Pfizer to let go of 791 employees at New Jersey site

Oct. 30, 2023

Pfizer will be letting go of 791 employees at its Gladstone site, as reported in a Worker Adjustment and Retraining Notification (WARN) alert from the state of New Jersey this week.

Just a few weeks ago, Pfizer introduced a multi-year cost realignment program, aiming to align costs with future revenue expectations. At the time, Pfizer attributed the changes to the performance of COVID-related products, sharing an updated guidance indicating projected revenues that fell within the range of $58 to $61 billion, marking a shift from the earlier range of $67 to $70 billion. 

In a press release, the drugmaker said it would be aiming for savings of at least $3.5 billion, with $1 billion expected in 2023 and an additional $2.5 billion in 2024.  

Other companies have also announced substantial employee cuts recently, with Idorsia disclosing a cost reduction initiative, targeting a reduction in expenses at their headquarters by around 50%, primarily achieved through employee layoffs. Similarly, Amgen, following its acquisition of Horizon Therapeutics for $27.8 billion, is planning to lay off 350 Horizon employees in the U.S. as part of their corporate restructuring efforts.