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Pfizer Inc. said it is considering job cuts as it faces a decline in sales of the painkiller Celebrex® and the loss of patent protection on drugs that account for a quarter of revenue.
Pfizer may eliminate about 10,000 jobs, including sales representatives, out of its 120,000 employees worldwide, according to analysts Tony Butler at Lehman Brothers and Christopher J. Sylvester at Banc of America Securities.
New prescriptions of Pfizer's Celebrex® painkiller, its fourth-biggest drug, have fallen 59 percent; since the medicine was linked to heart risks last December.
Merck & Co., the number two U.S. drugmaker, cut about 5,100 jobs last year as it lost revenue from the withdrawal of its Vioxx® painkiller in September of last year.
Pfizer may cut as much as 30 percent; of its 38,000 sales force, according to Lehman's Butler, who cited "industry contacts."
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