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.
Now, as Pfizer appears poised to turn a corner, the company is trying to boost employee morale to match Wall Street's optimism. During the latest town hall, Bourla told employees that layoffs in the U.S. have been completed but that more are occurring internationally.But he also acknowledged that Wall Street likes the cuts.
The success came with trade-offs. Two former employees involved in developing the Covid vaccine manufacturing process said they were experiencing burnout at the start of 2023. After the string of difficulties, investors showed relief when Pfizer announced the cost cuts. But for many employees, the shift in post-pandemic strategy was a nightmare, they told CNBC.
Pfizer has also repeatedly said that the Seagen deal brings a proven antibody-drug conjugate platform that enhances its commercial structure and could help the company become aThose revenue streams would help Pfizer prepare for upcoming patent expirations for blockbuster drugs, including its breast cancer treatment Ibrance, and Eliquis, a blood thinner it shares withSome current and former employees said they knew early in 2023 that wide-scale layoffs were possible.
All the current and former employees who spoke with CNBC said they believed the company handled the layoffs and the months leading up to them poorly. Those people said some fully remote employees had their virtual work status revoked and were asked to start working in person at their site starting on a certain date under the new mandates. While some workers were asked to come in only two or three days a week, even that was impossible for staff members who lived too far from their sites, according to the employees.
For example, Pfizer in October said it would shut down its office in Peapack, New Jersey in 2024, which affected. The company first announced those plans in 2021. Pfizer told news outlets that the majority of employees would be relocated to its headquarters in New York City.During another town hall, on Oct. 26, Pfizer Chief Global Supply Officer Mike McDermott said the decision to close the Peapack site"wasn't made lightly.
Some of those people said they were unmotivated to work with their job security in question, while one worker described"walking on eggshells" for weeks out of fear that they would lose their job.
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