Based: New York
Themes: R&D and manufacturing
Pfizer ($PFE) was the trendmaker in pharma layoffs and restructuring. After years of weak R&D results, the pharma giant was in no position to face the patent cliff. So three years ago, it triggered the mother of all layoffs in the industry.
That's when Pfizer laid out plans to slash thousands of research jobs, later adding 6,000 jobs in manufacturing to the chopping block.
This year is supposed to mark the end of Pfizer's restructuring. But the cuts have continued to reduce head count throughout 2012. Researchers continued to be dispatched from Groton, CT, in the final cuts from 1,100 layoffs initially planned there. Another 50 to 130 layoffs were expected at a Canadian estrogen plant. In June, 177 were to be let go from a facility in Ireland.
The last to be fired from Groton found that the company was also pinching pennies on severance packages. While Pfizer once offered 12 weeks of severance plus three weeks for every year served, that was reduced to 8 weeks plus two weeks per year of employment.
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