DECEMBER 27, 2023 —- 285 EMPLOYEES TARGETED IN PEARL RIVER, NEW YORK
The company has targeted 285 workers in Pearl River, New York, for layoffs to occur between February 12, 2024, and March 25, 2024.
A company spokesman noted, "As previously communicated, Pfizer has launched an enterprise-wide cost realignment program. Various areas of Pfizer’s global enterprise are making changes to operate more efficiently and effectively. These changes are being implemented on a rolling basis and will differ area to area. Part of the effort will result in some job loss across a number of our locations, including our Pearl River, NY site. All job-related decisions have and will be made with transparency, compassion, and respect, and in compliance with applicable laws. A generous separation package will be offered to U.S. colleagues whose roles are eliminated and each will continue to have the opportunity to post for internal Pfizer roles."
NOVEMBER 1, 2023 — PEAPACK, NEW JERSEY FACILITY CLOSURE
The company plans to close its Somerset County corporate office located in Peapack, New Jersey, in early 2024. The closure will impact 791 employees, some of whom will be offered positions at Pfizer’s New York headquarters and a few others offered positions at the company's Parsippany, New Jersey facility.
According to a company spokesperson, "Pfizer continually looks for ways to effectively utilize our workplace facilities and create a more vibrant and energetic work experience for our colleagues. Pfizer is in the process of closing its Peapack, New Jersey facility, which will go into effect in early 2024.”
The decision was driven by the company’s “enterprise-wide cost realignment program” and the decision to sell the Peapack campus.
FEBRUARY 21, 2023 — 111 JOBS AT SAN DIEGO, CALIFORNIA RESEARCH CENTER
The company is eliminating 111 employees from its San Diego, California, research and development organization between March 27, 2023, and June 19, 2023.
The reason behind the layoffs is attributed to the company’s discontinuing some drug development programs to rebalance its research portfolio.
JULY 29, 2022 — VOLUNTARY RETIREMENTS LEAD MORE TO COME IN 2023
The company is offering early retirement to eligible U.S. employees, ahead of layoffs next year.
According to a company spokesperson, “As we prepare for growth we are creating a simpler more efficient structure which will affect some managerial roles and responsibilities. We are offering enhancements to certain benefits to lessen this effect. Overall, its workforce will shrink by “a couple of percentage points.”
A couple of percentage points equals approximately 1,800 employees.
“To achieve our full potential we will need to create a simpler and more efficient organization. As we simplify the organization to avoid duplication, create single points of accountability and reduce the number of layers within teams, there will be an impact on some managerial roles and responsibilities across the organization.
JANUARY 14, 2022 — 200+ LAYOFFS NATIONWIDE AS PFIZER IMPLEMENTS REMOTE ENGAGEMENTS
Pfizer has announced that it will be laying off a few hundred positions across its U.S. sales force as it plans for more digital engagement.
According to a company spokesperson, "We are evolving into a more focused and innovative biopharma company, and evolving the way we engage with healthcare professionals in an increasingly digital world. There will be some changes to our workforce to ensure we have the right expertise and resources in place to meet our evolving needs."
JULY 30, 2019 — PFIZER CONTINUES TO SHRINK. DEALS TO CONTINUE …
In the company’s second-quarter conference call, Albert Bourla noted, “We are about to create the joint venture with GSK for our consumer business and we just announced the proposed agreement with Mylan for our Upjohn business.
When all these actions are complete, Pfizer will be a smaller, more focused, science-based company with a singular focus on innovative pharma. We believe we will be in a position where our pipeline will be able to move the needle even more dramatically in terms of our long-term growth prospects.”
This disruption is likely to result in mass layoffs as departments, functions, and roles are reassessed, transferred, or eliminated.
OCTOBER 26, 2018 — Original post…
The handwriting is clearly on the wall as New York City, New York pharmaceutical giant Pfizer has announced early retirement to qualified employees prior to an announced layoff of up to 2,000 employees in 2019. According to the company, the layoffs are part of a restructuring plan whose goals are to “simplify the organization to avoid duplication, create single points of accountability and reduce the number of layers within teams.”
A company spokesperson noted, “As we prepare for growth we are creating a simpler more efficient structure which will affect some managerial roles and responsibilities. “We are offering enhancements to certain benefits to lessen this effect.” It appears that employees who are 55 or older or who have at least ten years of service are eligible if they notify the company of their intention to accept the offer in the near future.
Like many restructuring efforts, the leadership will also pass from the current CEO Ian Read who will become Executive Chairman to the current COO, Dr. Albert Bourla. Perhaps the greatest challenge facing Dr. Bourla, a veterinarian from Greece, will be the loss of significant billion-dollar revenue streams as drugs come off patent and are faced with competition from lower-priced generics. Such as loss can be massive as the company lost an estimated $23 billion in revenue with anti-cholesterol statin Lipitor and is facing the loss of at least $3.5 billion in revenue with the loss of patent protection on Lyrica, the anti-convulsive medication.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?