Pfizer to slash $4 billion
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Manufacturing News, Source : TheManufacturer.com
Published : 05 Apr 2005 18:28
The world’s largest pharmaceutical maker, Pfizer, announced a plan to save $4 billion by 2008—approximately 12 percent of Pfizer’s current cost base—after it forecast a six percent drop in earnings for this year.
The company estimates the cost of implementing this initiative will be $5 billion to $6 billion through 2008. Widespread layoffs are expected, including a sharp decrease in the number of Pfizer sales representatives.
The company may stand to lose some $9 billion in the next four years when its patents expire on some of its best-selling drugs, including Zoloft, Zyrtec and Norvasc. In addition, Pfizer’s arthritis drug Celebrex was recently linked to an increased risk of heart attack and strokes, which has caused depressed sales of the drug.
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