Pfizer to cut 500 jobs at UK factory as demand for Covid jab slumps

Pfizer has unveiled plans to cut 500 jobs at its laboratories in Kent as it races to strip $3.5bn worth of costs out in the face of falling demand for its Covid drugs. It said the move to stop PSSM work at the site came as part of efforts to cut costs across its business, having in October announced a $3.5bn plan to axe jobs and expenses. Albert Bourla, Pfizer’s chief executive, said at the time that the drug-maker was still waiting to see how demand for its Covid jabs and treatments would hold up longer-term, saying: “We expect additional clarification on global vaccination and treatment rates by the end of the year, which we expect will be a good predictor of utilisation in future years.” A spokesman on Tuesday said: “As previously announced, Pfizer has launched an enterprise-wide cost realignment program. “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.” Pfizer is not proposing to shut down the Sandwich facility altogether, and said other functions would continue there with a different size.