Pfizer Makes Huge Profits from Vaccines, Lays Off Hundreds of Sales Staff Amid 'Untact' Expansion

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Pfizer, the American pharmaceutical company that made record profits from developing the COVID-19 vaccine, announced that it will switch to non-face-to-face sales considering healthcare workers and medical staff who avoid contact due to COVID-19.

Accordingly, it decided to reduce its sales workforce by hundreds of employees.

On the 11th (local time), Pfizer stated, "We are evolving into a more focused and innovative biopharmaceutical company and developing ways to work with healthcare professionals in an increasingly digital world," adding, "We will make changes to our workforce to allocate expertise and resources according to changing demands."

However, Pfizer did not disclose the specific scale of the layoffs.

Major foreign media, citing sources familiar with the plan, reported that hundreds of employees will be laid off, and only about half of those will be offered new positions in other regions.

It is known that doctors and healthcare professionals expect that in the future, about half of their interactions with pharmaceutical companies will be conducted remotely.

Meanwhile, Albert Bourla, Pfizer's CEO, forecasted that Pfizer is expected to record $80 billion (approximately 95.5 trillion KRW) in revenue last year due to strong sales of the COVID-19 vaccine. This year, it is anticipated that Pfizer's revenue will surpass $100 billion with sales of the COVID-19 vaccine and the oral treatment Paxlovid.