Pharmaceutical giant Pfizer is set to cut 200 jobs from Irish manufacturing sites in a bid to manage a fall in demand for Covid vaccines and antivirals.
More than 5,000 people are employed by the US company across five plants in Ireland in manufacturing, logistics, research, development and sales. The proposed job losses follows a major review of its manufacturing operations in Ireland over the past year.
The review has resulted in the company targeting a “reduction in the number of people supporting our overall manufacturing operations in Ireland” as part of a cost-cutting effort.
It has been reported that up to 200 jobs will be affected by the cutbacks, with the job losses part of a worldwide cost-cutting programme. It is understood that the jobs will be axed across three sites – Newbridge in Co Kildare, Grange Castle in west Dublin, and Ringaskiddy in Co Cork.
Pfizer has said that it was “actively engaging with colleagues and their representatives” after making the decision to cut jobs in Ireland.
The cuts will take place throughout the remainder of 2024 and into 2025, a company spokesperson said.
The proposed cuts come amid the company’s plan to slash costs by $4 billion (€3.6 billion) by the end of this year, with a view to cut additional costs through to 2027. It comes in response to dramatic declines in revenue in the wake of the Covid crisis.
While the company’s sales hit a highpoint of roughly $100 billion in 2022, the drug manufacturer has projected to deliver global revenues of roughly $60 billion this year.
In 2020, the New York company invested more than €300 million in upgrades to its Irish manufacturing sites, announcing it would create around 300 Irish jobs – with the major investment used to create new manufacturing capacity and lab space.
Albert Bourla, Pfizer’s chief executive, previously said that the drug-maker was still waiting to see how demand for its Covid jabs and treatments would hold in the long-term, amid a fall in revenue, saying in 2023:
“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.”