GlaxoSmithKline to slash costs, jobs as profits drop
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British pharmaceutical giant GlaxoSmithKline said Wednesday it would cut jobs and costs as it blamed a fall in third-quarter profits on sliding sales of controversial diabetes drug Avandia.
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Swiss drugmaker Novartis said Thursday it plans to cut 2,500 jobs in a restructuring programme aimed at generating yearly cost savings of 1.6 billion dollars (1.1 billion euros).
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Pharmaceutical giant GlaxoSmithKline PLC reported a 21 percent increase in fourth-quarter net profit on Thursday, as additional offerings of its key anti-depressant drugs began to offset some of the generic competition that has curtailed the company's sales.
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GlaxoSmithKline PLC, the world's second-largest drug maker, began a campaign to challenge a report that linked its diabetes drug Avandia to heart risks and caused its stock to decline 11 percent in the eight days through Tuesday. The shares rose yesterday.
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Leading shares closed sharply lower, with GlaxoSmithKline and Yell Group falling 7.6 percent and 15 percent respectively after warning on prospects in 2008, and Wall Street down on disappointing updates from Cisco and retailers.
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Colgate-Palmolive Co., the consumer products giant behind brands like Ajax detergent and Irish Spring soap, plans to cut its worldwide work force by about 12 percent, or about 4,400 jobs, and close one-third of its factories as part of a four-year plan
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Pfizer Inc., the world's largest drug maker, will slash 2,200 US sales jobs as chief executive Jeffrey Kindler reduces expenses to compensate for revenue lost to cheaper generic competition.
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Merck &amp; Co., under siege because of lost revenues from its recalled blockbuster arthritis drug Vioxx, will cut about 5,100 jobs by year&#39;s end, more than originally planned, and will slash hundreds of millions of dollars in spending, Chairman Raymond V
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The reduction in patients for Amylin's Byetta diabetes drug could be small.
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Pharmaceutical giant Merck &amp; Co. , under siege because of lost revenues from its recalled blockbuster arthritis drug Vioxx, will cut about 5,100 jobs by year's end, 700 more than originally planned, and will slash hundreds of millions of dollars in spending, chairman and chief executive Raymond V. Gilmartin said yesterday.
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Merck &amp; Co. Inc. (MRK.N: Quote, Profile, Research) , whose earnings are being hurt by the withdrawal of its arthritis drug Vioxx, said on Tuesday it has increased the number of jobs to be cut by year-end to 5,100 from 4,400.
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By Christopher Bowe and Andrew Jack in Whitehouse Station, New Jersey. Merck has quickened the pace of its restructuring with plans to cut a further 700 jobs, targeting about $3bn in savings by the end of 2008
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US drugs firm Pfizer plans to cut 20% of its US sales force, about 2,200 jobs, to cut costs and offset the loss of patents.
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Accredo Health Inc. ACDO.O, which  provides pharmacy and treatment services for patients with  chronic illnesses, on Monday slashed its profit forecast due to  lower reimbursements from government insurers, sending its  shares down 23 percent in pre-market trade.
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The pharmaceutical industry has expressed dissatisfaction over a new deal which will see a seven per cent reduction in the costs to the NHS of major drugs.
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Cardinal Health, the drug wholesaler, said Monday it would cut 4,200 jobs, or 7 percent of its work force, and close 25 manufacturing and distribution locations as part of a plan to reduce costs.
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GlaxoSmithKline's  experimental  vaccine against a virus that causes cervical cancer could cut  the number of cases and deaths from the illness by up to 76  percent, the drug company said on Monday.