The pharmaceutical company Pfizer in the third quarter of 2023 registered decrease of 41.65% of the value of their shares. This situation caused the company to decide to cut the revenue projection for 2023, the pharmaceutical company decided to act on this matter with constant cost reduction worldwide.
Earlier this month, this $3.5 billion savings campaign (3,225 million euros), has arrived in Ireland, where it will cut 100 jobs at its manufacturing plants dedicated to the production of the antiviral Paxlovid in Newbridge. Previously, the closing of facilities in Peapack, New Jersey, in early 2024, and the layoff of approximately 200 people at the Michigan plant, were also announced. Today Pfizer announced hundreds of job cuts in the United Kingdom.
About the company will eliminate 500 positions and its pharmaceutical sciences small molecule (PSSM) capabilities at its factory located in Sandwich in Kent, a company spokesperson confirmed via email to Cruel Pharma. He described the layoffs as “one of the consequences” of cost realignment. In fact, he pointed out that the said facility will not be closed, but the size will be different.
Despite the decision of reduce your energy In the region, the Pfizer spokesperson stated in that email to Fierce Pharma that they are proud of the heritage of new science in the United Kingdom and that they will keep these facilities in Sandwich.