Merck & Co, taking a cue from rival drugmakers that have slashed research spending to bolster earnings, on Tuesday said it plans to cut annual operating costs by $2.5 billion and eliminate 8,500 jobs.
Merck, whose shares rose 2.2 percent, said it aims to narrow its focus to products with the best chance of winning regulatory approval and achieving substantial sales.
It will jettison research products with less likelihood of success. It plans to pull the plug on some drugs already in late-stage trials, and will license some products to other companies.
The job cuts, representing more than 10 percent of the company’s global workforce of 81,000 employees, would be in addition to previously announced cuts of 7,500 positions.
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via Merck to slash annual costs by $2.5 billion, cut 8,500 jobs – Yahoo News.
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