Pfizer announced several moves today pertaining to its R&D groups in multiple facilities as it looks to trim $1.5 B from its previous R&D budget. The cuts will result in layoffs of 2400 R&D employees and the closing of its Sandwich, Kent facility. Pfizer also announced that several operations will be shifted from its Groton, CT site to Cambridge, MA -- about 1125 employees will be affected by the move. Pfizer will also stop several disease programs - including allergy and respiratory in Sandwick, antibacterials in Groton, regenerative medicine in Massachuesetts, The programs may be totally disbanded or in some cases outsourced. Programs in neuroscience, CVS and metabolic diseases will be shifted to Massachuesetts as well.
The cutbacks were announced with Pfizer's latest earnings statement as the company faces huge expected revenue losses in the $9-10 B range with the expiration of its patents protecting Lipitor - the World's best selling drug. Talk about a patent cliff - better be a rock climber if you are working in R&D there. For more see Pharmalot and Fierce Biotech.
Posted by Bruce Lehr Feb 1st 2011.