Pfizer announces another $1.5B in cost cuts — and plans for more to come

Months af­ter be­gin­ning a $4 bil­lion sav­ings strat­e­gy, Pfiz­er is plan­ning on a new $1.5 bil­lion round of cost cuts, as well as what are like­ly to be more re­duc­tions in the fu­ture.

The cuts in­clude shrink­ing the com­pa­ny’s man­u­fac­tur­ing base, a Pfiz­er spokesper­son said, a por­tion of Pfiz­er’s busi­ness which grew sub­stan­tial­ly dur­ing the Covid-19 pan­dem­ic. “This pro­gram will fo­cus on stream­lin­ing our ways of work­ing, re­duc­ing com­plex­i­ty, and in­creas­ing pro­duc­tiv­i­ty in Pfiz­er Glob­al Sup­ply,” the spokesper­son said.