CNBC spoke with 11 current and former Pfizer employees, who asked to remain anonymous, about Pfizer’s dizzying climb, rapid decline and turnaround…
Pfizer appears to be on its way toward stabilizing its business and winning back Wall Street's favor after the sudden decline of its Covid business.CNBC spoke about the dizzying climb of Pfizer's business, its rapid decline and turnaround strategy with 11 current and former employees, all of whom asked to remain anonymous for fear of retaliation.
CNBC spoke with 11 current and former Pfizer employees — all of whom asked to remain anonymous for fear of retaliation — about Pfizer's dizzying climb, rapid decline and turnaround strategyThe company's seesawing fortunes have fueled uncertainty within Pfizer's workforce. Most of the current and former employees CNBC spoke with called Pfizer a good place to work, and some current employees said they feel optimistic about the direction of the company after the first quarter.
"And, of course, I'm very concerned with everyone that could be affected and impacted by that, but it works," Bourla said, according to the recording."And we saw it, how the Street will respond." In January 2023, Pfizer forecast a steep drop in annual revenue, to between $67 billion and $71 billion. That outlook included $13.5 billion and $8 billion in sales of Covid vaccines and Paxlovid, respectively.Irfan Khan | Los Angeles Times | Getty Imagesroughly 24%
During a conference in January, Bourla acknowledged that 2023 was a rough year for the company and its stock price.multibillion-dollar Covid contracts with the EU and other governments, transitioning its Covid products to the commercial market in several countries and writing off unused stock of its vaccine and Paxlovid.
during the first quarter of 2023 and budget restrictions that limited travel, team lunch outings and purchases of new lab and manufacturing equipment.was another sign, according to some current and former employees. While most of the 11 workers acknowledged that the deal made sense for Pfizer's growth, they said the hefty price tag at a time when Covid sales had already started to decline left them uneasy.
Some workers said they were disappointed with what they called higher management's lack of transparency around the layoffs. Some also questioned why Pfizer did not set more realistic expectations for its Covid business earlier, especially as cases and public concern about the virus Some remote workers who did not comply over time were let go, the current and former employees said. A Pfizer spokesperson did not confirm or provide any details about its recent return-to-office policies.
He said the company isn't taking away remote work as an option. Pfizer leadership has been vocal about asking employees to work in person again. Other employees said they were stretched thin due to understaffing and a lack of other resources. A few workers said they struggled to keep up with abrupt internal changes, such as being assigned to new managers or being moved onto different teams.
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