Updated from 11:50 a.m. EST
announced Tuesday it would lay off up to 800 researchers, according to a report from
The Wall Street Journal
Pfizer expects to have laid off 5% to 8% of its 10,000-person research staff by year's end, the report said. Pfizer employs about 83,000 people overall.
at Goldman Sachs on Monday based on an assertion that that reorganization at Pfizer is "inevitable" as the company faces impending generic competition for its blockbuster cholesterol drug Lipitor.
Also in recent news, Pfizer CEO Jeff Kindler said the drug giant was open to
large and small, prompting speculation over potential targets, including
(WYE Quote - Cramer on WYE - Stock Picks), among others.
Tuesday's announcement follows a slew of other research cuts at firms including
Pfizer shares were up about 1% to $17.54 in midday trading Tuesday.
This article was written by a staff member of TheStreet.com.