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AstraZeneca kicks off $1.5 billion savings drive to invest in drug pipeline

By Reuters News

Oct 30 (Reuters) - AstraZeneca AZN.L on Friday announced a restructuring programme aimed at supporting pipeline investments with benefits of about $1.5 billion to keep the drugmaker on track to achieve its target of generating $80 billion in annual revenue by 2030.

The Anglo-Swedish drugmaker did not detail whether the plan would involve job cuts, but said it expects the programme to result in one-time restructuring charges of up to $2 billion and be largely completed by the end of 2029.

AstraZeneca has been stepping up investments across therapy areas including cancer, obesity and rare diseases as CEO Pascal Soriot seeks to reassure investors that recent trial setbacks have not undermined the company's long-term prospects.

The moves were announced alongside third-quarter results, which surpassed analyst expectations and prompted the company to maintain its outlook for 2026.

British rival GSK GSK.L in July also laid out a cost-savings plan worth £1.9 billion ($2.54 billion) to generate cash to fund drug development and prepare for looming patent losses.



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