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.