J&J plans to cut workforce by up to 4%

Share this article:
Johnson & Johnson said today it would reduce its 120,500-member global work force by 3% to 4%, or as many as 4,800 jobs, through attrition and hiring freezes.
The cuts would focus mainly on the pharmaceutical unit, which faces a number of patent expirations over the next few years and the company's Cordis stent making unit.
J&J did not disclose exactly where the job cuts will take place.
J&J is targeting 2008 pretax savings of $1.3 billion - $1.6 billion as a result of the job reductions.
Today's announcement comes just two weeks after the company lowered its sales-growth forecast due to safety concerns surrounding its blockbuster anti-anemia drug Procrit and drug-coated heart stents.
"Throughout our history, we have always taken a thoughtful, disciplined approach to address the challenges we face," said J&J CEO William Weldon in a statement. "These actions we are taking to improve our cost structure will enable us to continue investing for future growth and profitability."
Share this article:

Email Newsletters

More in News

BMS Q2 sales slip, Eliquis, Yervoy soar

BMS Q2 sales slip, Eliquis, Yervoy soar

The company attributed part of the Eliquis boost to the BMS-Pfizer DTC and education efforts.

Gilead, Merck HCV marketing battle may be on horizon

Gilead, Merck HCV marketing battle may be on ...

Disclosed in its earnings report yesterday, Gilead may have a card up its sleeve to counter Merck's experimental hep. C combo regimen.

Sales of Biogen MS pill pick up overseas

Sales of Biogen MS pill pick up overseas

Biogen Idec is seeing strong sales for blockbuster MS drug Tecfidera, especially overseas where it's beginning to catch fire this summer.