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Business News/ Companies / News/  Pfizer to cut 500 jobs at Kent site in UK, roles to be moved to India, US: report
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Pfizer to cut 500 jobs at Kent site in UK, roles to be moved to India, US: report

The jobs will be cut as Pfizer is discontinuing its pharmaceutical sciences small molecule (PSSM) operations at Sandwich, says the report

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Bloomberg

Pfizer Inc. is cutting 500 jobs at its Sandwich, Kent site in the UK as part of a cost-cutting effort, a report by Sky News said on Tuesday. 

According to the report, the jobs will be cut as Pfizer is discontinuing its pharmaceutical sciences small molecule (PSSM) operations at Sandwich.

“Of the 500 job losses most are scientist roles though administrative roles are also being lost as the PSSM unit makes medicine for clinical trials and helps scale up production of new drugs," the Sky News report said.

“It's understood the roles will be moved to other PSSM sites in Chennai, India and Connecticut, the United States and staff being made redundant at the Sandwich site will work to transition projects to those locations,’ the report added.

Affected employees were informed in a brief announcement on Tuesday morning and employee redundancy consultation will take place over the coming 45 days, said the report citing a Pfizer staff. 

In October, the US drugmaker had announced a $3.5 billion cost-cutting program after cutting its full year revenue forecast due to lower-than-expected sales of its Covid-19 vaccine and treatment.

Pfizer had said that it is midway through a “cost realignment" program that will yield $3.5 billion in annual savings through 2024.

The drugmaker had reported a third quarter loss of $2.4 billion, compared with $8.6 billion profit in the year ago period.

Its earnings were dented by a $5.6 billion inventory write-down in Covid-19 therapeutic Paxlovid and vaccine Comirnaty.

Its Q3 revenue fell 42% to $13.2 billion.

Citing government approvals in the United States and Europe for Abrysvo to counter Respiratory Syncytial Virus (RSV) and of other treatments for hair loss and lung cancer, Pfizer chief executive Albert Bourla had said: “We have achieved several recent milestones that speak to the underlying strength and breadth of our scientific pipeline."

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Published: 14 Nov 2023, 09:30 PM IST
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