World News | February 01, 2011
Pfizer has reported a major rise in sales and earnings for the fourth quarter, though the results have been overshadowed, at least in the UK, by the news that the drugs giant is to close its R&D facility at Sandwich, with 2,400 jobs affected.
The decision is part of Pfizer’s strategy to "create a more focused and sustainable R&D engine for innovation", the company said, part of which involves exiting certain therapeutic areas, including allergy and respiratory, which is based at Sandwich. Over the next 18-24 months, a majority of the 2,400 positions at the Kent plant will be redundant, but the company hopes to transfer "several hundred positions to other Pfizer sites or to external partners".
Revenues from Lyrica (pregabalin), for epilepsy, fibromyalgia and neuropathic pain were flat at $821 million. As for Wyeth products, the antidepressant Effexor (venlafaxine) contributed $206 million, down 60% as a result of generic competition,
http://www.pharmatimes.com/Article/11-02-01/Pfizer_profits_soar_Sandwich_site_to_be_shuttered.aspx
The decision is part of Pfizer’s strategy to "create a more focused and sustainable R&D engine for innovation", the company said, part of which involves exiting certain therapeutic areas, including allergy and respiratory, which is based at Sandwich. Over the next 18-24 months, a majority of the 2,400 positions at the Kent plant will be redundant, but the company hopes to transfer "several hundred positions to other Pfizer sites or to external partners".
Revenues from Lyrica (pregabalin), for epilepsy, fibromyalgia and neuropathic pain were flat at $821 million. As for Wyeth products, the antidepressant Effexor (venlafaxine) contributed $206 million, down 60% as a result of generic competition,
http://www.pharmatimes.com/Article/11-02-01/Pfizer_profits_soar_Sandwich_site_to_be_shuttered.aspx
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