Pfizer to cut over 200 jobs

Dec 10: Pfizer will cut over 200 jobs in Switzerland as part of its multi-year cost reduction program, Bloomberg News reported on Wednesday, citing people familiar with the matter.

The drugmaker will reduce its workforce in the country to roughly 70 by the end of this year from 300, the report said, adding that the job cuts follow a broader downgrade of the Swiss unit within the company.

Pfizer, which has been facing dwindling revenue from its COVID products following the pandemic, is trying to grow again expecting to deliver around $7.7 billion in cost cuts by the end of 2027.

In September, Pfizer said that Rea Lal would become its Swiss head, replacing Sabine Bruckner, who was taking on a new international role.

Lal leads the business with a reduced scope of responsibilities, the report said.

Separately, drugmaker Novartis said last month it was planning to cut up to 550 full-time jobs by the end of 2027 at one of its sites in Switzerland.