Merck plans $2.5 bln annual cost reductions, 8,500 job cuts

Tue Oct 1, 2013 7:44am EDT

Oct 1 (Reuters) - U.S. drugmaker Merck & Co, taking a cue from other drugmakers that have slashed research spending to prop up earnings, on Tuesday said it plans to cut annual operating costs by about $2.5 billion by the end of 2015 and eliminate 8,500 jobs.

By slimming itself down, Merck said it would be able to bolster its pipeline of experimental drugs, many of which have failed to win regulatory approval or suffered other setbacks in the past few years.

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