Pfizer to Lay Off 230 Employees in Switzerland

According to Bloomberg, U.S. pharmaceutical company Pfizer is cutting hundreds of jobs in Switzerland as part of a multi-year program aimed at reducing costs, according to sources familiar with the matter. The sources, who requested anonymity due to the sensitivity of the topic, stated that the company will reduce its workforce in Switzerland from 300 employees to around 70 by the end of the year. This move follows a reduction in the management role of the Swiss unit within the company globally. Earlier this month, long-time CEO of Pfizer Switzerland Sabine Broeckner was replaced by Ria Lal, who now leads operations with diminished authority, according to sources. Broeckner has moved to another position within the company. Pfizer, headquartered in New York, is attempting to return to a growth trajectory after years post-pandemic by implementing a massive cost-cutting program exceeding $7 billion, which will last until 2027. The company stated in an email that it is working on 'streamlining and restructuring' its resources to reduce operational complexity but refrained from commenting on the figures specific to Switzerland. Pfizer's step adds to a series of pharmaceutical companies reducing their presence in Switzerland, which is the largest export sector in the country. In November, Novartis announced it would cut up to 550 jobs in Switzerland due to its expansion into automation. Reports indicate that Switzerland is beginning to lose some of its appeal to certain multinational companies due to the implementation of a new corporate tax system.