ST. LOUIS — Pfizer Inc. (NYSE: PFE) has cut staff, including at its St. Louis laboratories, as it embarks on a $3.5 billion cost-cutting program.
It's unclear how many positions will be affected at the Chesterfield research facilities, but people familiar with the matter said cuts have been carried out.
A Pfizer spokesperson said in an email that "various areas of Pfizer's global enterprise are making changes to operate more efficiently and effectively."
"These changes will be implemented on a rolling basis and will differ area to area," the spokesperson said, adding that the pharmaceutical giant "does not take these changes lightly."
"All decisions that impact people, processes and initiatives will be made with transparency, compassion and respect," the company said.
A Pfizer executive in 2021 said it had about 500 employees in the St. Louis area, where it's done work on its Covid-19 vaccine.
Pfizer's stock had soared until this year; it's down 43%.