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Popular biopharmaceutical company Pfizer (PFE) plans to cut around 330 jobs at its Catania plant in Sicily. This is part of a broader restructuring that includes closing its penicillin department. Earlier, the company had announced that it would add $2.5 billion to its ongoing restructuring in the form of technology and simplification efforts, which extend through 2029 with total savings of $6.7 billion.
The company’s efforts have been mostly to counter the post-Covid drop-off in revenue. There is also the headache of a patent cliff. Pfizer’s Xeljanz, Prevnar 13, and Eliquis offerings are set to lose protection this year, with Ibrance and Xtandi following in 2027. To counter this threat, the company is pursuing potential product launches, such as fast-tracking its obesity programs. However, the obesity push has not yielded much so far.
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