Geneva - Swiss chemicals and biotechnology company Lonza said Thursday that unexpected reductions in orders have led the company to reduce its expectations for full year operational earnings to 360 to 380 million Swiss francs (351-370 million dollars).

The company said an accumulation of cancellations, postponements and price-volume reductions were behind the target reduction, along with a delay in a cell therapy project due to clinical disappointments.

Lonza also announced 60-80 million francs in cost-cutting measures over the next two years, through consolidation of business units and adaptation of capacities.

"This environment of high volatility is expected to continue for the next few years," the company said looking ahead, but said it was counting on long-term growth.