Procter & Gamble chief executive A.G. Lafley (pictured) told analysts in New York Thursday the company will halt pharmaceutical R&D and may divest all or some of the four drugs it already has on the market. The move will result in the loss of about 200 jobs. Lafley also lowered P&G's second-quarter sales outlook.
According to the Dayton Business Journal, Lafley said regulatory pressures that had extended the length of time to get a drug to market had sent the cost of remaining competitive in pharma soaring.
As it pivots out of pharmaceuticals, P&G will focus on faster-growing and more profitable consumer brands in its portfolio. Lafley also indicated additional investment in developing markets. - Suzanne Stevens
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