Pfizer Cutting Jobs as Part of ‘Cost Realignment Program’
Grappling with declining sales of COVID-19-related products, Pfizer is planning to trim its headcount in a bid to reduce costs.
In a recent news release, the pharmaceutical giant said it launched a “multi-year, enterprise-wide cost realignment program” in the fourth quarter of 2023.
“The program is expected to deliver targeted savings of at least $3.5 billion, of which $1 billion is expected to be realized in 2023 and an additional $2.5 billion is expected to be realized in 2024,” the release reads.
“The one-time costs to achieve the savings associated with the new cost realignment program are expected to be approximately $3 billion, of which the majority is expected to be cash. These costs will primarily include severance and implementation costs.”
It remains unclear how many jobs Pfizer plans to cut and if any Canadian employees will be affected by the layoffs.
According to the company’s website, it employs a global workforce of approximately 83,000 people.
If you’re a non-unionized employee, check out our Pfizer Layoffs guide.
You can also use our free Pocket Employment Lawyer tool for real-time insights.
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About the Author
Lior Samfiru
Lior Samfiru is a Founding Partner at Samfiru Tumarkin LLP and the Practice Leader of the firm’s Labour & Employment Law Group. Known for his advocacy and success representing both employees and employers, Lior exclusively serves clients in Ontario, where his extensive experience has made him one of Canada’s most sought-after employment lawyers.
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