Pfizer launches new cost-cutting program to save $1.5 billion by 2027

From CNBC: 2024-05-22 15:13:22

Pfizer launches new multiyear cost-cutting program following Covid business decline, in addition to $4 billion effort. Expected to save $1.5 billion by 2027, with $1.7 billion one-time cost. Focus on enhancing product portfolio and manufacturing network. Shares fell 50% in 2023, but rose after beating first-quarter revenue expectations. CEO optimistic about year ahead.



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