Pfizer Expands Cost Cuts, Beats Q1 Profit Estimates
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Pfizer exceeded first-quarter profit expectations despite lower sales, primarily due to reduced Paxlovid demand. The company expanded its cost-cutting program, aiming for an additional $1.2 billion in savings by 2027 through digital enablement and process streamlining. This, along with a separate initiative, will result in approximately $7.7 billion in total cost savings by 2027, helping offset the decline in its Covid-related business.
Pfizer exceeded first-quarter profit expectations despite lower sales, primarily due to reduced Paxlovid demand. The company expanded its cost-cutting program, aiming for an additional $1.2 billion in savings by 2027 through digital enablement and process streamlining. This, along with a separate initiative, will result in approximately $7.7 billion in total cost savings by 2027, helping offset the decline in its Covid-related business.
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