Sunday, February 01, 2009

Pfizer/Wyeth: bad for New Jersey?

Forbes has a post with text:

"Jersey is in trouble because it has so many pharmaceutical companies and they're all looking to cut costs and reduce head counts," said Jon LeCroy, a pharmaceutical industry analyst at Natixis Bleichroeder. "A big chunk of its Wyeth workers are at risk, especially the 900 in its main office."


"The pharmaceutical industry just doesn't have enough money anymore to support these big companies and all their employees," said Les Funtleyder, a pharmaceutical analyst at Miller Tabak in New York. "We're going to see decreased employment in New Jersey pharma."


David Moskowitz, an analyst with Caris & Co., said "there's no question" New Jersey will bear the brunt of the consolidation, regardless of whether Pfizer's bid for Wyeth is successful.

"The industry has peeled a lot of jobs off the last few years," Moskowitz said. "There's still another 10 percent to 30 percent to go. It's not a negative reflection on New Jersey, it's just an industry issue."

Pfizer was cutting people BEFORE talk of Wyeth.


Post a Comment

<< Home