Wall Street's eyes were focused on Jeffrey Kindler today as Pfizer's new CEO stepped up to unveil its quarterly profits. Those profits soared 112 percent on increased drug revenue. But Pfizer now says it will have to go beyond a $4 billion cost-cutting program in a hunt for greater efficiency. And Kindler's forecast of flat growth in the years ahead was a discouragement to analysts, who had been hoping for something more aggressive on the cost-cutting side. "We recognize that the world around us is changing dramatically and that we need to accelerate the scope and speed of change to transform Pfizer," said Kindler.
- see the AP report [1] on Pfizer
Related Article:
Management shakeup at Pfizer. Report [2]
CEO McKinnell gets the boot as Pfizer struggles. Report [3]
Links:
[1] http://www.iht.com/articles/ap/2006/10/19/business/NA_FIN_EARNS_US_Pfizer.php
[2] http://www.fiercebiotech.com/story/chutes-amp-ladders-management-shakeup-at-pfizer/2006-08-16
[3] http://www.fiercebiotech.com/story/ceo-mckinnell-gets-the-boot-as-pfizer-struggles/2006-07-31