Pharma flags more job cuts

Pfizer has announced more global layoffs as an ongoing cost-cutting restructuring program intended to save billions is yet again extended.

The program was started in 2023, and Pfizer has already cut thousands of jobs worldwide. The pharma flagged job losses in Australia half a year ago, as well as the end of 2024. The local effect of this latest announcement is yet to be disclosed.

"We have made meaningful progress on our productivity enhancement initiative and remain on track to deliver most of the anticipated US$7.2 billion in total net cost savings by the end of 2026," Pfizer interim CFO, Cecile Guegan, told a conference call, during which CFO Dave Denton announced he was stepping down.