AstraZeneca is reducing headcount by 7,300 across its operations after revenue fell 2% to £22.2bn. Revenue in Western Europe fell 11% due to increased competition from generic drugs. It is not known which sites will be affected by the job cuts. The restructuring is expected to reduce costs and increase flexibility in functional areas.

AstraZeneca reorted revenue for the full year was down 2% at constant exchange rates at $33,591 million. Strong double-digit sales growth for Crestor, Seroquel XR and Symbicort; Emerging Markets revenue increased by 10%. Revenue performance reflects the loss of nearly $2 billion of revenue from generic competition, as well as a further $1 billion lost to the impact of government price interventions. David Brennan is Chief Executive Officer

GlaxoSmithKline plc has reported that Sir Crispin Davis, Sir Robert Wilson and Mr Larry Culp, currently members of the GSK Board, will not stand for re-election to the Board at the Annual General Meeting (AGM) taking place in 2013. Tom de Swaan will succeed Sir Crispin Davis as Chairman of the Remuneration Committee with effect from January 2013. Mr de Swaan has been a member of the Remuneration Committee since May 2009. Judy Lewent will succeed Tom de Swaan as Chair of the Audit and Risk Committee with effect from January 2013. Ms Lewent has been a member of the Audit and Risk Committee since April 2011. In addition, Sir Deryck Maughan will succeed Sir Robert Wilson as Senior Independent Non-Executive Director at the close of GSKs AGM in 2013. James Murdoch has also decided not to stand for re-election to the Board at GSKs AGM in 2012. Sir Christopher Gent is Chairman of GSK.

Healthcare company Abbott Laboratories Limited, has recorded a 4.1% rise in sales to $10.4 billion. New markets represented approximately 25% of total sales at $2.5 billion. The global company has a UK base in Maidenhaed, Berkshire. In 2011, Abbott continued to expand its business and launched several new products or indications across their Pharmaceuticals, Medical Products, Nutritionals and Diagnostics businesses. Miles D. White is Chairman and Chief Executive Officer of Abbot Laboratories Limited.