Despite Viagra's Droop in Sales Pfizer Capital Spending Rises to More than $500 Million

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Researched by Industrialinfo.com (Industrial Information Resources, Incorporated; Houston, Texas). Pfizer (NYSE:PFE) (New York, New York) has been in the daily headlines for a variety of reasons ranging from the drop in sales of the blockbuster male impotence drug Viagra, to the possible medical dangers of pain reliever Celebrex. The world's largest drug maker is also facing the loss of patent protection on several key drugs in the coming years.

Rumors have hit the news that as part of a cost-cutting strategy, the company is considering major job cuts that could possibly eliminate more than 10,000 positions worldwide. While most of the cuts are expected to come from Pfizer's elite sales force and the focus being overseas positions, it is likely some research and development positions will also be eliminated at Groton and New London, Connecticut. Many of the job cuts are expected to come from Pfizer's highly paid sales force being eliminated.

Despite this looming specter of doom and gloom, the company continues to invest heavily in capital construction projects, particularly in the state of New Jersey. Pfizer targeted Morris Plains for the renovation and expansion of an existing lab and office building; the construction of a 250,000 square-foot Research and Development facility and a new 500,000 square foot office building. The company will also expand an existing laboratory center in Parsippany by 160,000 square-feet. These projects alone are valued at over $500 million.

As reported by Industrialinfo.com last month - Pfizer Constructing $35 Million Drug Testing Laboratory Next Door to Yale and the other capital project reports on Pfizer that are found in the Pharmaceutical Tracker - Online Database, the company hasn't shown any inclination of reversing this trend of ensuring that their research facilities are completely current and filled with the latest technology. It is essential for the company in order to feed a hungry drug pipeline.

Finally, in a case of what goes up must come down but then may get a chance to go back up again, the federal government has come to the company's aid last month. In a somewhat momentous, yet unavoidably contentious decision, Viagra (and other drugs in the same class) will be included as a covered drug under the new Medicare drug plan that is to go into effect next January.

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