As part of an enterprise-wide cost-cutting initiative, the company anticipates relocating the Sandwich-based positions to India and the United States.
Pfizer, a pharmaceutical behemoth, will eliminate approximately 500 positions at its Kent facility.
Pfizer announced that its Sandwich location’s pharmaceutical sciences small molecule (PSSM) operations will cease. The site employs approximately 940 individuals.
Cost-Cutting in Response to Sales Shortfall
Pfizer explained that the cost-cutting initiative is part of the company’s response to the shortfall in expectations for COVID-19 vaccine and treatment sales.
A brief announcement was made to the affected staff on Tuesday morning, and consultations regarding redundancy are scheduled to occur over the next 45 days, according to a Pfizer employee who worked in the PSSM unit.
Notification of the employees’ anticipated departure date is expected in January.
Although the majority of the 500 lost jobs consist of scientific positions, the company is also eliminating administrative positions.
Relocation of Responsibilities
The PSSM unit assists in the scalability of novel drug production and manufactures medication for clinical trials.
Presumably, the company will relocate the responsibilities to alternative locations in Chennai, India, and Connecticut, United States. The redundant personnel at the Sandwich location will participate in transition initiatives at the other locations.
Surprise and Uncertainty Among Staff
The Sandwich operation primarily processes tablets and some intravenous medications, not vaccines and COVID drugs like Paxlovid, according to a Pfizer employee.
The announcement of the layoffs took the majority of the staff aback, as stated by the employee.
In previous years, the company achieved unprecedented revenue growth. This was a result of its collaboration with the German biotechnology firm BioNTech in the development of a COVID-19 vaccine.
“In order to operate more efficiently and effectively, various divisions of Pfizer’s global enterprise are implementing changes,” a Pfizer spokesperson said.
The company will implement these modifications in stages, applying them in a region-specific fashion.
“The company will disclose additional details regarding this worldwide initiative in the coming months and as part of the comprehensive guidance for the year 2024.”
Pfizer reduced its revenue forecast by 13% and disclosed $3.5 billion (£2.8 billion) in workforce and expense reductions last month.
In previous years, the company achieved unprecedented revenue growth. This was a result of its collaboration with the German biotechnology firm BioNTech in the development of a COVID-19 vaccine.
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