. In addition to an initial 7,600 jobs already slated for extinction, the new cuts bring the tally to 15,000.
For the quarter and year-end, the London-based company said that its overall sales rose 3 percent overall during 2008 fiscal year, but fourth quarter net income dropped slightly from $1.27 billion a year ago to $1.25 billion.
Within its cardiovascular division, which includes Crestor, Seloken/Toprol-XL, Atacand, Plendil and Zestril, AstraZeneca said its net sales for the 2008 fourth quarter as $1.8 billion, compared to $1.66 billion in the year-ago quarter—a 15 percent increase. For the 2008 fiscal breakdown, the company reported its results were $6.96 billion, compared $6.69 billion in the 2007 fiscal year.
In the U.S., Crestor sales in the fourth quarter were $490 million, a 27 percent increase since last year. Crestor prescriptions in the fourth quarter increased by 17 percent, fuelled by the promotion of an atherosclerosis indication. U.S. sales for Crestor for 2008 increased by 18 percent to $1.68 million.
The company said it aims to save almost $3 billion a year by 2013, with most of the savings realized by 2010, by eliminating 7,400 jobs with the firm. In addition to an initial 7,600 jobs already slated for extinction, the new cuts bring the tally to 15,000.
For the quarter and year-end, the London-based company said that its overall sales rose 3 percent overall during 2008 fiscal year, but fourth quarter net income dropped slightly from $1.27 billion a year ago to $1.25 billion.
Within its cardiovascular division, which includes Crestor, Seloken/Toprol-XL, Atacand, Plendil and Zestril, AstraZeneca said its net sales for the 2008 fourth quarter as $1.8 billion, compared to $1.66 billion in the year-ago quarter—a 15 percent increase. For the 2008 fiscal breakdown, the company reported its results were $6.96 billion, compared $6.69 billion in the 2007 fiscal year.
In the U.S., Crestor sales in the fourth quarter were $490 million, a 27 percent increase since last year. Crestor prescriptions in the fourth quarter increased by 17 percent, fuelled by the promotion of an atherosclerosis indication. U.S. sales for Crestor for 2008 increased by 18 percent to $1.68 million.