Pfizer at closing bell

Manufacturing News, Source : The Manufacturer US
Published : 22 Jan 2007 23:08

A tumultuous day for Pfizer, which announced plans to cut 10,000 jobs (roughly 10% of its work force) over two years, and to close three research sites and two plants.

As the Wall Street Journal reports, Pfizer hopes to boost long-term profit growth by saving $2 billion a year.

This comes two months after Pfizer slashed its field salesforce by 2,200, amidst growing antagonizm from doctors who found the sales tactics aggressive.

Bad will from doctors was but one of several hits in 2006: the patent expired on its Zoloft antidepressant, and profits plummeted 79 percent. the company now depends largely on its Lipitor anticholesterol medication, the patent for which expires in 2010, with some new product in the pipeline, but no innovations of that order.

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