With the $68 billion deal closed, Pfizer will likely trim its combined research budget, Martin Mackay, president of Pfizer Global Research and Development, said in an interview. While Mackay didn’t say by how much, Pfizer may hold the line at about $8 billion, the same as it spent by itself in 2008, said Barbara Ryan, a Greenwich, Connecticut-based analyst for Deutsche Bank, in a telephone interview. That’s 30 percent less than the total paid out by both companies last year.
Thursday, October 15, 2009
Pfizer Wyeth - merged, now for the cuts!
Pfizer may slash as much as $3 billion in research after combining its laboratories with Wyeth, putting thousands of scientists out of work and narrowing the drugmaker’s search for new products.
With the $68 billion deal closed, Pfizer will likely trim its combined research budget, Martin Mackay, president of Pfizer Global Research and Development, said in an interview. While Mackay didn’t say by how much, Pfizer may hold the line at about $8 billion, the same as it spent by itself in 2008, said Barbara Ryan, a Greenwich, Connecticut-based analyst for Deutsche Bank, in a telephone interview. That’s 30 percent less than the total paid out by both companies last year.
With the $68 billion deal closed, Pfizer will likely trim its combined research budget, Martin Mackay, president of Pfizer Global Research and Development, said in an interview. While Mackay didn’t say by how much, Pfizer may hold the line at about $8 billion, the same as it spent by itself in 2008, said Barbara Ryan, a Greenwich, Connecticut-based analyst for Deutsche Bank, in a telephone interview. That’s 30 percent less than the total paid out by both companies last year.
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