Pfizer prepares to announce 1,800 cuts worldwide

 

Pfizer plans to reduce its workforce by 2% next year, which corresponds to approximately 1,800 layoffs and pre-retirements globally. According to many analysts, this is the first move by new CEO Albert Bourla, who will come into office on January 1st, 2019. The market has coolly reacted to the news, indeed Pfizer’s shares have decreased 0.6%, probably because many analysts link the impending job cuts to Lyrica’s recently expired patent–the drug yielded over $3.46bn last year.

(Sources: CNBC, The Street)