AstraZeneca cuts a further 7,300 jobs as drug patents expire The Anglo-Swedish drugmaker, which closed a site at Charnwood, near Loughborough, at the end of last year, said the latest restructuring was needed because of the weak economy and the impact of competition from generic drugs. AstraZeneca faces loss of patent on several best-selling drugs over the next few years, with Seroquel, its second-biggest drug, coming off-patent this year, and new products are failing to compensate. David Brennan, the chief executive, said in a statement: "The further expected losses of market exclusivity make for a challenging 2012 outlook." The company's new restructuring is expected to reduce costs by $1.6bn a year, but in its 2012 Guidance it forecasts earnings per shares of $6-$6.30 - a fall of 14-18pc. The drugmaker has 61,000 staff globally of whom 8,000 are in the UK. It axed 12,600 positions between 2007 and 2009 and removed another 9,000 roles by the end of last year. Its sites in the UK are at Alderley Park in Cheshire, Macclesfield, Cambridge, Luton, Avlon near Bristol, Paddington in London, and Brixham in Devon. The company has not yet disclosed where the jobs will go. Alongside its 2011 full-year results - pre-tax profits rose 12.7pc to $12.8bn on revenue up from £33.3bn to £33.6bn - the company unveiled plans for a to $4.5bn share buy-back. AstraZeneca shares fell 3.4pc in early trading