Pfizer Stock Falls

by Greg Edwards - Date: 2007-01-23 - Word Count: 251 Share This!

According to Money, Pfizer stock plummeted today because, "investors were spooked by earnings news and disappointment with earnings from pharmaceutical giant Pfizer."

Despite the strong history posted by large pharmaceutical companies and general immunity to cost cutting and layoff patterns experienced by most other industries, many large companies including Pfizer, find themselves having to make large layoffs and cut back on expenses.

Most believe the recent cutbacks are due do dilapidated pipelines and lack of resources for producing new innovative drugs, the near expiration of patent on several blockbuster drugs, and increasing competition from the generic drug market.

Recently, Pfizer has laid off 10,000 of its world wide sales force, and according to Reuters, "Pfizer Inc. on Monday said it plans to cut 7,800 more jobs, including more than 20 percent of its European sales force, in an effort to save up to an additional $1 billion by the end of 2008."

These announcements have translated into a drop in Pfizer stock of 1.5% this afternoon, to $26.81. Money states, "Analysts are skeptical that Pfizer's crop of current and pipeline products can generate enough sales to compensate for the lost revenue. Pressure on Pfizer has intensified since safety issues forced it to halt development of the star drug in its pipeline, which was slated to replace Lipitor as it loses patent protection as early as 2010."

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