Pfizer Irish Workforce: Comprising around 5,000 employees, faces uncertainty as the pharmaceutical giant enforces significant cost reductions. The company recently unveiled a program aimed at achieving savings of at least $3.5 billion by the end of 2024.
This cost-cutting initiative, set to deliver $1 billion of savings in 2023 and an additional $2.5 billion in 2024, will impact various aspects of the business across different regions. However, specific details on where these cuts will be made remain undisclosed.
Pfizer’s Irish employees are expected to receive more information about potential layoffs around the time of the release of the company’s third-quarter earnings on October 31. Nevertheless, the exact number of staff affected may remain unclear at that stage.
Also Read: Pfizer Fiscal Strategy Unveiled: Cutting Costs in the Wake of COVID Sales Decline
Pfizer’s vaccine sales have been revised downward by 15%, attributed in part to a peak in anti-vaccination sentiment and declining demand for Covid vaccines. Furthermore, expected anti-viral sales have been adjusted to $1 billion from $8 billion, primarily due to the return of stock by the U.S. government. Pfizer’s Irish facilities play a crucial role in the production of both vaccines and anti-viral products.
Albert Bourla, Pfizer’s CEO, acknowledged that the world is grappling with Covid “fatigue,” and public interest in vaccination has waned. He highlighted the rise of anti-vaccination sentiments as a challenge.
Pfizer significantly expanded its Irish operations during the pandemic, with the Grange Castle complex in Dublin becoming part of its global Covid-19 manufacturing network following a $40 million investment. The company also has plans for a 1.2 billion investment in Grange Castle to construct a state-of-the-art biotech facility, as reported last October. The future remains uncertain for Pfizer’s Irish workforce as the cost-saving measures unfold.
Our Reader’s Queries
How many people work for Pfizer in Ireland?
Pfizer has a workforce of around 5,000 individuals spread across five locations in Ireland. The company recently announced a $9 billion, or 13%, decrease in projected groupwide revenues for 2023. This was attributed to the underperformance of its Covid product line.
Why did Pfizer move to Ireland?
Pfizer opts to keep a significant portion of its foreign earnings overseas to steer clear of tax obligations upon repatriation. A considerable amount of these earnings are retained in Ireland.
Is Pfizer Ireland a good company to work for?
Pfizer has received a stellar rating of 4.2 out of 5 stars from employees in Dublin, according to 251 anonymous Glassdoor reviews. This is higher than the worldwide rating of 4 out of 5 stars given by Pfizer employees. If you’re interested in joining the team in Dublin, check out the open job listings and discover what the interview experience is like. Alternatively, explore other highly rated companies in Dublin.
What do Pfizer manufacture in Ireland?
Our manufacturing capabilities span across a range of pharmaceutical products, including Active Pharmaceutical Ingredients, Solid Dose Pharmaceuticals, Sterile Injectables, Vaccines, and Biopharmaceuticals. We pride ourselves on our diverse expertise and ability to produce high-quality products in each of these areas.