Drugmaker says it is freezing employee salaries for 2010 as it cuts spending and prepares for a drop in sales of its blockbuster blood thinner Plavix.

Fired Bristol-Myers-Squibb employee is charged with stealing trade secrets and proprietary information from the drugmaker in a plot to launch a pharmaceutical business in India.

World's second largest drug maker by revenue said fourth-quarter profit soared by 66 percent, boosted by strong sales of swine flu vaccine and flu medicine.

Fresh from buying fellow drugmaker Wyeth and already deep into integrating its operations, Pfizer posted a 34 percent jump in revenue totaling $16.54 billion.

Pharmaceutical company said Wednesday it will cut 57 percent of its workforce and replace CEO Jerry McMahon.

Swiss drug maker Roche reported a 22 percent drop in full-year net profit to $8.06 billion, citing costs linked to the takeover of California-based Genentech.

Media reports say GlaxoSmithKline plans to cut up to 4,000 jobs later this week, but the pharmaceutical company declined to comment on the reports.

Biotechnology company Cephalon said it will buy Swiss-based drug company Mepha AG for an estimated $590 million.

French drugmaker Sanofi-Aventis formed a joint venture with Chinese drugmaker Minsheng Pharmaceutical focusing mostly on vitamins and mineral supplements.

Pharmaceutical company said it plans to ax 8,000 jobs to cut costs after reporting fourth quarter net profit jumped 26 percent and full-year surged 23 percent.