Pfizer Plans Another $1B in Cost Reductions by 2012

Pfizer is planning another $1 billion in cost reductions by 2012. The initiative appears to be aimed at reducing administrative duplications in New York City and worldwide.

Pfizer Inc., which earlier this year announced 1,100 job cuts at its Groton laboratories in an effort to lower research-and-development expenses by up to $2.9 billion, is planning another $1 billion in cost reductions by 2012.

The initiative appears to be aimed at reducing administrative duplications in New York City and worldwide. Other expenses to be trimmed are those tied to promotion, travel, entertainment, consultants, printed materials, supplies and electronic equipment, according to the Wall Street Journal report Tuesday.

Joan Campion, a Pfizer spokeswoman, downplayed the report, saying the company reported the planned cost cutting in its financial guidance released in February and reiterated in May. "It's not new news," she said.