Pfizer Axes Another 800 Research Scientist Jobs
Long rumored, Pfizer announced yesterday that it will eliminate another 800 research jobs outside of its six core therapeutic areas: cancer, pain, inflammation, diabetes, Alzheimer’s disease and schizophrenia. The new cuts represent 5 to 8 percent of Pfizer’s approximately 10,000 researchers worldwide. According to a company spokesperson, the company will continue to evaluate its current staffing to make decisions that are consistent with its future goals. In short, expect more layoffs to occur in the near future.
Industry analysts expect additional cuts to occur in R&D and Pfizer’s dwindling sales force. To date, Pfizer has eliminated about 10,000 jobs, mostly in R&D and sales. Pfizer became the world’s largest pharmaceutical after going on a 12 year buying spree that began in 1996 after its acquisition of Warner Lambert, the company that developed the blockbuster anti-cholesterol drug Lipitor. The company currently employs about 85,000 people worldwide.
Wall Street rewarded Pfizer’s decision to layoff more scientists by pushing its stock share price up 1.3% yesterday. Rewarding a company for eliminating one of its most important and valuable assets has never made sense to me. But, then again, I am a scientist not an MBA-toting Wall Street analyst—what do I know?
Until next time…
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