Pharmaceutical giant CSL announced today it was slashing nearly 3000 jobs worldwide, amid a rise in profits.

The job shedding by the Australian-headquartered company is part of a major overhaul it says is essential for meeting geopolitical and commercial challenges.

CSL says the positions to be axed are equivalent to about 15 per cent of its workforce, and will save $550 million annually over three years.

The company says it also aims to spin off its vaccines business, CSL Seqirus, into a separate company later this financial year as part of the revamp.

CSL, which has its head office in Melbourne, today posted a 14 per cent rise in full-year underlying profit to $US3.3 ($5.1 billion).

Despite the healthy profit figures, chief executive Paul McKenzie said the overhaul was needed to ensure long-term profitability.

“Our business has grown this year despite an unprecedented level of challenge and volatility in our external operating environment,” he said.

“It is from this position of strength that we are taking the opportunity to make significant changes that will continue to drive shareholder returns over the long run.”

Global pharmaceutical companies have come under scrutiny of the Trump administration as part of its tariff policies.

US President Donald Trump has threatened to hit imports of pharmaceutical drugs to the country with trade taxes of up to 200 per cent.

McKenzie did not mention the threatened new tariffs, but said CSL found itself operating in a “dynamic geopolitical backdrop”.