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Pharmaceutical giant Merck announced plans on Tuesday to slash an additional 8,500 jobs on top of previously announced job cuts, adding that it planned to cut operating expenses by $2.5 billion by the end of 2015.
With prior job cuts, Merck's workforce will be reduced by about 20 percent.
The company said it expects to take between $2 billion and $3 billion in pre-tax charges to pay for the restructuring program, and should realize savings of $1 billion by the end of 2014.
Merck reiterated that it sees full-year earnings excluding items in the range of $3.45 to $3.55 a share.