ZURICH, Feb 9 Reuters Roche is cutting 345 jobs, Swiss website Muula reported, as the drugs company responds to lower profit posted for 2023 and a more cautious outlook for the year ahead.

The jobs will go in the product development area, and corresponded to about 6 of the workforce in the area, Muula said.

Of the 5,800 jobs worldwide that develop pharmaceutical products or provide IT support for product development at Roche, around 1,800 are in Switzerland, where around 100 jobs are expected to fall victim to the cost cuts, the website added.

Roche told Reuters the number of jobs affected would be less than 345 people, although the company could not provide a precise figure.

The success and sustainable growth of our company depends on our ability to recognize innovation proactively and early on, to adapt to change and to use our resources wisely, she said.

We expect Roche39;s total workforce to remain stable in 2024.

The Baselbased drugs and diagnostic maker last week reported 7 lower sales and a 9 drop in net income during 2023 as it tackled a slump in demand for its COVID19 products and a decline in sales of a trio of established cancer drugs.

Roche employs roughly 101,000 people globally, including 14,200 in Switzerland, according to the company39;s website.

Reporting by John Revill and Oliver Hirt, Editing by Rachel More

Source Reuters