PFE - Pfizer Initiates Multi-Year Cost Reduction Plan Targeting $1.5B Savings By 2027 | Benzinga
Pfizer Inc. (NYSE:PFE) has launched a multi-year cost-cutting initiative aimed at saving approximately $1.5 billion by the end of 2027.
What Happened: The new program builds on a $4 billion cost reduction plan announced last year, Reuters reported on Thursday. This move comes as the company faces declining investor interest and diminishing sales from its COVID-19 vaccine and treatments.
Pfizer’s shares rose 2.6% to $29.30 in afternoon trading but remain down about 24% over the past year and nearly half of their peak value from December 2021. The company disclosed the new program in a filing with the Securities and Exchange Commission.
The program will incur one-time charges of $1.7 billion, mainly for severance and ...