Currency headwinds buffet new Pfizer CEO in 2019
Amid tough competition from generics, New York’s Pfizer (NYSE: PFE) posted fourth quarter and full year results that showed the firm made a loss in the last three months of 2018.
The result reflects a substantial write off, amounting to over $3 billion, related to its $17 billion purchase of Hospira in 2015.
Earlier in the month Pfizer said it would shutter two Indian manufacturing facilities it picked up as part of that deal, due to falling demand for the products made there. The closure of the site, which produced generic injectable therapies like penicillin, means the loss of 1,700 jobs, 6% of the global workforce.
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