Pfizer Inc (NYSE:PFE) plans to cut its sales force to become more effective and efficient

Pfizer Inc (NYSE:PFE) is going to cut some jobs in its U.S sales division. The company will take this initiative as part of a broader plan to minimize the cost.

As per statement by PFE’s spokesman MacKay Jimeson on Friday, the company has decided to shrink some of its sales force but it did not mention the size of these reductions.

Mr. Jimeson told in a statement that this step was part of their strategic plan to make themselves more effective and efficient.

For this reason they decided to go for some modifications that best suits their future business needs. He further stated that during the change phase PFE will remain dedicated in developing the field force.

This layoff is reportedly aimed at segments of Pfizer’s sales force that are engaged in promoting certain drugs to primary-care physicians, including erectile-dysfunction pill Viagra, the antidepressant Pristiq and the Toviaz overactive-bladder treatment.

At the close of the trading day, Pfizer Inc. (NYSE:PFE) shares rose +0.68% to settle at $25.02. Intraday trading was between $24.72 – $25.08. In the past year, the stock has traded within a range of $19.73 – $26.09. The last session’s volume of 37.21 million shares was up from the average daily trading volume of 30.93 million shares.

GlaxoSmithKline plc (ADR) (NYSE:GSK) shares were down -0.90% to close at $43.01. The stock traded between $42.84 – $43.10 during the last trading session. In the last 12 months the shares have traded between $41.68 and $47.69. The last session’s volume of 2.68 million shares was a bit higher than their average daily trading volume of 2.55 million shares.

Mylan Inc. (NASDAQ:MYL) shares in the last session were down -0.40% closing at $27.18. The stock traded in a range of $27.15 – $27.50. In the last year the stock has moved within a range of $19.31 – $27.50. The last session’s volume of 6.19 million shares was up from their average daily trading volume of 5.62 million shares.

Another rival company Bristol Myers Squibb Co. (NYSE:BMY), traded down -0.58% moving to $32.63. Intraday trading recorded the stock price in a range between $32.54 – $32.80. In the previous 52 weeks the price has traded between $30.64 – $36.34. The last session’s volume of 8.59 million shares was down from their average daily trading volume of 9.30 million shares.