Abbott Laboratories

Company: Abbott Laboratories
Based: Abbott Park, IL
Themes: Company-wide

Restructuring has become a near-permanent reality for most Big Pharma companies, and Abbott ($ABT) is no exception. It started in 2011 with plans to lay off 1,900 workers, and exactly a year later it came back for 700 more. Then, just days ago, Abbott added 550 more layoffs in its devices, nutrition, diagnostics and established pharmaceuticals units.

The diversified company had plenty of places to cut at the beginning of this year. But it didn't spare the pharma side of the business, which is being spun out as an independent company at the end of this year. About 200 jobs were slated for elimination in the diagnostics business, while 200 more would be canned in pharma manufacturing. But most of the layoffs were centered on Abbott's production of heart stents and diagnostics, after a drop-off in stent orders.

For the most recent round of layoffs, Abbott is taking a $478 million charge against earnings.

For more:
Special Report:
Abbott Laboratories - Top 10 pharma layoffs of 2011
Abbott's round of 700 layoffs doesn't spare pharma
Abbott's drug sales tick upward as AbbVie spinoff looms
Izvestia: Abbott engineers Russian vaccines buyout

Abbott Laboratories

Suggested Articles

Karen DeSalvo's appointment is the latest in a string of hires that deepen the tech giant’s investment in and focus on healthcare.

Spring Bank’s hepatitis B drug, given in tandem with Gilead’s Vemlidy, tamped down on chronic disease in 23% of patients in a phase 2 study.

Verseau will use the money to start testing its macrophage checkpoint modulators in humans.