Pfizer to Cut 500 Jobs at UK Site as Part of Wider Cost Cuts

Pfizer will cut 500 jobs at its Sandwich, Kent site in the U.K. as part of its $3.5 billion cost-cutting plan, the drugmaker said on Tuesday. The U.S. drugmaker announced the cost-cutting program in October after slashing its full-year revenue forecast due to lower-than-expected sales of its COVID-19 vaccine and treatment. The demand slump also pushed the company to post its first quarterly loss since 2019. Pfizer, which employs roughly 83,000 people globally, has not disclosed how many jobs will be affected by the cost-reduction program. “Various areas of Pfizer’s global enterprise are making changes to operate more efficiently and effectively. These changes will be implemented on a rolling basis and will differ area to area,” a spokesperson said in an emailed statement....