Company: Sanofi ($SNY)
Job cuts announced: at least 700, hundreds more likely
Dates revealed: March, November
Themes: Streamlining, M&A fallout, patent cliff
The scoop: Sanofi is gearing up for the loss of patent protection on its blockbuster blood thinner Plavix, and it is absorbing its massive acquisition of Genzyme. Substantial job cuts have either taken place, are envisioned or likely already happening as the company seeks to streamline.
La Tribune reported in March that Sanofi was well under way with plans to reorganize its European operations and eliminate as many as 700 jobs. Sanofi will become sleeker, with 10 European subsidiaries instead of the 30 it had there at the beginning of 2011, the newspaper said, as quoted by Reuters. But hundreds of additional U.S. Sanofi employees will lose their jobs in the months to come, Pharmalot reported in November, as the company continues to absorb its acquisition of Genzyme. Plans call for streamlining the company's cardiovascular group staff levels in the wake of Plavix going generic, as well as R&D operations in both New Jersey and Massachusetts.
All of this comes after 9,000-plus job cuts in recent years. More are likely this year. CEO Christopher Viehbacher wants $2.9 billion in savings annually, he has said.