Processing Magazine

Job cuts for Pfizer?

February 10, 2005
Reuters reports that Pfizer Inc., the world''s largest drug maker, said on Tuesday it was conducting a comprehensive review of its operations, but said analyst speculation it had decided to cut jobs was "premature." Pfizer, faced with slowing earnings growth and safety concerns for its top-selling arthritis drugs, said the review would involve its pharmaceutical, animal health and consumer product units. Pfizer spokesman Paul Fitzhenry said it would be "premature to speculate" on measures that might be taken, including job cuts. Due largely to competition from cheaper generic copies of some of its biggest medicines, Wall Street expects Pfizer''s earnings to grow only about 2 percent this year. That compares with 22 percent growth in 2004, when Pfizer was just beginning to feel the heat from generics.