Swiss pharmaceutical company Novartis might be the latest victim of the American economic downturn.

Novartis (nyse: NVS - news - people ) released its fourth-quarter and full-year results on Thursday, and blamed its 42.0% profit decline on weak performance in the U.S. and restructuring costs. The company said that cutting 2,500 jobs worldwide resulted in a $444.0 million charge to its fourth-quarter results. However, Novartis hopes that the job cuts will start saving the company $1.6 billion per year by 2010.

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Forbes.com