Pfizer has announced that it will cut its U.S. sales force by 2,200 people (20 percent), as part of a cost-cutting program. The cuts, which are being made as a result of sluggish sales, will be made by the end of the year. Pfizer's sales force has long been considered one of its strengths, so this comes as a surprise to some observers.
These cuts come in addition to cost-cutting measures announced last year, which were designed to cut expenses by $4 billion.
Pfizer has lost its patents on numerous drugs recently, including antidepressant Zoloft, and others, such as Norvasc, a blood pressure medicine, will soon face generic competition.
Pfizer has several new drugs that are due to hit the market soon, of which the most noteworthy is Torcetrapib, a cholesterol drug. But recent research demonstrating that Torcetrapib raises blood pressure has put its future in doubt.