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Novartis announces 2,000 job losses, profits up

Swiss pharmaceutical giant Novartis announced 2,000 job losses Tuesday, mostly in Switzerland and the United States, while reporting net profits of $3.53 billion (2.5 billion euros) for the third quarter.

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Biogen cutting 11 percent of its workforce

Biogen plans to cut about 11 percent of its workforce as it refocuses its research on treatments for Alzheimer's disease and multiple sclerosis.

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Merck to cut 8,500 more jobs (Update)

Merck & Co. plans to cut another 8,500 jobs as the drugmaker continues its struggle with competition from cheaper generic medications that have squeezed the pharmaceutical industry for several quarters now.