Pfizer said it would reorganize its sales force as part of a plan aimed at reducing the company's cost base by $4 billion, or about 12%, by 2008. The company said the initiative would cost $5 billion to $6 billion through 2008. Analysts had been expecting Pfizer to announce the elimination of as many as 10,000 jobs, but the drugmaker did not provide specifics about the sales reorganization. Pfizer said earnings would fall 6% on flat revenue in 2005 but that it expected financial performance to rebound quickly in 2006 and accelerate in 2007. The drugmaker faces patent expirations in the next few years and declining sales of its Celebrex and Bextra arthritis drugs. -- by Crain's New York Business
Pfizer to reorganize sales force, cut annual costs 12%
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