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Pfizer cuts 7,800 more jobs as revenue stagnates..

IGBT

IGBT

Lifer
Text

Pfizer, whose sales growth has stalled due to generic competition and failure to introduce many significant new drugs, previously had aimed for annual cost savings of $4 billion by 2008. It had already announced plans to cut its U.S. sales force by 20 percent, or 2,200 jobs.
 
This is gonna hurt Michigan even more. 🙁
i was listening to their press confrence this afternoon.
 
Well, when companies are constantly under fire by the government and have pressure NOT to make money... this is the result.

Sorry... I should not have posted that, should I?

😉
 
Its like....beating the dead horse in Michigan. I swear no company can keep jobs in our state.

Somehow I figure that our governor will be to blame for these job losses too....when in reality I think the state government is just trying to control the hemorrhaging of jobs in this state.
 
Originally posted by: yllus
I'm seriously considering an investment in their stock. Any thoughts?
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drug companies like this are all about pipelines and what drugs they have in the works to replace drugs about to go generic. You have to say that unless Pfizer can buy their way into blockbuster drugs, their pipeline isn't that great compared to other companies.
 
Originally posted by: Sukhoi
Originally posted by: xtknight
This was Ann Arbor's main employer. Quite devastating news, especially for the families that it affects.
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Isn't the university the main employer?
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Yeah, you're right, I should say Pfizer is a main employer. The U definitely doesn't have enough openings to accommodate all the casualties but some are being offered jobs at other locations. Governor Granholm is trying to get people to stay in Ann Arbor. It used to be one of the more forthcoming cities in Michigan, but not anymore. Google did recently open an AdWords facility in Ann Arbor, although it will mainly be marketing.

I do wonder why they chose Ann Arbor and not somewhere else. Perhaps the throughput of drug development here just wasn't enough.
 
Originally posted by: EKKC
i guess viagra sales are down?
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Ugh.

😀



My sig seems quite relevant suddenly.
(Pasted for those who have sigs disabled)
"Off-label marketing of drugs, patent litigation settlements, and drug safety will all be on the table, something that pharma companies have not had to worry about under a Republican-controlled house."
- Catherine Bennet, ex-VP, Pfizer



In any case, generic drugs = good. More competition in the marketplace. Job loss happens as the market reorganizes itself and continues to quest for greater efficiency.
 
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