Johnson & Johnson is taking the axe to its pharma division as it chops away at up to $750 million in costs. The company says it will continue to invest in new technologies, but faces some significant patent losses among its therapies. Pharma is taking the brunt of the layoffs, which will reduce J&J's overall workforce by four percent, or almost 5,000 employees. Some "consolidation" in the pharma segment is also expected, but details are hard to come by this morning.
- see this release [1] on the cuts
- check out the AP report [2] on J&J
Related Article:
Big Pharma brings home the cash, slices payroll. Report [3]
Links:
[1] http://www.fiercebiotech.com/press-releases/press-release-johnson-johnson-plans-improve-overall-cost-structure
[2] http://www.forbes.com/feeds/ap/2007/07/31/ap3969858.html
[3] http://www.fiercebiotech.com/story/big-pharma-brings-home-cash-slices-payroll/2007-07-24