Pfizer to Trim Fired Workers’ Benefits to Reduce Costs
This article is for subscribers only.
Pfizer Inc., the drugmaker that’s fired 26,000 workers in three years, is cutting its employee severance package after May 14, according to an internal memo.
The world’s biggest pharmaceutical company has been focused on trimming costs since it acquired Wyeth in January 2009. This year, Pfizer is wrestling with sales losses after its biggest product, the cholesterol drug Lipitor with $9.6 billion in 2011 sales, began facing generic competition for the first time.