WASHINGTON (dpa-AFX) - Pfizer is getting ready to cut hundreds of jobs in Switzerland as part of a long-term cost-saving plan, according to Bloomberg's report from Wednesday, which cites sources close to the situation.
The company aims to reduce its workforce in Switzerland from around 300 employees to nearly 70 by the end of 2025, leading to over 200 layoffs this year.
This move comes after a broader scaling back of Pfizer's operations in Switzerland. Earlier this month, Rea Lal took over from Sabine Bruckner as the head of that unit, although her role has been trimmed down as the company undergoes restructuring.
Pfizer is aiming for $7 billion in savings by 2027 as it looks to bounce back after the slowdown that followed the pandemic.
A spokesperson for the company mentioned that Pfizer is 'streamlining and realigning' its resources to make operations simpler but did not confirm how many jobs would be cut.
The new corporate tax rules in Switzerland are making it less appealing for some multinational companies, leading to a wave of layoffs in the pharmaceutical sector locally.
For instance, Novartis announced in November that it would eliminate up to 550 jobs in Switzerland as part of its push towards automation.
In midday trading on Wednesday, Pfizer's shares rose by 0.57 percent to $25.48, compared to $25.33 at the previous close.
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