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| Drug firm Pfizer cuts 10,000 jobs | Drug firm Pfizer cuts 10,000 jobs |
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| Pfizer is to cut 10,000 jobs as the US drugs giant seeks to slash annual costs by up to $2bn (£1.01bn). | Pfizer is to cut 10,000 jobs as the US drugs giant seeks to slash annual costs by up to $2bn (£1.01bn). |
| The shake-up comes as the world's biggest drugs firm faces rising competition from generic drugmakers. | The shake-up comes as the world's biggest drugs firm faces rising competition from generic drugmakers. |
| Pfizer said it planned to close three research sites and two factories in the US, as well as a factory in Germany and research sites in Japan and France. | Pfizer said it planned to close three research sites and two factories in the US, as well as a factory in Germany and research sites in Japan and France. |
| The company earlier reported a sharp rise in full-year profits to $19.34bn, from $8.9bn in 2005. | The company earlier reported a sharp rise in full-year profits to $19.34bn, from $8.9bn in 2005. |
| Patent expiry | Patent expiry |
| We are facing significant challenges... in a profoundly changing business environment Jeffrey Kindler, Pfizer chief executive | We are facing significant challenges... in a profoundly changing business environment Jeffrey Kindler, Pfizer chief executive |
| Pfizer said the 10,000 job cuts included 2,200 cutbacks revealed late last year among the workforce of its US sales representatives. | Pfizer said the 10,000 job cuts included 2,200 cutbacks revealed late last year among the workforce of its US sales representatives. |
| Analysts say the company faces the loss of about $14bn in revenues this year because of expiring patents on some of its key drugs. | Analysts say the company faces the loss of about $14bn in revenues this year because of expiring patents on some of its key drugs. |
| "We are facing significant challenges... in a profoundly changing business environment," said Pfizer chief executive Jeffrey Kindler. | "We are facing significant challenges... in a profoundly changing business environment," said Pfizer chief executive Jeffrey Kindler. |
| The group is bracing itself for the patent expiry on its globally successful anti-cholesterol treatment Lipitor. | |
| As patents expire rivals can produce copies of a firm's products, usually sparking a drop in prices. | As patents expire rivals can produce copies of a firm's products, usually sparking a drop in prices. |
| Pfizer had been hoping to generate fresh revenues from its new cholesterol treatment Torcetrapib, but was forced to drop the product last year for safety reasons after spending $800m on its development. | Pfizer had been hoping to generate fresh revenues from its new cholesterol treatment Torcetrapib, but was forced to drop the product last year for safety reasons after spending $800m on its development. |
| Earlier, Pfizer said strong US sales of Lipitor and pain reliever Celebrex helped push revenues for the year up to $48.37bn, from $47.41bn in 2005. | |
| It added net income during the final three months of 2006 rose to $9.45bn from $2.73bn, boosted by the $16.6bn sale of its consumer healthcare unit to Johnson & Johnson in December. | It added net income during the final three months of 2006 rose to $9.45bn from $2.73bn, boosted by the $16.6bn sale of its consumer healthcare unit to Johnson & Johnson in December. |
| Shares in Pfizer were quoted down 41 cents at $26.81 on the New York Stock Exchange. | Shares in Pfizer were quoted down 41 cents at $26.81 on the New York Stock Exchange. |