Pfizer (NYSE:PFE) announced Monday it would cut 10,000 jobs in a plan to lower costs by $500 million to $1 billion per year. Wall Street had anticipated some amount of restructuring/job cuts, but the size appeared to be larger than many analysts had anticipated.
Simultaneously, Pfizer said it now expects 2007 EPS of $2.18 to $2.25 compared to the Reuters consensus estimate of $2.20. Pfizer's shares were down about 50 cents to $26.70 in afternoon trading Monday.
The emerging consensus on Wall Street appeared to be that the Pfizer announced cuts represented the first of a series of steps the company will undertake to offset revenue losses when patents for key drugs expire. One example: Lipitor, from which PFE said it will lose an estimated $14 billion in revenue in 2011 to 2012 after its patent expires.
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Reader Comments (Page 1 of 1)
1-23-2007 @ 12:33PM
Nick Davich said...
AeroVironment 6.7-mln-share IPO prices at $17 each. It took NASD 3 HOURS before ABY QUOTE WAS OFFER TO THE PUBLIC (AAVN). BY THIS TIME WHEN FINALLY QUOTED WHO MADE ALL THE MONEY WHEN IT WAS QUOTED >$25???????????/ The SEC ought to look into and investigate this long delay!!!!!!!!!!!! Shutting out othere investors for 3 hours????????? Hedge Funds???