Swiss drugmaker Roche has revealed plans to slash costs including cutting jobs. It intends to reduce its outgoings by the equivalent of 1.8 billion euros a year from 2012.
Roche is following other major European pharmaceutical companies in restructuring to cut costs.
It will lay off 4,800 hundred people worldwide – about six percent of its current workforce of around 82,000, over the next two years – and hopes to sell some of its US facilities.
Price pressure in the United States and Europe is also expected to have an impact on the group this year and increase next year, Roche Chief Executive Severin Schwan said.
Its stock has fallen nearly 19 percent so far in 2010, making it the worst performer in the global large-cap drugs sector and piling pressure on Schwan to deliver more value for investors in the family-controlled business.