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Drop in COVID-19 product sales spurs multi-year cost realignment program involving undisclosed layoffs in an effort to save $3.5 billion through 2024.
December 1, 2023
By: Kristin Brooks
Managing Editor, Contract Pharma
The U.S. government has amended its supply agreement with Pfizer for Paxlovid and the company has updated its Full-Year 2023 Guidance. A cost-cutting initiative aims to save $3.5 billion through 2024 due to a drop in the sales of its COVID-19 products. Under the terms of the revised supply agreement with the U.S. government for COVID-19 drug Paxlovid (nirmatrelvir/ritonavir), the government will return to Pfizer approximately 7.9 million doses of Paxlovid. Paxlovid was initially given an...
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