OR WAIT null SECS
Pfizer Announces $4B/Year Cutbacks
The $4-billion-a-year cost-reduction program Pfizer (New York, NY, www.pfizer.com) announced last Tuesday will be realized by "realigning individual business lines for productivity and organizational efficiency in R&D, manufacturing, licensing, and in the commercial group," according to a company statement.
The company is cutting back to compensate for patent expirations,falling COX-2 sales, and new Medicare rules, which will whittle lastyear's $11.4 billion in revenue to a predicted $8.6 billion for thecurrent year.
In their April 5 presentation to analysts, Pfizer Chairman David L.Shedlarz and Pfizer Human Health President Karen Katen indicated thatthe company will compensate for the drop in current revenue sourcesthrough:
The manufacturing plant rationalization and procurementreforms have not yet been specified.