JOHNSON & JOHNSON Slow sales, expiring patents to force cuts

[SoCalDem]

JOHNSON & JOHNSON Slow sales, expiring patents to force cuts

Chicago Tribune, United States - Aug 1, 2007
AP August 1, 2007 NEW BRUNSWICK, NJ —

Johnson & Johnson said Tuesday that it would reduce its global workforce by as much as 4 percent, or 4820 jobs, ...

Slow sales, expiring patents to force cuts

Associated Press
August 1, 2007

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NEW BRUNSWICK, N.J. - Johnson & Johnson said Tuesday that it would reduce its global workforce by as much as 4 percent, or 4,820 jobs, to cut costs because of a slump in sales of its heart stents and its No. 2 drug, plus looming expirations for key drug patents.

The company predicted the restructuring would entail pretax charges totaling $550 million to $750 million in the second half of 2007, and would include additional, unspecified steps besides job cuts. Johnson & Johnson said the moves are expected to generate pretax, annual cost savings of $1.3 billion to $1.6 billion next year.

Johnson & Johnson said the restructuring primarily targets its drug segments, which face significant patent expirations over the next few years, and its Cordis stent unit.

snip...

[Horse with no Name]

1. When they say global workforce

What they really mean is that they are closing plants in the US.
I'm so tired of the media spin.:(

[SoCalDem]

2. like when they say "coalition forces"..n/t

[napi21]

3. So where can I find out which patents are expiring?

I am sorry for the 5,000 people who will lose their jobs, but that's a risk in any company. I want to know what drugs these gougers are losing their patent rights on that will now be available as a generic!