UPDATED: Pfizer plans to shutter New Jersey site, discloses layoffs amid $3.5B cost-cutting drive

Editor's note: This story has been updated with a comment from Pfizer. An earlier version of the story stated that nearly 800 jobs would be affected. During the transition period, the company doesn't have final figures on expected job losses. 

After plunging COVID revenues prompted Pfizer to embark on a cost-cutting crusade, more details about the company's savings efforts are coming into focus.

Following prior rounds of cuts in Illinois and Colorado, Pfizer is downsizing in New Jersey, according to a Worker Adjustment and Retraining Notification (WARN) alert from the Garden State.

The disclosure comes as a result of Pfizer's plan to close its Peapack, NJ, facility in early 2024, a company spokesperson said over email. While the WARN listing shows that 791 positions are affected, the "vast majority" of workers will be reassigned to Pfizer's New York Headquarters, the company's spokesperson said.

Another "small portion" of impacted workers will go to the company's Parsippany, NJ, site, the spokesperson added. 

The cuts in New Jersey are expected to go into effect in February 2024, according to the local WARN notice.

During the transition period, the company does not have final figures on job losses.

Earlier this month, Pfizer said it would launch an “enterprise-wide cost realignment program” after slashing its 2023 revenue projection by $9 billion. Of the $3.5 billion in planned cuts by the end of next year, Pfizer hopes to realize $1 billion in savings in 2023.

Elsewhere, Pfizer has already taken out the job pruning shears. In Illinois, for instance, the company disclosed 69 layoffs over the summer.

More recently, Colorado posted an undisclosed number of layoffs of Pfizer workers in Boulder in early October.

Pfizer is also set to close two facilities in North Carolina, the Triangle Business Journal and other publications have reported in recent days. 

Pfizer staffers have been critical of the job cuts and corporate communication around the savings plan, Newsweek reports, citing comments from social media platform Reddit. Employees allegedly criticized the “casual” tone and demeanor of the executives when the cuts were announced.