Sunday newspaper Sonntag said Novartis was planning a cost-cutting programme similar to cross-town rival Roche Holding AG (ROG.VX), quoting two unnamed sources close to Novartis management.
"I do not know who the company's sources are but we do not plan a programme similar to Roche's," Novartis spokesman Eric Althoff said.
Roche, the world's biggest maker of cancer drugs, said on Wednesday it would slash 4,800 jobs worldwide, hacking 2.4 billion Swiss francs ($2.5 billion) from annual costs. [ID:nLDE6AF29X]
Novartis, maker of high blood pressure drug Diovan, set out its long-term strategy on the same day but remained tight-lipped about job cuts, only saying it wanted to cut costs in manufacturing, marketing and sales, and procurement, in an effort to improve profitability.
Sonntag reported a massive cost-cutting programme would be announced but Althoff said he could not confirm this information.
Monday, November 22, 2010
Novartis says no plans to cut thousands of jobs | Reuters
via uk.reuters.com
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