Pfizer Layoffs: US-Based Pharmaceutical Giant Lays Off Around 75 Employees in North Carolina Amid Cost-Cutting Measures
Pfizer reportedly laid off 75 jobs in North Carolina after a failed Duchenne muscular dystrophy trial, as part of a cost-saving initiative.
New Delhi, October 24: Pfizer reportedly laid off around 75 employees at its North Carolina facility following the failure of a late-stage clinical trial for Duchenne muscular dystrophy (DMD). As per reports, these layoffs come as part of a larger reduction plan by the pharmaceutical giant, which might have affected employees involved in the research and development.
As per a report of Fierce Pharma, Pfizer lays off 75 more workers in North Carolina. The employees impacted by these layoffs might be working on the DMD trail programme. Pfizer has reportedly informed 75 employees in Sanford, North Carolina, that their jobs have been cut. Tech Layoffs in October 2024: Meta, Nokia, Intel, Kaspersky and Others Announce Layoffs of Hundreds of Employees This Month Amid Restructuring and Cost Saving.
In 2017, Pfizer invested USD 100 million into its manufacturing facilities in Sanford, where they made materials for clinical trials related to DMD, hemophilia B, and hemophilia A gene therapy candidates. Then, in 2019, the company made an additional investment of USD 500 million to build a new facility for producing gene therapies.
These job losses happened three months after the company laid off around 150 employees in the same location due to an unsuccessful phase 3 trial for its gene therapy aimed at treating Duchenne muscular dystrophy (DMD). As per reports, Pfizer explained that this latest round of job cuts is connected to the disappointing results from the DMD trial. Northvolt Layoffs: Swedish EV Battery Marker Cuts More 800 Jobs at Ett Factory Affecting Total 1,200 Workers After Negotiations With Unions End, Says Report.
Reports also indicate that the job cuts are part of a major effort by Pfizer to save money, which started in 2023. After announcing plans to cut spending by USD 4 billion last year, Pfizer revealed in May that they aim to save an extra USD 1.5 billion by the end of 2027. The strategy reflects the company's objective to reduce costs and improve its financial efficiency.
(The above story first appeared on LatestLY on Oct 24, 2024 05:57 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).