UPDATE 1-AstraZeneca ups job losses to 7,600 as cuts costs

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LONDON, July 26 (Reuters) - AstraZeneca Plc (AZN.L: Quote, Profile, Research, Stock Buzz) plans to axe around 7,600 jobs as part of an expanded cost-cutting drive, it said on Thursday as it posted a 17 percent rise in underlying quarterly earnings and nudged up its 2007 guidance.

The Anglo-Swedish drugmaker, which said it February it planned to cut about 3,000 positions, said it would now shed more than 10 percent of its 2006 workforce in a drive to make over $900 million of annual savings by 2010.

Chief Executive David Brennan said the additional job losses would affect its European sales and marketing team as well as employees working in disease areas and regulatory affairs.

The cost of the restructuring will be $1.6 billion.

Secon-quarter earnings per share excluding restructuring costs and expenses related to its recent acquisition of MedImmune totalled $1.19, on sales up 10 percent at $7.27 billion.

Including these costs, however, earnings fell 7 percent to 95 cents a share.

AstraZeneca also nudged up 2007 underlying earnings forecast to between $3.90 and $4.05 from $3.80 to $4.05 previously.