Pharmaceutical giant Pfizer has announced that it will be laying off employees at its plant in Peapack-Gladstone, New Jersey. This decision comes in the wake of falling COVID revenues and follows similar cutbacks in Illinois and Colorado.
According to a WARN notice filed with the state's Department of Labor & Workforce Development, Pfizer attributes the closure of its Peapack-Gladstone plant to the declining revenues from its COVID-related operations. The closure, scheduled for February, will affect 791 employees currently working at the facility.
However, Pfizer has assured that most of these employees will not be left jobless. The majority are expected to be reassigned to Pfizer’s New York headquarters. A spokesperson for the company also shared that a small number of employees could be relocated to the company’s site in Parsippany.
The news coincides with the announcement of the company's 3rd quarter 2023 financial results with revenues of $13.2 billion, a diluted loss per share of 42¢, and $5.6 million in write-offs.