Pfizer is also carrying out another $4 billion cost-cutting effort, which it announced last year as demand for its Covid vaccine and drug Paxlovid slumped.
Pfizer said it has launched a new multi-year program to reduce costs as it works to rebound from the rapid decline of its Covid business.
In a securities filing, the pharmaceutical giant said the first phase of its new program is focused on operational efficiencies and is expected to deliver savings of about $1.5 billion by the end of 2027.on Wednesday said it has launched a new multi-year program to reduce costs as it works to rebound from the rapid decline of its Covid business., the pharmaceutical giant said the first phase of its new program is focused on operational efficiencies and is expected to save the company about $1.
Pfizer is trying to shore up investor sentiment after its shares fell nearly 50% in 2023, making it the worst-performing pharmaceutical stock last year. That share drop erased more than $100 billion in Pfizer's market value.
Biotechnology Biotech And Pharmaceuticals Pharmaceuticals Health Care Industry Pfizer Inc Albert Bourla Earnings Business News
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