Pfizer (NYSE:PFE) layoffs are a hot topic among traders on Wednesday as they pour over the details of the job cuts.
The Pfizer layoffs will see the company reducing its headcount as it deals with lower revenue from Covid-19 vaccines. This is part of the biopharmaceutical company’s efforts to gain savings of $3.5 billion through 2024. It expects to see the first $1 billion of savings in 2023 and the rest in 2024.
Pfizer also notes that it expects to pay a one-time charge of $3 billion connected to this plan. The company mentions that the majority of this charge comes from severance payments required for the job cuts.
Pfizer CEO Albert Bourla addressed these actions in a statement. Bourla noted that people have grown tired of hearing about Covid and that this is having a negative effect on vaccination numbers. However, the CEO says those still getting Covid vaccines and treatments now are likely to continue to do so in the years to come.
PFE Stock Outlook
Pfizer even went so far as to update its revenue estimates for 2023 amid the Covid decline. The company is expecting revenue from its Covid-19 shot Comirnaty to come in $2 billion lower than previous estimates. At the same time, it cut revenue guidance for Paxlovid by $7 billion.
PFE stock is down 1.8% as of Wednesday morning and down 37.3% since the start of the year.
Investors looking for more of the most recent stock market stories today are in the right place!
We have all of the hottest stock market news that investors need to know about on Wednesday! That includes what’s happening with shares of Viking Therapeutics (NASDAQ:VKTX) stock, Nio (NYSE:NIO) stock and FuelCell Energy (NASDAQ:FCEL) stock today. You can catch up on all of these matters below!
More Wednesday Stock Market News
- Why Is Viking Therapeutics (VKTX) Stock Moving Today?
- NIO Stock Alert: Nio Eyes Dealer Network in Europe
- FCEL Stock Alert: FuelCell to Participate in U.K. Hydrogen Study
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
