The pharmaceutical giant Novartis wants to cut up to 8,000 jobs worldwide

Novartis will cut up to 8,000 jobs as part of a plan to save at least $1 billion by 2024 and boost the pharma giant’s performance.

The Swiss company detailed the cuts, which represent more than 7 percent of its global workforce, yesterday after outlining the restructuring plan in April. Among other things, Novartis plans to make savings by merging its pharmaceutical and oncology units.

The layoffs will hit Novartis businesses hard in Switzerland, where up to 1,400 jobs could be affected, a statement said after the company began consultations with employees at its headquarters in Basel.

“The new structure will be both leaner and simpler, and as such the company intends to eliminate roles across the organization, subject to local information and consultation requirements,” Novartis said in a statement.

Chief Executive Officer Vas Narasimhan has been under pressure to convince shareholders that he can improve the company’s performance.

Some of the drugs the company has been counting on to fuel its growth have failed clinical trials, have safety issues, or been delayed.

The company also missed out on the profits from Covid vaccines made by competitor Pfizer and smaller biotechs during the pandemic.

Novartis shares, which have fallen 4.4 percent over the past 12 months, fell 1.1 percent in Zurich.

The restructuring aims to ensure sales growth will be at least 4 percent through 2026, the Swiss drugmaker said in April.

Novartis began a strategic review of its Sandoz generics business last year. The pharmaceutical giant Novartis wants to cut up to 8,000 jobs worldwide

Fry Electronics Team

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