EMCC European Monitoring Centre on Change

Pfizer

Company/Organisation:
Pfizer

Geographic Location

Country: World

Company

Sector: Manufacturing
Manufacture of pharmaceuticals, medicinal chemical and botanical products
21 - Manufacture of basic pharmaceutical products and pharmaceutical preparations
Number Employed: 100000

Employment Effects

Announcement Date: 23-01-2007
Planned Job Reductions min: 10000
Planned Job Reductions max: 10000
Type of Restructuring: Internal restructuring
Employment Effect Start: 24-01-2007
Foreseen End Date: 31-12-2008

Additional Information

The US-based pharmaceutical company Pfizer announced on 23 January 2007 its plans to cut 10,000 jobs, which is about 10% of its world-wide workforce. The company is reported to face substantial reductions in overall turnover and profits as a number of its products are to lose their patent protection in the forthcoming years. The company wants to save 5 billion USD in costs by its job-cutting measures.