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Pfizer CFO Discusses Staff Reductions

Pfizer CFO Discusses Staff Reductions

With the drugmaker facing steeper generic competition for its drugs such as the cholesterol medication Lipitor, Pfizer has begun to take steps to reduce spending to make up for anticipated lost revenue.

In a recent conference call with analysts, Pfizer

With the drugmaker facing steeper generic competition for its drugs such as the cholesterol medication Lipitor, Pfizer has begun to take steps to reduce spending to make up for anticipated lost revenue.

In a recent conference call with analysts, Pfizer CFO Frank D'Amelio noted that staff reductions are already underway and have exceeded initial expectations to this point, reports The Associated Press.

"When we announced (the acquisition of) Wyeth, we had 130,000 combined," D'Amelio explained. "We said we could reduce headcount by 15 percent in three years. At the end of this past quarter, we're down 18 percent in less than three years."

Despite the job cuts and anticipation of increased generic competition, Pfizer did report a third-quarter profit that had more than tripled over the previous year due to higher revenue and lower charges, according to the AP.

The results reportedly exceeded expectations and Pfizer upwardly adjusted its 2011 profit forecast to a range of $1.20 to $1.30 per share from the previous $1.09 to $1.24 range, the news source said.  

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