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Pfizer Inc. (PFE) Expected To Unveil $2 Billion Cost-Cutting Plan


10/19/2005 5:13:11 PM

Pfizer Inc.'s stock price has tumbled by roughly a third this year amid worries about expiring patents, safety concerns about its pain reliever Celebrex and its sub-par outlook. Still, Wall Street expects few dramatic changes when the world's largest drugmaker holds a meeting for analysts and investors on Tuesday. The April 5 event in New York where the company will announce a strategic plan and earnings' projections is expected to be relatively sedate. Analysts believe the company will announce at least $2 billion in cost-cutting and a staff reduction through attrition. No epic strategy shift or executive departures are predicted, however, despite the past year's difficulties and broader industry issues, including intensifying political pressure to lower the cost of medicine.

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