Pfizer Slashes Jobs and Forecast as COVID Vaccine Sales Plummet

Pfizer slashes full-year revenue forecast by 13% due to lower COVID vaccine and treatment sales
Company will cut $3.5 billion in jobs and expenses due to reduced demand for its COVID products
Pfizer earned over $100 billion in 2021 and 2022 from its COVID vaccine and treatment
Demand and vaccination rates have dropped sharply since 2021 peak
Pfizer launched updated COVID booster shot for this fall
Company now forecasts 2023 revenue of $58-$61 billion, down from prior $67-$70 billion outlook
Pfizer taking $5.5 billion charge in Q3 related to COVID products
Cost-cutting program aims to save at least $3.5 billion annually by end of 2024
Layoffs expected but details on number of jobs to be cut not provided
One-time costs of $3 billion expected to achieve savings