Pfizer will cut another $1 billion in expenses

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Why do we never get a statistic of how many executives get cut/RIf'd, if any?

They could save $500 million by reducing 10% of the execs, or reducing all of their incomes and benefits by likely only 1%. Shit, sell a plane and a helicopter and they could keep many employees.

I am a staunch capitalist and free marketeer, but that includes morals and ethics, which apparently is absent at Pfizer.
 




Anonymous said:
Why do we never get a statistic of how many executives get cut/RIf'd, if any?

They could save $500 million by reducing 10% of the execs, or reducing all of their incomes and benefits by likely only 1%. Shit, sell a plane and a helicopter and they could keep many employees.

I am a staunch capitalist and free marketeer, but that includes morals and ethics, which apparently is absent at Pfizer.
Click to expand...

Then you are clearly not a "staunch capitalist!"-- Greed is the capitalist way, get on board or GTFO!
 








Pfizer Inc. is looking for $1 billion in extra yearly cost cuts on top of the billions of dollars in cuts to research and development that it was already making, according to people familiar with the matter.

Executives at the drug maker, the world's largest by sales, have been reviewing operations this spring for cuts and plan to begin implementing the reductions later this year, according to these people. The goal: cutting annual expenses by $500 million this year and a total of $1 billion next year, mostly from the company's administrative side, these people said.

Pfizer Chief Executive Ian Read mentioned the cuts during a recent interview, without going into further detail. "We're going to take out another billion dollars of our expenses," he said.

A Pfizer spokesman said: ""We're focused on operating in new, more effective and efficient ways, while at the same time continuing to invest where opportunities are robust."

The newest cost-cutting initiative aims to reduce administrative work that is duplicated at Pfizer's headquarters in New York City and in offices around the world, according to people familiar with the matter. Also under review, the people said, are spending for promotion, travel, entertainment and consultants, and sales representatives' spending on printed materials, supplies and electronic gear.

The extra cost cuts would trim nearly 5% from Pfizer's selling, informational and administrative expenses, which were $19.6 billion last year. They suggest that the budget ax, after falling on Pfizer's sales, manufacturing and R&D operations, is now aiming at central management.

"Pfizer will need to operate differently to meet its financial commitments and continue to invest where opportunities are robust," Pfizer employees were told in a March memo.

The company has been on a protracted cost-cutting mission in recent years, laying off thousands of employees and closing manufacturing plants and research laboratories as top-selling products have started losing patent protection. The cuts have allowed Pfizer to show a profit, even as revenue suffers from the competition with generic medicines.

Antidepressent Effexor, which had $3.8 billion in sales at its peak, went off patent last year. Later this year, cholesterol drug Lipitor, Pfizer's No. 1 seller with $10.7 billion of the company's $67.8 billion in 2010 sales, begins facing generic competition in the U.S.

In addition, Pfizer is dealing with efforts by health plans and overseas governments to restrain spending on prescription drugs, and its own difficulties developing new medicines that can pass regulatory muster and command high prices. And the company has pledged to buy back some $9 billion in shares.

The company has announced several restructurings the past decade, often as part of acquisitions. Since 2000, it has completed two programs to cut spending by $4.1 billion, and is conducting two more to save another $6 billion in expenses, according to Morningstar Inc. analyst Damien Conover.

Earlier this year, Mr. Read announced plans to reduce the company's $9.4 billion yearly spending on drug R&D to as little as $6.5 billion in 2012. The R&D cuts included eliminating as much as 5% of Pfizer's 110,600 jobs, or 5,530 employees, and closing the laboratory in Sandwich, England, that was responsible for developing Viagra.

Apart from cutting spending, Pfizer is also reviewing whether it should sell noncore units producing animal drugs, infant formula and consumer health-care goods like Advil cold and pain medicine. In April, the company agreed to sell a unit that makes drugs in capsule form to a private-equity firm for $2.38 billion.

Pfizer had already factored the additional cuts into its financial targets for 2011 and 2012, a company spokeswoman said.
 








Among the areas to be cut: duplicative administrative work at Pfizer’s New York headquarters and offices elsewhere, promotion, travel, entertainment and consultants, as well as materials, supplies and electronic devices for sales reps.

How about State Directors, CGC, ROMs, NOMs, DOMs HOBNOBs and the endless middle management which makes no contribution to the bottom line and direct sales contact with customers.

Anyone who works with Excel spreadsheets to complete should be axed!
 




It's about time to cut the home office in New York. Those are the laziest paper pushers ever. I think they have one person to flush the toilet and one person to wipe the each person's butt in every stall in the bathrooms.
 
























Anonymous said:
Why do we never get a statistic of how many executives get cut/RIf'd, if any?

They could save $500 million by reducing 10% of the execs, or reducing all of their incomes and benefits by likely only 1%. Shit, sell a plane and a helicopter and they could keep many employees.

I am a staunch capitalist and free marketeer, but that includes morals and ethics, which apparently is absent at Pfizer.
Click to expand...

They could save $500 million by reducing all execs incomes and benefits by only 1%?.....are you f'ing kidding me with that math? $50 BILLION dollars is what they spend on exec salaries and benefits?

Some of you are so dumb it's amazing you even function as adults.
 




Since 2000, it has completed two programs to cut spending by $4.1 billion, and Pfizer is conducting two more to save another $6 billion in expenses, according to Morningstar Inc. analyst Damien Conover.

$6 billion!
 




I wonder when it will occur to the idiots in NY that they could save close to $500 million every year if they moved the corporate HQ out of that tax hell in NY and relocated it to a different state. Jersey, Delaware and states in the SE U.S. would gladly give Pfizer a huge tax incentive to move there. The state of Texas even uses its revenue from petroleum sales to subsidize relocation expenses when companies move there.

The next person in charge here who ditches the elitist attitude and realizes what a waste of money it is being based in NY will be the first. That state is losing its young, educated population faster than any other state because of its byzantine tax system. Even a crackhead with a GED is smart enough to realize how much money could be saved by relocating HQ
 




Anonymous said:
I wonder when it will occur to the idiots in NY that they could save close to $500 million every year if they moved the corporate HQ out of that tax hell in NY and relocated it to a different state. Jersey, Delaware and states in the SE U.S. would gladly give Pfizer a huge tax incentive to move there. The state of Texas even uses its revenue from petroleum sales to subsidize relocation expenses when companies move there.

The next person in charge here who ditches the elitist attitude and realizes what a waste of money it is being based in NY will be the first. That state is losing its young, educated population faster than any other state because of its byzantine tax system. Even a crackhead with a GED is smart enough to realize how much money could be saved by relocating HQ
Click to expand...

Move to Costa Rica or Bermuda. No tax!
 




They love to "work" in NY, live outside of NY, "entertain" in NY, but the corporation pays taxes in NY. So personally, this does not affect/effect them.

Can you imagine these egos moving to Nashville/Orlando/Dallas to save the company billions? Hell no !!!

Stockholders are ignorant if they do not stand-up at the annual meetings to ask these questions.
 








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