Pfizer announces cost cutting programme
Pfizer increased the target for its cost-cutting program, revealing the additional spending cuts alongside a sales forecast for 2024 that disappointed Wall Street analysts and sent shares down to their lowest levels in more than a decade.
Pfizer said it now aims to save $4 billion by the end of next year, $500 million more than what the company had announced in October. On a conference call, executives did not outline specific cost-cutting measures, such as layoffs. But they did state that 70% of the savings will come from research and development and the remainder from selling, informational and administrative functions.
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