Johnson & Johnson's restructuring has come home to roost in Belgium. Drug maker Janssen-Cilag, a J&J subsidiary, will slice 521 full-time and 167 part-time workers from its payroll of 4,723 in-country.
Back in July, J&J announced it would cut its global work force by up to 4,820 jobs [1]. Contributing factors: Falling stent sales, lagging Procrit prescriptions, and expiring patents. It's the company's biggest cutback ever, amounting to about 4 percent of its payroll. An update on the restructuring is due with third-quarter earnings reports October 16.
- check out the article [2] in the International Herald Tribune
Related Articles:
J&J makes big cuts at Alza and Scios. Report [3]
J&J restructures pharma unit, laying off workers. Report [1]
Big Pharma brings home the cash, slices payroll. Report [4]
Links:
[1] http://www.fiercebiotech.com/story/j-j-restructures-pharma-unit-laying-workers/2007-07-31
[2] http://www.iht.com/articles/ap/2007/09/18/business/EU-FIN-COM-Belgium-Janssen-Job-Cuts.php
[3] http://www.fiercebiotech.com/story/j-j-makes-big-cuts-alza-and-scios/2007-08-01
[4] http://www.fiercebiotech.com/story/big-pharma-brings-home-cash-slices-payroll/2007-07-24