Pfizer to cut European staff in $2bn cost drive

Pfizer, the world's biggest pharmaceuticals company, is to cut 10,000 jobs to reduce costs by $2bn (£1bn) in an attempt to maintain earnings growth in spite of stagnating sales in the face of fierce competition from generic drugs.

Pfizer: Press Release, 22.1.07: Pfizer Announces Priorities to Drive Improved Performance, Position Company for Future Success and Enhance Total Shareholder Return http://mediaroom.pfizer.com/index.php?s=press_releases&item=142

BBC News, 22.1.07: Drug firm Pfizer cuts 10,000 jobs http://news.bbc.co.uk/1/hi/business/6288031.stm

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