Nevertheless, cost-cutting there will be. Pfizer expects to achieve about $4 billion in "synergies" by 2012, enabling it to reduce the combined workforce of the two companies by 15%, or some 20,000 jobs. As part of those synergies, Pfizer announced Monday [26 Jan 09] that it will eliminate 8,000 jobs, 10% of its workforce. It is closing five of its 46 manufacturing plants.
Pfizer's take-over of Pharmacia was related to the ill-fated Celebrex. Pfizer's take-over of Warner-Lambert was related to Lipitor.
What happened to the guy who developed Lipitor?
See also Duff Wilson of the NYT, For Pfizer, a Big Deal and a Test which included text:
The companies’ combined work force of 128,000 will shed 19,000 jobs. Pfizer will slash its stock dividend in half. And Pfizer is taking a $2.3 billion charge to settle a federal investigation over illegal off-label promotion of its former painkiller, Bextra.
Investors celebrated Mr. Kindler’s big day by sending Pfizer’s stock down more than 10 percent.