Pfizer set to AXE 500 jobs in bid to cut costs as Covid jab sales flop

It said it plans to stop its pharmaceutical sciences small molecule (PSSM) operations at the site, which employs around 940 people.

The job cuts come as part of a larger £2.8billion cost-reducing programme after reporting lower-than-expected sales of its Covid vaccine and treatment.

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A spokesman for Pfizer said: “The company has made the difficult decision to propose a discontinuation of our PSSM operations at Sandwich, Kent, impacting approximately 500 roles.

“Under the proposals, other functions at our Sandwich site will continue with a different size.

“We are proud of our heritage of breakthrough science in the UK and we will retain a scientific presence in the UK including at our Discovery Park location in Sandwich.

“These proposals are now in consultation with the affected colleagues.

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“All job-related decisions will be made with transparency, respect, and in compliance with all applicable laws.

“More information around this global programme will be shared over the coming months and as part of the full-year guidance for 2024.”

The Sandwich site historically is the location where Pfizer scientists first discovered Viagra.

According to Kent Online, Pfizer invested around £10million in advanced manufacturing technology at the facility to speed up production of Covid drugs.

The outlet also reported that Pfizer was proposing to discontinue all lab and manufacturing work.

Last month, the company slashed $9billion (£7.4million) in expected sales from its full-year outlook after demand for Covid booster jabs plummeted, according to stock market data.

They cut its antiviral Covid treatment by about $7billion (£5.7billion) and its vaccine that they developed with BioNTech by about $2billion (£1.6billion).

The company said it expects full-year earnings of $1.45 (£1.19) to $1.65 (£1.35) per share on revenue of between $58billion (£47billion) to $61billion (£49billion).