Pfizer is reducing jobs in Switzerland to cut expenses, aiming to decrease staff from 300 to 70. This follows a broader downgrade of operations. The company seeks to save over $7bn by 2027 for post-pandemic growth, streamlining resources. Pfizer recently entered the obesity treatment field with a $2bn licensing deal with YaoPharma.

YaoPharma will conduct Phase I trials and grant Pfizer exclusive rights to develop and commercialize YP05002 globally. Pfizer won a bidding war with Novo Nordisk for Metsera, securing a $10bn deal. This move aligns with a trend of pharmaceutical companies cutting jobs in Switzerland, the largest export sector. Novartis also recently announced plans to eliminate up to 550 jobs in the country.

Read more at Yahoo Finance: Pfizer plans job cuts in Switzerland to reduce expenses