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Nycomed announces costs cuts after bad third-quarter:

This article was originally published in Clinica

Executive Summary

Nycomed, the Norwegian manufacturer of contrast agents and pharmaceuticals, intends to cut annual costs by around 10% or NKr 600 million ($ 93 million) by 1998. It expects to cut 700 jobs, 13% of its workforce. The company announced the plan with the latest quarterly results. In the first nine months Nycomed's net income fell 32% to NKr 898 million and group sales were down 7% to NKr 5,794 million. Contrast agent revenues were the reason for the deterioration as they declined 9% to NKr 3,496 million while operating profits were down 22% to NKr 1,395 million.

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