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Friday 25th May 2018

Pfizer announces major cuts

22nd January 2007

14032006_PillPackets1s.jpgPfizer has announced it will lay off 10,000 workers in an attempt to boost flagging earnings.

The drug giant said it would also close several factories and research facilities. It said the layoffs represented about 10% of its global workforce, and included a cut of 20% in its European workforce.

The company said manufacturing sites in Brooklyn, New York, and Omaha, Nebraska, would be cut, and a third factory in Germany would also go, together with research sites in Michigan, and possibly Japan and France.

US sales operations would be reorganised, too.

The company has seen its earnings hit by the loss of patent protection on some drugs, and by setbacks in developing new products.


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