Pfizer is set to cut 500 jobs at its Sandwich, Kent site in the U.K. as part of its $3.5 billion cost-cutting plan, a response to lower-than-expected sales of its COVID-19 vaccine and treatment, leading to its first quarterly loss since 2019.
The U.S. drugmaker, with a global workforce of around 83,000, initiated the cost-cutting program in October, concurrently reducing its full-year revenue forecast. While specific details on the number of jobs impacted remain undisclosed, Pfizer emphasizes its commitment to operational efficiency across various global sectors.
The company anticipates revealing further information on the program within the full-year forecast for 2024, with fourth-quarter earnings expected to be reported in late January. Pfizer's shares, reflecting a 42% loss in value throughout the year due to concerns over COVID product demand, experienced a 2% increase on Tuesday.
