Pfizer Reports Q3 2023 Revenue Drop of 42%, Announces $3.5B Cost-Cutting Plan and Major Layoffs

Oct 31, 2023 21:22 CST Updated 21:22

Pfizer

Pharmaceutical R&D Developer

October 31 (Today)Pfizer Released Its Latest Q3 2023 Financial Report.

Revenue in the third quarter was $13.23 billion,A 42% year-on-year decrease; Pfizer still forecasts full-year revenue of $58 billion to $61 billion.

Among them, the estimated full-year revenue for the COVID-19 vaccine Comirnaty in 2023 is $11.5 billion.A 70% year-on-year decline; Pfizer's COVID-19 drug Paxlovid is expected to generate $1 billion in revenue for the full year of 2023.A 95% year-over-year decline。

Pfizer Announces Two-Year, $3.5 Billion Cost-Cutting Plan Amid Drop in COVID-19 Related Revenue

On October 30, a Pfizer spokesperson confirmed plans to close its plant in Peapack, New Jersey, in early 2024. Although documents show approximately800 positions will be affectedHowever, Pfizer stated that "the vast majority" of workers will be reassigned to Pfizer's New York headquarters. Another "small portion" of affected employees will be transferred to the company’s production base in Parsippany, New Jersey. The layoffs are expected to take effect in February 2024.

In addition, Pfizer will also close two factories located in North Carolina, including the Kit Creek factory in Morrisville and the clinical production factory in Durham.

Pfizer stated that the number of layoffs has not been finalized during the transition period.

The company has initiated a series of layoffs since last year, including the layoff action earlier this month in Colorado (number of layoffs undisclosed); the entire team in the drug safety R&D department at the La Jolla base in California; layoff actions at the Groton base in Connecticut (number of layoffs undisclosed); 69 employees in Lake Forest, Illinois in July; and hundreds of U.S. sales personnel in January 2022.

Moreover, according to media reports, during a live video conference with employees, Pfizer CEO Albert Bourla suddenly announced the layoff plan without any prior warning. Some employees immediately questioned him: "Will my supervisor’s salary be reduced?" Other employees expressed their dissatisfaction with the company's seemingly "arbitrary layoffs" in the comment section.

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