Pfizer will cut 500 jobs at its Sandwich, Kent site in the U.K. as part of its $3.5 billion cost-cutting plan, the drugmaker said on Tuesday.
The U.S. drugmaker announced the cost-cutting program in October after slashing its full-year revenue forecast due to lower-than-expected sales of its COVID-19 vaccine and treatment.
The demand slump also pushed the company to post its first quarterly loss since 2019.
Pfizer, which employs roughly 83,000 people globally, has not disclosed how many jobs will be affected by the cost-reduction program.
“Various areas of Pfizer’s global enterprise are making changes to operate more efficiently and effectively. These changes will be implemented on a rolling basis and will differ area to area,” a spokesperson said in an emailed statement.
The company said on Tuesday it would share further details on the program as part of the full-year forecast for 2024. Pfizer is expected to report fourth-quarter earnings in late January.
The company’s shares were up 2% on Tuesday. They have lost about 42% of their value this year through last close, largely due to concerns over demand for its COVID products.
Reporting by Christy Santhosh; Editing by Shailesh Kuber and Sriraj Kalluvila