Pharmaceutical giant Pfizer has remained tight-lipped about whether a $3.5 billion global cost-cutting plan could impact its operations in Ireland as it published its third quarter results.
The company said only that it plans to reduce costs by $1 billion this year and a further $2.5 billion next year across its operations around the world.
But it did not provide any further details about where cuts might take place or what operations could be in the firing line.
The cost-cutting programmes is aimed at dealing with the fallout from a big drop in demand for its Covid-19 vaccines and anti-viral therapies, as the pandemic weakens.
The company said it expects revenues from its Comirnaty Covid-19 vaccine to fall 70% this year compared to 2022 levels, to $11.5 billion.
While sales of its Paxlovid anti-viral treatment are predicted to be down 95% on last year’s results at $1 billion.
Third quarter Paxlovid revenues declined $7.3 billion or 97% compared with the prior-year quarter to $202 million, while sales of Comirnaty declined $3.1 billion, or 70% to $1.3 billion.
Pfizer employs around 5,000 people in Ireland across a range of business services, including manufacturing at a number of sites here.
The company's Grangecastle site in Dublin is one of a small number around the world that produced the active ingredient for the vaccine, which was then exported to be made into finished vaccine elsewhere.
While the active ingredient for Paxlovid was produced in Pfizer's manufacturing plant in Ringaskiddy, before being finished at another plant in Newbridge, Co Kildare.
Overall the company reported its first quarterly loss since 2019, as the US drugmaker recorded $5.6 billion in charges related to its Covid products, including Paxlovid and vaccine Comirnaty.
Sales of the Covid-19 pill and the vaccine it makes with German partner BioNTech had boosted Pfizer's revenue to record levels in the last two years.
Pfizer earlier this month slashed $9 billion off its 2023 sales forecast after agreeing to take back nearly 8 million Paxlovid courses from the US government.
Pfizer posted a loss of 42 cents per share for the third quarter. It had reported a profit of $1.51 per share in the year-ago quarter.
