Pfizer Layoffs: 556 Reps; 800 R&D Staff
Pfizer is cutting 556 sales reps in Italy and about 800 researchers across its R&D divisions worldwide. The moves were expected, as Pfizer braces for a round of cuts at the end of January as part of CEO Jeff Kindler’s plan to ax $2 billion from its cost structure. (Read BNET’s back-story on Pfizer’s layoff plans here.)
The layoffs made one group of people happy: bankers at Goldman Sachs moved their rating of Pfizer stock from “sell” to “neutral.”
The R&D layoffs represent 5% to 8% of its 10,000 research employees, according to the WSJ. Despite the shrinkage, the number of drugs in late stages of testing jumped to 25 from 16 less than a year earlier, the company reckons.
Pfizer reps are, understandably, freaking out. Here’s one thread on Cafe Pharma:
Please let us know sooner then later…make it the 20th, next week…please, for gods sake!! NO ONE, let me repeat, NO ONE is WORKING….THIS IS GETTING INSANE!
Reps can read some detailed discussion on the layoffs here.
- Previous BNET coverage:
- Pfizer’s “No Layoffs” Plan Results in January ‘09 Layoffs
- Pfizer’s Layoff Plan Explained
Jim Edwards, a former managing editor of Adweek, has covered drug marketing at Brandweek for four years, and is a former Knight-Bagehot fellow at Columbia University's business and journalism schools. Follow him on Twitter or send him an email.
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