The Bloodbath If Fred Hassan had been able to look into the future and read Pfizer’s first quarterly report in 2004—a year and a half later—he might have chosen different words. There was no way he could have known about the bloodbath Pfizer was about to unleash at Pharmacia. In the year following the acquisition, Pfizer terminated 11,596 Pharmacia employees—more than half the U.S. employees. During the same time period only 1,452 Pfizer employees were let go. And it didn
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