Pfizer set to AXE 500 jobs in bid to cut costs as Covid jab sales flop
Pfizer set to AXE 500 jobs in bid to cut costs as Covid jab sales flop
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Pharmaceutical giant Pfizer is set to cut around 500 jobs at its site in Sandwich, Kent.
The company said the move is part of previously announced efforts to significantly reduce costs across the firm.
It said it plans to stop its pharmaceutical sciences small molecule (PSSM) operations at the site, which employs around 940 people.
The job cuts come as part of a larger £2.8billion cost-reducing programme after reporting lower-than-expected sales of its Covid vaccine and treatment.
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A spokesman for Pfizer said: “The company has made the difficult decision to propose a discontinuation of our PSSM operations at Sandwich, Kent, impacting approximately 500 roles.
“Under the proposals, other functions at our Sandwich site will continue with a different size.
“We are proud of our heritage of breakthrough science in the UK and we will retain a scientific presence in the UK including at our Discovery Park location in Sandwich.
“These proposals are now in consultation with the affected colleagues.
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Pfizer’s earnings have plummeted due to a lack of demand for Covid vaccinesReuters“All job-related decisions will be made with transparency, respect, and in compliance with all applicable laws.
“More information around this global programme will be shared over the coming months and as part of the full-year guidance for 2024.”
The Sandwich site historically is the location where Pfizer scientists first discovered Viagra.
According to Kent Online, Pfizer invested around £10million in advanced manufacturing technology at the facility to speed up production of Covid drugs.
An expert said another lockdown is unlikely PAThe outlet also reported that Pfizer was proposing to discontinue all lab and manufacturing work.
They cut its antiviral Covid treatment by about $7billion (£5.7billion) and its vaccine that they developed with BioNTech by about $2billion (£1.6billion).
The company said it expects full-year earnings of $1.45 (£1.19) to $1.65 (£1.35) per share on revenue of between $58billion (£47billion) to $61billion (£49billion).