Pfizer conducting review of its Irish operations

Drugs company Pfizer, which operates six manufacturing plants in Cork and Dublin, is undertaking a review of its Irish operations.

The review is being conducted at the same time as the company conducts a review of its entire international operations. An announcement on the outcome of its plans on the global transformation of its business is expected on January 22nd.

However, a spokeswoman for the company in Ireland said no date had yet been set for the completion of the Irish review.

"We have communicated to employees that there is an ongoing strategic review," the spokeswoman said.

"The results of that have not been finalised and when they are finalised, they will be communicated but we certainly haven't set any date for a meeting with employees."

Pfizer employs about 2,000 people in Ireland. It has been operating here since 1969. Pfizer is currently expanding its Dún Laoghaire plant, where it has a sterile manufacturing and freeze-drying operations.

As well as its six manufacturing plants, the US pharmaceutical giant it also runs a Dublin treasury centre, providing treasury and in-house banking services to Pfizer affiliates worldwide, and Pfizer International Bank Europe, both based in Dublin's International Financial Services Centre. It also has a European financial share services centre which is based in Dublin.

The international review, which was announced in mid-October, will focus on seeking cost efficiencies within Pfizer's entire global business.

The company has been under pressure on a number of fronts in recent times. In late November, it announced that it planned to cut its workforce by 20 per cent, or 2,200 employees, in an attempt to realign its US sales organisation and increase efficiency.

Shares in the company fell by more than 10 per cent in December following its decision to cut off all clinical trials and development of its cholesterol treatment drug Torcetrapib.

That drug had been expected to be a big earner for Pfizer and to off-set revenue erosion due to recent US patent expiring on some of the company's key drugs.