Pfizer Layoffs: Whose Jobs Are Safe, and Whose Aren't?
Pfizer (PFE) has begun the wield the ax as it begins to make the 19,500 layoffs it needs to make its merger with Wyeth work. Will your job be safe? Here's a guide:
So far, Pfizer has targeted former Wyeth facilities for layoffs. Pfizer will eliminate nearly 1,200 jobs:
- 680 in Pennsylvania (230 at Wyeth's Great valley, Pa. site and 450 at Wyeth's Collegeville site. The two locations once had 4,500 employees).
- 400 in New Jersey
- 116 in Wyeth's Pearl River site in Rockland County, New York (411 jobs already went at that site, which has about 2,931 workers).
Normally, BNET likes to look at companies' franchises to see where cuts might be made. After all, if a drug's revenues are declining, you can't justify keeping extra staff on. But a look at both companies' product sales shows that it is easier to name the drugs where jobs might be safe than it is to list those in peril -- at both companies, all but six of their major brands have falling revenues. Here are the growth franchises:
- Pfizer (see page 28): Sutent Revatio Lyrica
- Wyeth (see page 35): Prevnar Enbrel Protonix Nutritionals
Everyone else -- update your resumes.
For detail, here's both how both companies' disclosed the sales declines of their brands in their most recent SEC filings:
Image by Flickr user Chris Campbell, CC