AstraZeneca To Cut 7,300 Jobs, Projects Drop In Profit

AstraZeneca PLC AZN announced its plans to lower 7,300 jobs to cut costs. It also projects a decline in its earnings this year. AstraZeneca expects core earnings per share, excluding some items, between $6.00 and $6.30, versus $7.28 in 2011. AstraZeneca's Q4 net profit dropped 8.3% to $1.49 billion, versus $1.62 billion, in the year-ago period, versus analysts' estimates of $1.68 billion. Its revenue came in at $8.66 billion, versus $8.62 billion, in the year-ago period, versus analysts' estimates of $8.56 billion. AstraZeneca shares dropped 2.51% to $47.36 in pre-market trading.