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AstraZeneca 4Q09

Job cuts at AZ, with a rough 5-year stretch ahead

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By: Tim Wright

Editor-in-Chief, Contract Pharma

AstraZeneca 4Q09

4Q Revenues: $8.9 billion (+9%)

4Q Earnings: $1.2 billion (loss of $251 million in 4Q08)

FY Revenues: $32.8 billion (+4%)

FY Earnings: $7.4 billion (+77%)

Comments: AZ announced a new round of 10,400 layoffs as part of its earnings announcement, predicting a rough period from 2010-14. The layoffs include a net loss of 1,800 R&D positions, with twice as many jobs being affected. The R&D restructuring will include “a reduction in the number of disease area targets within our core therapeutic areas, a continued focus on externalization, some consolidation of our activities onto a smaller R&D site footprint, and other efficiency measures,” according to AZ. Other job cuts will come from supply chain and SG&A functions, with a projected cost savings of $1.9 billion by 2014.

Overall U.S. sales rose 9% to $14.8 billion in FY09, and 4% to $3.9 billion in 4Q09. Arimidex and Pulmicort Respules are expected to lose patent protection this year. Crestor sales rose 20% in 4Q09 to $1.3 billion and 25% in FY09 to $4.5 billion. Revenues from top-seller Nexium dropped 5% to $5.0 billion in FY09, while Seroquel revenues rose 9% to $4.9 billion.

Read AstraZeneca’s profile in our Top 20 Pharmaceutical Companies Report!

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