A source familiar with the details of the matter revealed that Pfizer Inc.(NYSE:PFE) is firing twenty percent of its sales force. The company’s total sales force is about three thousand persons for the primary care drugs. Last year the firm was in news after losing its patent on Lipitor, a top most selling drug.On condition of anonymity a person told that the cuts will begin this month and as per the estimated figure, about six hundred employees will lose their job. The New York based company is doing this as part of an effort to reduce costs.
Lipitor used as a cholesterol lowering drug generated $9.6 billion revenue in the year 2011. After losing its patent, Pfizer Inc.(NYSE:PFE) is continuously going thru cost cuttings in order to reposition itself in the market under the leadership of Ian Read who is the CEO of the company. He quoted that they plan to bring new drugs in the market by refocusing on the company structure.
Mackay Jimeson, a spokesman for Pfizer Inc.(NYSE:PFE) quoted in an e-mail that as part of their strategy for allocating resources, investments and people in the areas that best serve their patients and customers, they continuously evaluate themselves to be more effective and efficient and therefore, to match the future needs of the organization in a better way they need to bring about changes in few segments.
Pfizer Inc.(NYSE:PFE) stock price currently stands at $25.64 and is 18 percent up since the start of the year. The company’s top most selling drugs including, Viagra pill for erectile dysfunction, Lyrica pill and the arthritis treatment Celebrex fall under the primary care drug category. The company had about 103,700 by the end of 2011. Another source said that the company may hire more employees during spring, after the approval by the U.S. and launch of the its experimental blood thinner Eliquis in the market. This drug is being developed in collaboration with Bristol Myers Squibb Co.(NYSE:BMY) and both will split sales.
The shares of Bristol Myers Squibb Co. (NYSE:BMY) were down by 1.36% to close at $32.57
The shares of Pfizer Inc.(NYSE:PFE) were down by 1.13% to close at $25.35.
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