Swiss drug maker Roche is to cut 4,800 jobs over two years, in order to save 2.4bn Swiss francs ($2.4bn; £1.5bn).
Roche said the staffing reduction amounted to 6% of its global workforce, and would mainly affect positions in sales, marketing and manufacturing.
A further 1,500 jobs will be transferred to other locations within the company, or outsourced.
Last month, Roche said its sales for the July to September period had fallen by 7% to 11.5bn Swiss francs.
Analysts had widely expected Roche to trim its costs after a year in which its share price has fallen by 19%.