Tuesday, April 29, 2008

Market intelligence - more layoffs, this time Wyeth

On Friday, Wyeth apparently announced to its employees that another 1,240 sales positions were being eliminated as part of an internal cost cutting program called "Project Impact".

These are troubled times in the Pharma industry and Wyeth appears to be no different. The FDA recently approved its Pristiq antidepressant, but company has experienced various challenges with its pipeline. Over the past year, the FDA has declined to approve a drug, demanded more data or required a new patient study.

In addition, its recently marketed new oncology product, Torisel, was third to market in renal cell cancer behind Nexavar and Sutent. Meanwhile, Wyeth expects generic competition for the Protonix, one of its biggest drugs with sales of $1.9 billion for heartburn. The outlook looks gloomier rather than optimistic so far.

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