Pfizer expands cost-cutting program, targeting $1 billion in new savings through 2029

Pfizer announced it is expanding a cost-cutting initiative first launched in 2023 to further reduce expenses.

The new measures are projected to generate about $1 billion in additional savings by 2029, contributing to a total target of $6.7 billion in cuts, including $1.5 billion from manufacturing efficiencies and technology-driven productivity gains across commercial, R&D and support functions.

In the second quarter, Pfizer reported $15 billion in revenue, a modest 1 % rise year-over-year and a beat of analyst expectations, with non-COVID drug sales up 5 %.

The news lifted Pfizer’s share price roughly 1 % in trading, though the stock remains well below its pandemic peak.