business

Pfizer staff expect word on Irish layoffs by end of month

Pharma firm intends cuts of $3.5 billion by the end of 2024 after $12 billion drop in revenue due to Covid ‘fatigue’

Pfizer said its cost-cutting plan – which will deliver $1 billion of savings in 2023, and a further $2.5 billion in 2024 – would ‘touch all parts of the business in all regions’. Picture: Provision

Pfizer staff are likely to learn by the end of this month whether the company’s Irish operation is at risk of layoffs, as the US pharma giant imposes billions of euro worth of cost reductions.

The firm, which is among the country’s largest private employers with 5,000 staff, last week announced a programme of “targeted savings”, and said it would seek to make savings of at least $3.5 billion by the end of 2024.

It ...