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Novartis to cut 2,200 jobs in Switzerland to boost profitability

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Novartis to cut 2,200 jobs in Switzerland to boost profitability

Novartis to cut 2,200 jobs in Switzerland to boost profitability
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Arnd Wiegmann(Reuters)
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ZURICH (Reuters) - Drugmaker Novartis will cut about 2,200 jobs in Switzerland over the next four years as it consolidates production and shifts positions elsewhere to boost profitability, the Swiss company said on Tuesday.

Novartis now has about 13,000 employees in its home country.

In total, about 1,500 positions will be cut from Novartis's production sites in Basel, Stein, Locarno and Schweizerhalle, Chief Executive Vas Narasimhan said on a call with reporters.

In addition, the company is eliminating 700 positions in its Swiss business services as it transfers jobs elsewhere.

With 450 new positions being created for production of cell and gene therapies, Swiss positions will be cut by about 1,750 net jobs.

Novartis Chairman Joerg Reinhardt said this month the company was planning to streamline its worldwide production to increase its operating profit margin amid declining prices for its drugs in the United States.

(Reporting by John Miller; Editing by Stephen Coates and Michael Shields)

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