Pfizer's Cost-Cutting Measures: 500 Job Cuts in Kent Facility, Higher Than Anticipated
Portfolio Pulse from Vandana Singh
Pfizer Inc (NYSE:PFE) is cutting 500 jobs at its Sandwich, Kent facility as part of a global cost-cutting initiative due to lower-than-expected COVID-19 vaccine and treatment sales. The pharmaceutical sciences small molecule operations will be discontinued, affecting primarily scientist roles and some administrative positions. The company plans to relocate these roles to other sites in Chennai, India, and Connecticut, US. Despite the job cuts, Pfizer's Q3 sales slumped 42%, and further details on the cost-cutting measures will be shared in the coming months.

November 14, 2023 | 5:15 pm
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Pfizer is reducing its workforce by over 50% at its Kent facility, impacting 500 jobs due to a strategic shift following lower-than-expected sales of COVID-19 products. The company's Q3 sales have significantly decreased, and further cost-cutting measures are anticipated.
The job cuts at Pfizer's Kent facility are a direct result of the company's need to reduce costs following a significant drop in sales, particularly from COVID-19 related products. This news is likely to be viewed negatively by investors as it indicates a potential downturn in the company's financial health and may lead to concerns about future profitability. The impact on the stock price could be negative in the short term as the market absorbs the implications of the cost-cutting measures and reduced workforce.
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