The maker of Viagra, Lipitor and Advil has been slashing thousands of jobs since acquiring rival Wyeth in 2009.
Now, as several of its key products run out of patent protection, it is also downsizing its research and development spending.
The company plans to still cut another 5,530 employees -- or 5% of its global workforce. While many of those jobs cuts will come from the closure of a factory in Sandwich, England, they will also affect many U.S. employees who work in R&D roles.
These young job seekers graduated into the worst labor market since the Great Depression.
|Burger King is still shopping its 'burger merger' idea|
|And Tesla's new Model X will cost you ... a lot|
|Young investors are buying in volatile stock market|
|If the stock market hits this level, then get nervous|
|More than 225,000 Apple iPhone accounts hacked|