Procter & Gamble said Thursday that fiscal second quarter and fiscal 2009 organic sales would fall below its previous estimates due to “reductions in retailer, distributor and consumers’ in-home inventories in both developed and developing markets.”

For the fiscal year, P&G said it expects to deliver organic sales growth in the range of 4-6%, consistent with previous guidance.

In a related announcement, A.G. Lafley, CEO of P&G, told analysts Thursday morning that P&G will cease research in the pharmaceutical business. Instead, he said, the objective going forward is to manage its four key pharmaceutical brands through each one’s lifecycle, but said P&G also will “consider divestiture of some or all of these brands.”

The move will involve a 6-7% reduction in P&G’s 2,900-employee pharmaceutical business worldwide, said P&G spokesman Tom Millikin. That totals 175 to 203 jobs. Those reductions will come in the research and development and pipeline areas, he said.

It is not clear how many of those jobs will be cut from P&G Pharmaceuticals’ Mason headquarters, where 526 pharmaceutical employees work (P&G’s health care and oral care businesses also operate in the center). But Millikin said of the 6-7%, less than half are from the Mason business center. The remainder are from field base organizations.

Employees were notified in September.