Pfizer Announces Layoffs in Ireland Amid Global Cost-Cutting Efforts

Layoffs in Ireland:
Pfizer is cutting up to 210 jobs across its Irish manufacturing facilities in Grange Castle (Dublin), Ringaskiddy (Cork), and Newbridge (Kildare).

Global Cost-Cutting:
The layoffs are part of a $1.5 billion cost-cutting program announced by Pfizer in May, following a $3.5 billion cuts program in 2023.

Reason for Layoffs:
The cuts are primarily due to a decline in sales of Pfizer’s COVID-19 antiviral medicine Paxlovid and increased competition in obesity-therapy treatments.

Timeline:
The layoffs will begin towards the end of 2024 and continue into 2025, with a mix of voluntary and targeted redundancies.

Impact on Workforce:
The layoffs will affect about 4% of Pfizer’s total Irish workforce of approximately 5,000 employees.

Future Plans:
Despite the layoffs, Pfizer is continuing to invest in Ireland, including a $1.3 billion expansion at Grange Castle, which is expected to create new roles by 2027.