Pfizer plans to cut 2,400 jobs.Byline: New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of
Pfizer, the world's largest drugmaker, plans to lay off as many as 2,400 sales staff this quarter in a continuing reorganization, the Wall Street Journal said in its Friday online edition.
The job cuts will involve sales representatives and middle managers and represent about one-third of the company's marketing work force, the report said, citing a person familiar with the matter.
Pfizer declined to comment, but noted it is making a concerted effort to reshape itself into smaller, more focused business units.
The New York-based drugmaker has already cut about 15,000 jobs in the past two years, including 800 research jobs earlier this week, to downsize Downsize
Reducing the size of a company by eliminating workers and/or divisions within the company.
When a company downsizes, it is attempting to find ways to improve efficiency and increase profitability.
It is sometimes referred to as trimming the fat. before the company's $12 billion-a-year Lipitor Lip·i·tor
A trademark for the drug atorvastatin calcium.
Pharmacologic class: HMG-CoA reductase inhibitor
Therapeutic class: cholesterol drug faces generic competition in 2011.
"We will continually con·tin·u·al
1. Recurring regularly or frequently: the continual need to pay the mortgage.
2. look for ways to operate our business in a more effective an efficient way," company spokesman Ray Kerins said on Friday.
Jon LeCroy, an analyst with Natixis Bleichroeder, said Wall Street is expecting Pfizer to announce its next big wave of job cuts this month, after having failed to do so by the end of 2008.
"People had thought they'd cut a massive amount of jobs prior to the New Year."
Pfizer could lay out its job-cut plans on January 28, when it reports fourth quarter earnings, other analysts said.
"It's a necessary move; Pfizer has to right-size itself before they lose Lipitor," LeCroy said of expected sizable siz·a·ble also size·a·ble
Of considerable size; fairly large.
siza·ble·ness n. new layoffs.
In addition to cuts in staff, LeCroy said the company will likely need to cut spending in other major areas, such as advertising and manufacturing.- Reuters Reuters
British cooperative news agency. Founded in 1851 by Paul Julius Reuter, it was initially concerned with commercial news but began to serve a growing newspaper clientele after the London Morning Advertiser subscribed in 1858.
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