Novartis slashes jobs in latest industry cutback
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Switzerland's Novartis AG will slash 2.5 percent of its global workforce, aiming for annual savings of $1.6 billion in 2010 and becoming the latest major drugmaker to undertake a severe restructuring.
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Colgate-Palmolive Co. (CL) will cut about 4,400 jobs and close a third of its factories under a program aimed at fighting rising costs and focusing on higher-profit areas such as oral care, the company said on Tuesday.
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Medical device maker Medtronic Inc. , feeling the pinch of a slowdown in one of its key markets, will eliminate about 900 jobs through early retirement packages, voluntary and involuntary separations, the company said in a filing.
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Swiss pharmaceutical giant Novartis AG said Tuesday it is temporarily withdrawing an application for European Union approval of its painkiller Prexige, but added that it will present new data this week to prove the safety and effectiveness of the drug.
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Eli Lilly and Co. (LLY.N: Quote, Profile, Research) said Thursday it plans to cut 575 jobs, or a little more than 2 percent of its US workforce, in a move to streamline its operations.
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Colgate-Palmolive Co. CL.N will cut  about 4,400 jobs and close a third of its factories under a  program aimed at fighting rising costs and focusing on  higher-profit areas such as oral care, the company said on  Tuesday.
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Pfizer Inc., the world's largest drug maker, will slash 2,200 US sales jobs as chief executive Jeffrey Kindler reduces expenses to compensate for revenue lost to cheaper generic competition.
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NovaStar Financial Inc  said on  Tuesday that it would eliminate 275 jobs and slash direct  mortgage lending to preserve cash after it was forced to cancel  a $101.2 million rights offering, and its shares fell 14  percent.
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Drugmaker Eli Lilly and Co. LLY.N on  Thursday said it will eliminate up to 575 U.S. positions,  representing 2 percent of its U.S. work force, in order to  streamline operations and reduce costs.
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Swiss pharmaceutical giant Novartis on Thursday announced record earnings over the first nine months of the year, but third quarter profits fell 12 percent on sharper competition from generic drugs.
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Novartis AG will cut 2,500 jobs worldwide by 2010 in an attempt to save $1.6 billion, the drug maker said Thursday.
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Description: Colgate-Palmolive says it will cut more than 4,000 jobs and close a third of its factories worldwide. The company plans to use the savings for advertising and new product development.
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Two local healthcare companies this week alerted the government that they will soon eliminate a total of about 160 jobs.
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Eli Lilly and Co. said Thursday it will eliminate 575 jobs to streamline operations and become more competitive. The employees in those positions, mostly sales and support jobs, will be given the choice of
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BASEL, Switzerland  - Swiss drugmaker Novartis AG missed forecasts with a 42 percent drop in fourth-quarter net profit, hit by generic competition and a one-off restructuring charge, sending its shares lower.
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British pharmaceutical giant GlaxoSmithKline said Wednesday it would cut jobs and costs as it blamed a fall in third-quarter profits on sliding sales of controversial diabetes drug Avandia.
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BASEL, Switzerland  - Novartis AG fourth-quarter net profit fell 42 percent to $931 million, missing forecasts, hit by generic competition and a one-off restructuring charge, the Swiss drugmaker said on Thursday.