Generics producer to cut jobs, again
Ljubljana - Lek, the wholly-owned Slovenian subsidiary of Sandoz, Novartis' generics business, will once again cut up to 50 jobs through the course of the year. The redundancies are expected to hit all departments except R&D and biopharmaceuticals, where new jobs may be created, according to the company.
This will be the second wave of redundancies since Lek already reduced its staff by 194 to 2,843 last year. In 2005, the company's sales remained flat at $656.5 million (Euro547 million) and accounting for 14% of Sandoz's sales with prescription medicines contributing to 80% of Lek's total revenue. Exports to central and eastern Europe accounted for 53% of its sales, followed by western Europe, the US and the rest of the world with 36%. The greatest sales growth, more than 40%, was realized in Russia.