Catherwood LibraryILR School

Pfizer is to cut 10,000 jobs as the drugs giant seeks to slash annual costs by up to $2 billion. The shake-up comes as the world's biggest drugs firm faces rising competition from generic drugmakers. Pfizer said it planned to close three research sites and two factories in the U.S., as well as a factory in Germany and research sites in Japan and France. The company earlier reported a sharp rise in full-year profits to $19.34 billion, from $8.9 billion in 2005. Pfizer said the 10,000 job cuts included 2,200 cutbacks revealed late last year among the workforce of its US sales representatives.