(Reuters) -Pfizer will cut 500 jobs at its Sandwich, Kent site in the U.K. as part of its $3.5 billion cost-cutting plan, the drugmaker said on Tuesday.
The U.S. drugmaker announced the cost-cutting program in October after slashing its full-year revenue forecast due to lower-than-expected sales of its COVID-19 vaccine and treatment.
The demand slump also pushed the company to post its first quarterly loss since 2019.
Pfizer (NYSE:PFE), which employs roughly 83,000 people globally, has not disclosed how many jobs will be affected by the cost-reduction program.
"Various areas of Pfizer's global enterprise are making changes to operate more efficiently and effectively. These changes will be implemented on a rolling basis and will differ area to area," a spokesperson said in an emailed statement.
The company said on Tuesday it would share further details on the program as part of the full-year forecast for 2024. Pfizer is expected to report fourth-quarter earnings in late January.
The company's shares were up 2% on Tuesday. They have lost about 42% of their value this year through last close, largely due to concerns over demand for its COVID products.