Pfizer Says In Q2 2024, It Is Launching A Multi-Tear Program To Reduce Our Cost Of Goods Sold; First Phase Of Multi-Year Program To Reduce Cost Of Goods Sold Is Expected To Deliver Savings Of ~$1.5B By End Of 2027; Costs Will Be Recorded Primarily In 2024, With Cash Outlays Expected In 2025 And 2026; One-Time Costs To Achieve Savings Associated With First Phase Of Program Are Expected To Be About $1.7B
Portfolio Pulse from Benzinga Newsdesk
Pfizer announced a multi-year program starting in Q2 2024 aimed at reducing its cost of goods sold, with the first phase expected to deliver $1.5 billion in savings by the end of 2027. The program will incur one-time costs of $1.7 billion, primarily recorded in 2024, with cash outlays in 2025 and 2026.
May 22, 2024 | 4:43 pm
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Pfizer is launching a multi-year program in Q2 2024 to reduce its cost of goods sold, with expected savings of $1.5 billion by the end of 2027. The program will incur one-time costs of $1.7 billion, primarily recorded in 2024, with cash outlays in 2025 and 2026.
The announcement of a cost-saving program is likely to be viewed positively by investors, as it aims to improve profitability in the long term. The one-time costs, although significant, are expected to be offset by the substantial savings over the years.
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