PORTAGE, Mich. — In a statement sent early Friday morning, pharmaceutical giant Pfizer confirmed they are laying off approximately 200 people after taking a look at product demands.
"Considering the lower-than-expected utilization for our COVID-19 products - Comirnaty and Paxlovid – Pfizer launched an enterprise-wide cost realignment program to support future revenue expectations. As a result, we are anticipating an impact to approximately 200 employees at our Kalamazoo, MI site."
"Pfizer does not take these changes lightly. All decisions that impact people, processes and initiatives will be made with transparency, compassion and respect. We also remain committed to our patients and will continue to produce the COVID-19 vaccine to meet demand."
—Pfizer
The company stated that the evaluation is part of its regular operations to ensure efficient facility utilization.
Looking back to December 2022, Gov. Gretchen Whitmer announced that Pfizer was investing $750 million in the Portage facility.
The plan was to expand production and create 300 "good-paying jobs." However, on Tuesday, the company released its third-quarter 2023 results, reporting a revenue of $13.2 billion, which is a decrease from last year's $22.6 billion profit.
Revenue from Comirnaty is down 70%, while Paxlovid is down 95%.
According to the third-quarter report, the realignment program is expected to save $3.5 billion by the end of 2024.
The Michigan Works! Southwest business solutions team told FOX 17 they are working to get information from Pfizer and those affected by the layoffs so they can offer need-based services.
