Would employees or managers please reply to these rumors that are being posted on Cafe Pharma.
Cordis is also mentioned.
I noticed in annual report,that JNJ saved $1.6 Billion or so on layoffs in 2007. Sounds like CREDO is being swept under rug, especially in these tough times.
Geez, I didn't realize this was the first time J&J experienced patent expirations or even product recalls.
In the past, when one sector was in sick bay, the others picked them up. What we have now is all three sectors in sick bay!!
The severance packages offered to displaced employees followed the published JNJ HR guidelines. There were no "early retirement" packages. Those days are over, thanks to the now departed Chris Poon.
Have you ever heard of patent expirations? New products have been delayed. Lost Risperdal ( 3.5 Billion) Topamax (2.5 Billion) and the chains are GIVING AWAY for NOTHING the generic flouroquinolone Rx's (ciprofloxacin) which is eroding the Rx voume for Levaquin ($1.5 Billion),
The days of the Hocky Stick sales graph are GONE......
OVER 900 JNJ PHARMA PEOPLE WERE LET GO TODAY. It is a sad day at JNJ pharma.
The JNJ pharmaceutical sales force will be reduced significantly tomorrow. An educated guess would be on the order of 1,000 representatives, District Managers, Regional Business Directors, Field Sales Directors and a few others above that level (VP and above). The affected sales forces will be Janssen, PriCara, Ortho Women's Health and McNeil Pediatrics.
The company seems to be moving to a model that focuses more on the Payer (Managed Care Organizations, Medicare Part D Plans, Medicaid, and the Federal Government) and less on individual physicians.
There has been much discussion about alternative ways to interact with doctors. Contact via internet, National Medical meetings, etc. Some states with low sales volume will be totally vacated by all JNJ pharma representatives and will be covered by a contract sales force (No benefits liability to JNJ)
This is hardly a surprise. In the last year, JNJ has lost Risperdal (3.5 BILLION), Topamax (2.5 BILLION) and may lose Concerta (1.2 Billion) in US sales.
We continue to see a major reduction in field sales forces across ALL pharmaceutical companies. More will be coming in the next 12 months.
Sad, but true....
I'm guessing that the severance changes are not for the better (employee-wise) :)
Well, it should help short-term on stock price and maybe we'll ride a wave for a while.
I'm not surprised at Bill wavering, many of us (of a certain age) had a number in mind and we are working at re-defining that number to see what might work.
I'm also glad (and not surprised) that it will all come down sooner rather than later.
thanks for the info.
4/7 conference call(safe or out) for a lot of JNJ Pharma
people. It looks like Al Dunlap has rewritten JNJ Credo?
Rumor that severance policy has been altered as well.
All this to be completed by shareholders meeting.
Weldon will decide if he is staying on an extra year or so, because none of the top replacements have the reqired
experience in all 3 divisions of JNJ.
Share price will rise a little, while thousands
are let go. Al Dunlap would be proud!