Wyeth mulls 5,000 job cuts

Welcome Wyeth to the layoff parade. The drugmaker is plotting cutbacks, including job cuts that could amount to 10 percent of its 50,000-strong workforce. Because the company is just beginning to hash out the details, no hard numbers are yet available. According to a Wyeth spokesman, the plans will be announced in March.

Wyeth, of course, is facing the same pressures as other pharma companies who've laid off thousands of workers. Take generic competition: The active ingredient in the company's biggest-selling drug, Effexor XR, goes off patent this June, and Sun Pharmaceutical is readying a generic version. Meanwhile, its blockbuster heartburn med Protonix faces a copycat from Teva Pharmaceutical Industries, which is threatening to launch its version even as the companies dispute its patent protection in court. Wyeth and Teva declared a truce till next Thursday while they try to negotiate a settlement.

And in prepping for layoffs, Wyeth joins a veritable roll call of the biggest names in the business. Merck, Pfizer, Bristol-Myers Squibb, Amgen, GlaxoSmithKline--everyone who's anyone is doing it.

- see the Philadelphia Inquirer article
- read about Wyeth and Teva's truce in the Star-Ledger

Suggested Articles

Alnylam is ready to follow on its Onpattro launch with an FDA nod for Givlaari. But the drug's safety profile is giving analysts reason to pause.

FDA nominee Stephen Hahn faced questions from Senators on Wednesday on topics including drug pricing, biosimilars, opioids and more.

BMS’ Opdivo-Yervoy combo been game-changing in late-stage melanoma. But when it comes to expanding the pair’s reach, the company has hit a roadblock.