23 January 2007 09:49 [Source: ICIS news]
LONDON (ICIS news)--Pfizer will cut 10,000 jobs worldwide by the end of 2008 to reduce costs by $2bn (€1.5bn), the ?xml:namespace>
The company faces strong competition from cheaper copies of its generic drugs and suffered a 15% drop in fourth-quarter earnings.
Pfizer said it will close manufacturing sites in Brooklyn, New York, and Omaha, and pursue the sale of a third site in Feucht, Germany.
It also plans to close research facilities in
The initiative came after Pfizer reported that its fourth-quarter earnings fell 15% to $3bn on revenues almost unchanged at $12.6bn ahead of one-off gains from the sale of its consumer health business.
Cuts will result in a 10% reduction in Pfizer’s global workforce including 20% of its European employees.
"These and other actions will allow us to reduce costs in support services and 'bricks and mortar' and to redeploy hundreds of millions of dollars into the discovery and development work of our scientists," said head of global research and development John LaMattina.
Shares in Pfizer closed down nearly 1% at $26.95 on the New York Stock Exchange on Monday.
($1 = €0.77)
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