Pfizer aims to save $1.5 billion by 2027 in first wave of new cost cuts
Publishing timestamp: 2024-05-22 15:13:22
Summary
Pfizer has launched a new cost-cutting program to rebound from the decline in its Covid business. The program is expected to save the company $1.5 billion by 2027, but one-time costs related to the cuts are estimated to be $1.7 billion. Pfizer is trying to improve investor sentiment after a significant drop in its stock value in 2023. The company recently reported better-than-expected first-quarter results and raised its full-year earnings outlook.
Sentiment: MIXED
Keywords: pfizer inc, biotech and pharmaceuticals, biotechnology, business, earnings, pharmaceuticals, health care industry, albert bourla, business news,
Source: https://www.cnbc.com/2024/05/22/pfizer-announces-new-cost-cutting-program.html