Drug giant Pfizer to cut 6,000 jobs, 8 plants in wake of Wyeth purchase

Pfizer will cut 6,000 jobs, or 18% of its worldwide workforce, as it pares back operations following last year's purchase of rival Wyeth.

The world's biggest drugmaker - which sells Viagra UK and cholesterol drug Lipitor - said yesterday it plans to cease operations at eight plants in the U.S. and Ireland by 2015, and reduce activities at six factories in those countries, plus Germany and Britain.

Pfizer can be more competitive, both in its operations and drug pricing, by streamlining its plants and improving their processes, said Nat Ricciardi, president of manufacturing at Manhattan-based Pfizer.

Pfizer had 40 manufacturing sites before acquiring more than three dozen Wyeth facilities in the October merger. The company said in April it would cut 20,000 jobs as it integrates Wyeth, which it bought for $68 billion.
Pfizer gained an assortment of products from Wyeth, including the biotech drug Enbrel for rheumatoid arthritis, menopause treatments Premarin and Prempro, and Prevnar for children's pneumococcal diseases. Wyeth products contributed more than $5 billion in revenue to Pfizer during the first quarter.