Pfizer finding its way
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Manufacturing News, Source : TheManufacturer.com
Published : 12 Apr 2005 17:53
Pharmaceutical giant Pfizer has announced a major reorganization in an effort to cut costs and improve profitability.
After being forced to pull its painkiller Bextra off the market and new warning labels mandated for Celebrex, Pfizer hopes that increased investments in R&D and reductions in operating costs will boost long-term growth. Company executives expect 2005 to be a transition year due to the expiration of key drug patents, the Celebrex recall, and the uncertain future for Celebrex.
"We expect our performance to rebound quickly in 2006 and accelerate in 2007 as we increasingly realize the benefits of the continued growth of major in-line products, new product launches and productivity initiatives," said Hank McKinnell, Pfizer's chairman and chief executive officer.
The overall cost-cutting plan is aimed at saving $4 billion in annualized cost savings by 2008, or about 12 percent of Pfizer's current cost base.
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