ER Editor:  Pfizer has been in Ireland since 1969. It’s now announcing another round of layoffs there amidst a year of financial difficulties. We’re posting a piece below from industry insider site, Fierce Pharma. A reminder of what we published at the end of last month —

Pfizer is Being Sued in Europe and US

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A reminder through tweets back to 2023 of Pfizer’s difficulties —

Remember that tornado that hit a Pfizer plant in North Carolina, the state experiencing weird and dramatic effects from Hurricane Helene? Hmm.

Pfizer stock continues to drop and is now the lowest since 2014.

Texas Attorney General Ken Paxton is suing ‘Pfizer for misrepresenting Covid-19 vaccine efficacy and conspiring to censor public discourse.’

Pfizer laid off 781 workers in New Jersey.

The video is from earlier… pic.twitter.com/2rXgWW2VkE

— Shadow of Ezra (@ShadowofEzra) December 13, 2023

BREAKING: Pfizer will launch a company-wide $3.5B cost-cutting program because their COVID products are ineffective, dangerous, and most people just don’t want them. pic.twitter.com/o39axgKT61

— The General (@GeneralMCNews) October 14, 2023

Pfizer layoffs New Jersey pic.twitter.com/KkEFXgYULc

— TheBitchIsBack😋 (@hotnostril) October 30, 2023

After hours @Pfizer stock plummets after admitting revenues missed because of Paxlovid and low uptake of the vaccine. pic.twitter.com/RVdaAwCMQ5

— Mary Talley Bowden MD (@MdBreathe) October 13, 2023

NOT PFIZER but interesting nonetheless. Note the comment about something happening behind the scenes —

Ariel I’m in med sales 20yrs. Sanofi Pasteur fired their entire US vaccine salesforce. 350+ ppl cut from VPs on down. This coupled with all the CVS, Target and Walmart pharmacies shutting down tells me something big is happening behind the scenes pic.twitter.com/MmIk638Rlh

— GINO (@BiscuitGoodnes) May 2, 2024

And this from June 2024 —

Job cuts in the pharmaceuticals industry have surged in the first half of 2024, with large companies including Bristol Myers Squibb (BMS), Bayer and Pfizer seeing thousands of redundancies.

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In October 2023, Pfizer began a multi-year drive to save around $4 billion by the end of 2024. This included cutting around 500 staff at its site in Sandwich, UK, with some parts of the development and manufacturing facility since acquired by Asymchem Laboratories. In a regulatory filing in May, the company outlined plans to reduce costs by an additional $1.5 billion by the end of 2027.

Pfizer had ramped up development and manufacture of Covid-19 vaccines during the pandemic, which drove a rise in profits (measured as net income) from $16 billion in 2019 to over $31 billion in 2022. Demand for its vaccine and antiviral combination Paxlovid (nirmatrelvir, ritonavir) have since fallen substantially, and the company reported net income of just $2 billion in 2023. The company also paid $43 billion for Seagen – a leader in antibody-drug conjugates – in December 2023, triggering some job losses and halting construction of a new Seagen plant in Switzerland.

‘Pfizer is now in a cost-cutting mode after investing heavily,’ says Conover. ‘The magnitude of cuts was higher than what I was expecting, and it looks like it’s on track to achieve most of those cuts, which will really help profitability.’

‘The big companies are at the mercy of the markets, and the bean counters are looking avidly at where to save costs,’ says Chris Coe, head of life sciences at executive recruitment firm Kingsley Gate. ‘But overall the demand for talent has gone up,’ he asserts. ‘It is going to be tough for people being laid off,’ given the large numbers happening at once, he acknowledges, but it will also benefit medium sized businesses that are looking to grow.

Aren’t our governments and other large organizations (WHO, etc.) the main buyers of these vaccines and drugs? Are they no longer buying? Hmmm.

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Amid large cost-cutting drive, Pfizer plans manufacturing layoffs in Ireland

ERIC SAGONOWSKY for FIERCE PHARMA

No large pharma company has traversed this decade’s ups and downs quite like Pfizer. As the company rolls ahead with a large restructuring campaign, some staffers in Ireland will soon feel the effects.

Pfizer is planning to cut up to 210 jobs in Ireland, several local news sources reported Tuesday. A company spokesperson told Fierce Pharma the drugmaker “recently launched a multi-year, multi-phased programme designed to assess the efficiency of our manufacturing, with the initial phase focused on finding operational efficiencies to increase productivity within the network.”

This has resulted in the company targeting a “reduction in the number of people supporting our overall manufacturing operations in Ireland.”

The proposed cuts are slated to affect certain workers at the company’s sites in Grange Castle, Ringaskiddy and Newbridge throughout the remainder of 2024 and into 2025, the spokesperson said.

“Reducing jobs is always the very last resort and we have been doing all we can to reduce costs elsewhere and minimize the impact on our people,” Pfizer’s spokesperson explained. “We are actively engaging with colleagues and their representatives, and all job-related decisions will be made with transparency, respect, and in compliance with all applicable laws.”

The proposed cuts come as Pfizer works through a global campaign to cut costs by $4 billion by the end of 2024. In addition, Pfizer in May revealed a plan to cut additional costs out to 2027.

Pfizer’s cost reductions have come in response to dramatic revenue declines in the wake of the COVID-19 pandemic. After the company’s sales peaked in 2022 at around $100 billion, the drugmaker expects to deliver global revenues of $59.5 billion to $62.5 billion this year.

The plan in Ireland follows a separate Pfizer layoff round in the country last fall. In November 2023, Pfizer said it planned to reduce the head count at its plant in Newbridge by 100 employees. The staffers had worked on production of Pfizer’s COVID-19 antiviral Paxlovid, a company spokesperson said at the time.

Over the last year, Pfizer has made headlines for layoffs in multiple U.S. states such as California, Connecticut and North Carolina as well as overseas in places such as the U.K. and Switzerland.

Even as Pfizer plans some cuts in Ireland, the company’s spokesperson noted that the drugmaker has invested $9 billion since starting operations there in 1969. In fact, Pfizer is plotting $1.3 billion in expansions at Grange Castle, a project that’s expected to “create a substantial number of new roles” by 2027, the spokesperson said.

Source

Featured image source: https://www.irishexaminer.com/business/companies/arid-41487326.html

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Published to The Liberty Beacon from EuropeReloaded.com

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