Pfizer may make up to $2 billion in cost cuts
The Associated Press reports that Pfizer Inc. may announce $2 billion in cost cuts including plant closings and slashing up to 10 percent of the work force when new chairman and CEO Jeffrey Kindler announces his plan for a strategic overhaul of the world''s largest drugmaker. Already stung by numerous patent losses, Pfizer suffered a huge blow last November when it announced it was halting development of the star of its drug development pipeline, torcetrapib, because of patient deaths and complications. Torcetrapib was expected to replace the revenues that will be lost when its top-seller, cholesterol treatment Lipitor, loses patent protection, which could happen in 2010. Other patent expirations will rob Pfizer of $14 billion in revenues annually between 2005 and 2007, and analysts said the company''s current pipeline just doesn''t have the muscle to forge major sales growth.