on Thursday said it planned to trim payroll costs by at least 10% as part of a $200 million cost-cutting program.
The Kenilworth, N.J.-based company, which is undergoing a radical shake-up under new Chairman and CEO Fred Hassan, said the measures will "generate funds for reinvestment into our business and help drive earnings."
The company didn't specify how many jobs were being eliminated, but said the move applied to contractor costs as well.
In November, Hassan outlined his plan to fix the company, saying its turnaround should be apparent by 2005. He promised relentless cost-cutting and cost controls, the recruitment of top talent, a revitalization of its sales and marketing operations and a new emphasis on the company's existing respiratory, allergy, hepatitis C and arthritis drugs.
Schering-Plough's shares fell 3 cents, or 0.2%, to $16.86 on the news and have lost more than half their value in the past two years.