Aussie jobs go in latest cost-cutting

Pfizer's latest round of cost-cutting has hit Australia with undisclosed job losses as part of the company restructure.

Earlier this year, Pfizer announced further belt-tightening, unveiling extra savings of US$1.2 billion. It was the third time the company's cost realignment program had been revised, boosting the total reduction in spending by the end of 2027 to US$5.7 billion. 

"As has been shared publicly, Pfizer is undertaking a multi-year, large-scale cost-cutting initiative to realign the R&D organisation, reduce administrative expenses and optimise manufacturing operations," the company said.