First Pharma Bloodletting of 2010: AstraZeneca

Jan.29.10 | About: AstraZeneca Group (AZN)

As many had feared, AstraZeneca (NYSE:AZN) used their announcement of financial results as the cue to also announce another round of layoffs. I'd been hearing word that this might be coming, but didn't have a line on the size and timing. But it's 8,000 jobs over the next four years, and that Chemistry World link says that 1,800 of them will be in R&D. Another 1,700 R&D jobs will be affected as people and departments move around.

AZ has plenty of patent trouble coming (Crestor's expiration foremost), and plenty of legal bills. So I wouldn't necessarily say that Thursday's announcement will end the layoff process, either, unfortunately.