Business reshuffle to reduce headcount by approx. 2%, says Pfizer

By Flora Southey contact

- Last updated on GMT

(Image: Getty/Radachynskyi)
(Image: Getty/Radachynskyi)

Related tags: Pfizer, Restructuring

According to Pfizer, the changes are designed to simplify the company structure: “This is…not about achieving cost savings.”

Around 2% of Pfizer’s workforce will be eligible for “enhancements to certain benefits” ​in light of the company’s restructuring plans.

Three months ago, Pfizer released plans​ to split its business into three units: Innovative Medicines, Established Medicines, and Consumer Healthcare.

At the time, the firm said it expected the restructure to support a predicted “higher and more sustained revenue growth profile” ​post-2020. “We see this new structure better positioning each business to achieve its growth potential,” ​the firm added in a statement​.

According to Pfizer, the company is now preparing for this growth – including a 2% reduction in staff numbers.

According to statistics portal Statista​, Pfizer employs approximately 92,000 workers, which equates to a reduction of around 1,840 employees.  

“As we prepare for growth following the announcement in July, we’re creating a simpler, more efficient structure, which will affect some managerial roles and responsibilities,” ​wrote the company in an emailed statement, adding: “We’re offering enhancements to certain benefits to lessen this effect.”

The firm expects “a couple percentage points of [its] colleagues” ​to receive these benefits, highlighting the restructure is designed to streamline operations: “This is…not about achieving cost savings.”

The news comes days after Pfizer CEO Ian Read announced plans to step down​ from the role he has held for eight years. COO Albert Bourla​ has been appointed Pfizer’s new CEO, effective as of January 2019.

Related topics: Markets & Regulations, Regulations

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