Lots to digest in this announcement:

- Pfizer hopes to save between $1.5 billion and $2 billion by the end of 2008;

- Revenue will be flat this year and next, compared with 2006;

- 10,000 jobs will be cut worldwide, including the 2,000 U.S. sales reps already being let go, with a reduction in more than 20 percent of the European sales force;

- Closing the historic Brooklyn, N.Y. manufacturing plant and another in Omaha, Ne,, and will sell yet another in Germany. This brings to 48 the number of plants, down from 93 in 2003;

- Three research and development facilities will be closed in Michigan, and perhaps two others in Japan and France;

- U.S. pharma biz will be reorganized into four units;

- Research and development will also be reorganized, into four major therapeutic areas, and emphasize antibodies and vaccines, but Pfizer is exiting gastroenterology and dermatology;

- Middle management is being cut, in some cases, by three to four layers.

“Obviously, this change won’t happen overnight. It will take time, it will take discipline, and it will take determination to turn these aspirations into reality,” Pfizer’s ceo, Jeff Kindler, says in the statement.

[tags]Job Cuts, Pfizer, Plant Closings[/tags]