Job cuts at AstraZeneca despite rising profits
Published on: 01 Feb 2007 14:09 CET
Net profits leapt 28.3 percent to $6.063 billion in 2006 compared with the previous financial year, the pharmaceuticals company said in an official earnings release.
Shares in the company jumped 2.64 percent to 2,915 pence in mid-afternoon trade as investors cheered a higher-than-expected 4.0-billion-dollar share buyback programme and moves to slash the workforce over the next three years.
Meanwhile London's FTSE 100 index of leading shares, on which AstraZeneca is traded, was showing a gain of 1.32 percent at 6,284.80 points.
Annual sales advanced 10.54 percent to 26.475 billion dollars compared with the previous year, buoyed by a strong performance from the group's five top-selling drugs and cost cutting.