BUSINESS
03/28/2008 02:45 am ET | Updated May 25, 2011

Wyeth May Slash Up To 5,000 Jobs

Wyeth on Friday said it is considering cost cuts that could eliminate 10 percent of its work force over a three-year period, although the U.S. drugmaker said details of the initiative are not "etched in stone."

The company, whose earnings prospects have been hurt by delays last year in approvals of new medicines and the recent launch of a generic form of its blockbuster Protonix ulcer medicine, currently has 50,000 employees worldwide.

"It is premature to even begin to discuss which positions will be affected or how (job cuts) will be achieved," said company spokesman Doug Petkus. He noted that details of the initiative will be presented to employees toward the end of March.

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