AstraZeneca launches overhaul to cut costs by £1.1bn a year

AstraZeneca unveiled a three-year restructuring program aimed at cutting costs by $1.5 billion (£1.1 billion) per year to fund investment in its drug pipeline. The company said the overhaul could cost up to $2 billion (£1.5 billion) in restructuring charges, but did not specify where savings will come from or whether jobs will be affected. AstraZeneca employs 100,000 workers globally, including about 10,000 in the UK, with global headquarters in Cambridge and additional UK sites in Macclesfield, London, Speke and Liverpool. The plan, dubbed “reshaping for sustainable growth,” will redeploy resources to support both existing therapies and new pipeline projects. The update came alongside better-than-expected third-quarter results, with pre-tax profit up 22% to $3.96 billion, as the company targets $80 billion in annual sales by 2030.