The plan affecting up to 6 percent of its pharmaceuticals workforce comes on top of a programme to reduce the number of production sites and is part of a larger drive to cut costs, the newspaper said.
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Swiss drugs group Novartis is planning to cut or transfer up to 4,000 jobs, newspaper NZZ am Sonntag reported on Sunday, citing an internal email.
The plan affecting up to 6 percent of its pharmaceuticals workforce comes on top of a programme to reduce the number of production sites and is part of a larger drive to cut costs, the newspaper said.
Also read: Revenue of healthcare players to grow 10-15% in FY15
Global drugmakers are under increasing pressure from investors to step up restructuring as patents on best-selling drugs expire and governments try to keep a lid on health costs.
NZZ am Sonntag said it received a statement from Novartis saying that the overall number of employees should remain "relatively stable" in 2014.
The paper said that a significant part of the 4,000 jobs will be transferred to India, where Novartis rented an office building able to house 8,000 employees in Hyderabad.
A Novartis spokesman was not immediately available to comment.
Novartis, which will face copycat competition for blood pressure pill Diovan once Ranbaxy Laboratories overcomes regulatory delays for its generic version, posted lower than expected core earnings per share last week.
The company is also conducting a review of its over-the-counter, animal health and vaccines businesses, which lack the global scale of its pharmaceuticals operations.
Novartis India stock price
On January 31, 2014, Novartis India closed at Rs 406.35, up Rs 1.70, or 0.42 percent. The 52-week high of the share was Rs 648.90 and the 52-week low was Rs 361.00.
The company's trailing 12-month (TTM) EPS was at Rs 30.99 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 13.11. The latest book value of the company is Rs 281.66 per share. At current value, the price-to-book value of the company is 1.44.
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