Drugmaker AstraZeneca Set to Extend Job Cuts, Sunday Times Says

AstraZeneca Plc (AZN), the U.K.’s second- biggest drugmaker, is set to announce more job cuts after beginning a cost-cutting program in 2010, the Sunday Times reported today, without citing anyone.

Two years ago, chief executive David Brennan said more than 10,000 jobs would be lost by 2014, the newspaper said. The target may be extended significantly when the company announces its annual results on Feb. 2, the newspaper said. The drugmaker may spend more than $3 billion on buying back shares this year, the paper said, citing analysts.

AstraZeneca declined to comment, the newspaper reported.

To contact the reporter on this story: Rob Sheridan in London at rsheridan6@bloomberg.net

To contact the editor responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net

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