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:
You must be a registered member of MMM to post a comment.

Email Newsletters

More in News

Five things for Pharma Marketers to know: Friday, August 29

Five things for Pharma Marketers to know: Friday, ...

Takeda closes out a good-news, bad-news kind of week, AstraZeneca adds a new clinical trial for its experimental PD-1, and researchers link a funeral to the Ebola outbreak.

Amgen sends PCSK9 to FDA

Amgen sends PCSK9 to FDA

Evolocumab holds the FDA's first filed biologics license application for the class.

Consultants expect M&A tempo to continue

Consultants expect M&A tempo to continue

PwC anticipates that divestitures will fuel late-2014 deals, but notes that the noise around early deals and the financials don't fully match up.