Pfizer targets $1.5 billion in savings by 2027 as it streamlines operations

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(Reuters) -U.S. drugmaker Pfizer said on Wednesday it had launched a multi-year program to reduce expenses and aims to save about $1.5 billion in costs by the end of 2027.

The program will include operational efficiencies, network structure changes, and product portfolio enhancements, the company said. It expects to realize some cost savings from the program in 2025.

The one-time charges related to the first phase of the program are expected to be about $1.7 billion, Pfizer said in a regulatory filing, adding it expects to record a majority of that this year.

Pfizer launched a $4 billion cost-cutting program in late 2023.

(Reporting by Bhanvi Satija in Bengaluru; Editing by Sriraj Kalluvila)

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