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Pfizer Plans 16,300 Layoffs Amid Health Benefit Cuts for Retirees

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Pale Blue Dot Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-15-11 02:01 PM
Original message
Pfizer Plans 16,300 Layoffs Amid Health Benefit Cuts for Retirees
Source: BNET

Pfizer (PFE) plans to lay off 16,300 more employees as it grapples with declining sales of Lipitor, its best-selling cholesterol product, and attempts to meet savings targets promised to Wall Street. Lipitor sales reps will begin to receive phone calls about their fate this week, according to Pharmalot.

Pfizer is also in the process of a massive transfer of wealth from its 23,000 retirees and those about to retire in the next few years to itself. That has saved Pfizer $534 million in healthcare expenditures and reduced liabilities since 2009.

In its quarterly 10-Q disclosure to the SEC (page 10), Pfizer said that a cost-reduction and transformation plan put in place in 2005 has targeted 55,400 jobs, of which 39,100 have been terminated. That means 16,300 are yet to come. The company has spent $856 million on employee termination costs this year, up from $576 million through the first half of last year, and $1.9 billion in total costs associated with the companys cost reduction initiatives.

Its all part of CEO Ian Reads promise to investment analysts in June to lop an extra $500 million in savings from 2011 and another $1 billion in 2012.

Read more: http://www.bnet.com/blog/drug-business/pfizer-plans-163...
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MichiganVote Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-15-11 02:09 PM
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1. Just so long as they keep paying the robber baron executive salaries.
They're creating jobs you know.

:puke:
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DallasNE Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-15-11 02:25 PM
Response to Original message
2. No Belt Tightening For Read, Of Course
His total compensation package for 2009 is $9.45 million.

http://www.cafepharma.com/boards/showthread.php?t=44912...

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Bragi Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-15-11 02:33 PM
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3. Why? Because they can. nt
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-15-11 03:14 PM
Response to Original message
4. Don't know how they can call themselves a Pharmaceutical Co.
Edited on Mon Aug-15-11 03:14 PM by Demeter
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louis-t Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-15-11 03:17 PM
Response to Original message
5. No one can afford their crappy drugs anymore.
How are any of these corporations making a profit now? Cost cutting! By downsizing, outsourcing, stealing pensions, lowering emloyee pay, they make the books look good for a quarter or two.
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anamandujano Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-15-11 03:58 PM
Response to Original message
6. Pardon me if I don't shed a tear.
I can't work up any sympathy for pill salesmen. They've screwed up so many lives while living off being the fat of the land.

The cleaning ladies working there, OK, I'm sorry about that. They're probably already on food stamps so they're ahead of the curve.
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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-16-11 08:01 AM
Response to Original message
7. Quick, let's make drug companies even more profitable!
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