Pfizer Cuts 11 R&D Programs amid Ongoing Revenue Declines and Cost Realignment Efforts

Pfizer has cut 11 research and development (R&D) programs as part of a broader effort to realign costs and improve productivity within its R&D organization1 2.

The company announced a total of $1.7 billion in new cost savings, including an estimated $500 million from R&D reorganization to be completed by the end of 2026, bringing overall cost alignment savings to $7.7 billion2.

Pfizer's Q3 2025 revenue was $16.7 billion, a 6% year-over-year decline, driven mainly by reduced demand for its COVID-19 products Comirnaty and Paxlovid4.

The company's adjusted earnings per share for Q3 2025 were $0.87, down 18% year-over-year but ahead of analyst expectations4.

R&D savings are expected to be partly reinvested into Pfizer's drug pipeline, with a focus on digital enablement, automation, and increased use of AI to boost R&D productivity2 5.

Pfizer has not announced new layoffs in 2025, but previous headcount reductions took place in 2024 as part of ongoing cost-cutting measures and manufacturing optimization3.

The company’s cost-cutting and restructuring follow its $43 billion acquisition of Seagen in 2023, after which the R&D division has undergone further changes and leadership shifts2.

For full-year 2025, Pfizer expects adjusted expenses to range from $13.3 billion to $14.3 billion, with R&D expenses between $10.7 billion and $11.7 billion3.