Pfizer announced ... that it plans to implement a company-wide programme aimed at cutting at least $3.5 billion in costs, spurred by declining demand for its COVID-19 vaccine Comirnaty and oral antiviral treatment Paxlovid (nirmatrelvir/ritonavir). The company, whose shares were down around 7% in extended trading, estimates it will save $1 billion this year through the initiative and another $2.5 billion in 2024.
"[The] multiyear, enterprise-wide cost realignment programme…will realign [the company's] costs with its longer-term revenue expectations," Pfizer stated, noting that "these costs will primarily include severance and implementation costs."
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