Pharmaceutical giant CSL announced today that it will cut nearly 3,000 jobs worldwide as part of a sweeping restructuring plan, despite reporting a rise in profits.
The Australian-headquartered company said the job cuts, which account for about 15 per cent of its global workforce, are aimed at saving $550 million annually over the next three years.
As part of the overhaul, CSL also revealed plans to spin off its vaccines business, CSL Seqirus, into a separate company later this financial year.
The announcement came as CSL, based in Melbourne, reported a 14 per cent rise in full-year underlying profit to $US3.3 billion ($5.1 billion).
Chief executive Paul McKenzie said that while the company remains profitable, the restructuring is necessary to strengthen long-term performance amid global uncertainty.
“Our business has grown this year despite unprecedented external challenges,” McKenzie said. “It is from this position of strength that we are making significant changes to secure long-term shareholder returns.”
The move comes as global pharmaceutical firms face pressure from the Trump administration’s trade policies. US President Donald Trump has threatened to impose tariffs of up to 200 per cent on imported drugs.
Although McKenzie did not directly reference the tariff threats, he acknowledged that CSL was operating within a “dynamic geopolitical backdrop.”
