AstraZeneca announces job cuts

Anglo-Swedish pharmaceutical giant AstraZeneca has said it is now planning to cut 7,600 jobs as it tries to make annual savings of 440m.

The firm had already announced it was to axe 3,000 positions, but has now raised its target due to poor performance.

Staff in Britain, Sweden, Germany, France, the US and Canada will be hit by the cuts, AstraZeneca said.

The firm is under pressure after a series of setbacks with drugs it has been developing, and its current pipeline is believed to be weaker than the industry average. undefined undefined

The job losses will include 700 positions in research and development, 1,800 in European sales and marketing, and 1,800 in business infrastructure, chief executive David Brennan said. Restructuring is expected to cost the firm $1.6bn. In February, it was revealed that 700 jobs would go over the next three years at the company's plant in Macclesfield, Cheshire, which employs 2,500 workers. undefined undefined