Pfizer plans to cut over 200 jobs in Switzerland as part of a broad cost-reduction strategy, Bloomberg News reported on Wednesday, citing people familiar with the matter.
The drugmaker is preparing to shrink its Swiss workforce from around 300 employees to roughly 70 by the end of 2025, marking one of its most significant restructurings in the country in recent years. The layoffs are expected to take place this year.
The cuts follow earlier changes to Pfizer’s Swiss operations, including a leadership shift this month in which Rea Lal replaced Sabine Bruckner as head of the unit. Bloomberg said the remit of the role has been reduced as the company consolidates functions and simplifies reporting lines.
Pfizer is targeting US$7 billion in savings by 2027 as it adjusts to weaker post-pandemic demand and a cooling market for Covid-related treatments. A company spokesperson said Pfizer was “streamlining and realigning” its resources to improve efficiency but declined to confirm the number of redundancies.
Analysts said Switzerland’s new corporate tax regime has made the market less attractive for multinational groups, contributing to a wave of job cuts in the pharmaceutical sector. Novartis announced in November that it would eliminate up to 550 Swiss roles as it accelerates automation and restructures its global footprint.
Despite the impending layoffs, Pfizer shares edged up 0.57 per cent to US$25.48 in midday trading on Wednesday, compared with US$25.33 at the previous close.
The latest restructuring underscores the pressure on global drugmakers to reset their cost bases as pandemic-era revenue tails off and regulatory environments shift. Investors will be watching whether Pfizer’s cuts deliver the operational lift it seeks while preserving its Swiss capabilities.