Novartis Confirms Job Cuts as Part of Restructuring
April 12 2022 - 6:21AM
Dow Jones News
By Ed Frankl
Novartis AG on Tuesday confirmed that it would cut jobs as part
of a wide-ranging restructuring aimed at saving $1 billion by
2024.
The Swiss healthcare company said last week that it would
integrate its pharmaceuticals and oncology units into two medicines
units--one for the U.S. and one that focuses on the international
market.
"These efficiencies will come through leaner structures and will
inevitably lead to roles being impacted," a spokesman told Dow
Jones Newswires on Tuesday.
"At this time it is too early to indicate any specific numbers,"
he added.
This comes after Swiss daily Tages-Anzeiger reported that
Novartis would cut thousands of jobs, including more than 100 at
sites in Switzerland, citing unnamed sources.
Novartis's new structure is expected to be in place and
operational by end of 2022, the spokesman said.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
April 12, 2022 06:06 ET (10:06 GMT)
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