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Pfizer launches cost-cutting plan
Posted 18 October 2023 AM
Pfizer has launched an "enterprise-wide cost realignment program" to generate US$3.5 billion in savings, in the face of declining sales of its COVID-19 products.
Late last week the company slashed its 2023 revenue expectations by $9 billion. The company now anticipates full year 2023 earnings to be in the range of $58 to $61 billion - a significant drop from a prior forecast of $67 to $70 billion.
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