Pfizer Eyes Cost Savings Amid Mixed Financial Results

Published 1 hours agoPFE

Pfizer Eyes Cost Savings Amid Mixed Financial Results

Pfizer is doubling down on efforts to cut costs, announcing a plan to save an additional $1.7 billion by optimizing its manufacturing and R&D operations. This move aims to boost total anticipated savings to $7.7 billion by 2027. The pharmaceutical giant is restructuring in response to fluctuating market demands and increased operational pressures. Reuters reported on this strategic effort as part of Pfizer's broader push for efficiency.

In terms of financial performance, Pfizer exceeded analysts' expectations by reporting adjusted earnings per share of 92 cents in the first quarter, beating the forecasted 66 cents. However, its revenue for the quarter came in at $13.72 billion, slightly under the anticipated $13.91 billion. The shortfall was largely due to a drop in sales of its COVID-19 treatment, Paxlovid. Despite these results, Pfizer's stock has seen a 13.1% decline this year, with a minor dip of about 1% in premarket trading recently.

Looking forward, Pfizer is also exploring strategic shifts by potentially moving some of its foreign production to U.S.-based facilities, a response to possible U.S. pharmaceutical tariffs. The company operates 10 manufacturing sites and two distribution centers in the U.S., employing nearly 10,000 workers. These strategic adjustments, along with cost-saving initiatives, highlight Pfizer's commitment to maintaining competitiveness and adapting to evolving market conditions.

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