BY JEANNE WHALEN AND STEN STOVALL

U.K. drug maker AstraZeneca PLC said Thursday it would eliminate another 7,300 jobs, bringing its total cuts over the past five years to nearly 30,000.

The company announced the new job cuts as it reported an 8.3% decline in fourth-quarter net profit, to $1.49 billion from $1.62 billion a year earlier. Revenue in the quarter was $8.66 billion, compared with $8.62 billion a year earlier.

The aggressive reduction in jobs—motivated by frugal insurers, generic competition and a dearth of new medicines—has transformed the company into a leaner organization that is now outsourcing much of its drug research, making it one ...