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Pfizer Plans To Lay Off Over 16,000 Employees As Sales of Lipitor Decline

Posted Aug 16 2011 12:09am

The loss of retirement benefits for Pfizer employees has already been in the news back in 2009 with the Wyeth buyout and that was around 19k employees.  You can image read below about the actions that started a couple years back and now pretty much leave many retirees to Medicare only. 

Also in the news today, Pfizer did win it’s case with Teva challenging Viagra and the patent will stand until 2019.  BD 

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.

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