Pfizer to Slash Up to 2,400 Sales Jobs: Report

Updated from 1:25 p.m. EST

Pfizer (PFE Quote) shares were slipping Friday afternoon on reports that the company was laying off a third of its 8,000 salespeople.

Bloomberg News and The Wall Street Journal were both reporting that the New York-based drugmaker planned to cut up to 2,400 positions.

Pfizer, fighting to pare expenses to offset impending generic competition for its cholesterol drug Lipitor, announced it was eliminating 800 research positions

Pfizer is among many other drugmakers, including Abbott Labs (ABT Quote), Merck (MRK Quote) and GlaxoSmithKline (GSK Quote), that are slashing jobs to survive in the economic downturn.

That said, Pfizer CEO Jeff Kindler had recently said the drug giant was open to acquisitions large and small, prompting speculation over potential targets, including Amgen (AMGN Quote), Gilead Sciences (GILD Quote), Bristol-Myers Squibb (BMY Quote) and Wyeth (WYE Quote), among others.

Pfizer shares closed up 0.6% to $17.50.