Sanofi alerted labor unions this morning it plans to cut an estimated 600 jobs from its headquarters in France. The drugmaker employs a quarter of its staff — 27,000 people — in Paris.
The reduction is expected to take place over the course of three years, reports Bloomberg. The company did not yet indicate a date when layoffs would begin.
Sanofi union representative Thierry Bodin told the publication the cuts will eliminate 296 research and development positions that were to be filled, along with 155 jobs in the company’s commercial operations department and more than 100 corporate roles that will affect central and support functions.
Olivier Brandicourt, Sanofi’s CEO, is implementing this measure as a way to trim costs and maintain growth through 2020. The drugmaker’s large diabetes business is facing pricing problems and competition from generics for its profitable Lantus insulin, which is the third best-selling medicine in this category.
Sanofi said layoffs will also take place outside of France. The company has more than 110,000 employees in 100 countries, according to its website. Sanofi may announce more details during its earnings call on February 9.
Filed Under: Drug Discovery