Pfizer likely to cut thousands of jobs next week - report |
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Tue, 16 Jan 2007 09:35
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LONDON (AFX) - Pfizer Inc's new chief executive Jeffrey B. Kindler is likely to announce several thousand job cuts next week, as part of a strategy plan which could involve rethinking the way the drugs giant develops, makes and markets medicines, the Wall Street Journal reported, citing people close to the situation.Kindler's emerging strategy appears to be to contain spending by keeping research and development costs flat, while cutting other costs, including marketing and manufacturing dramatically, the people said.Deep cuts could hit the company's European sales force, following the reduction made to the US sales staff in November. In addition, 'there will be facilities closures,' said one person close to the situation.Kindler is due to speak to analysts on Monday, the report said.Pfizer declined to comment.newsdesk@afxnews.comjlwCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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