Pfizer's Efforts to Rebuild Trust with Wall Street and Employees Post-Covid Decline
Money | June 28, 2024, 8:34 a.m.
Pfizer experienced a remarkable turnaround in the first quarter of 2024, with CEO Albert Bourla hailing it as "phenomenal." The pharmaceutical giant's stock surged 6% after beating analyst estimates and raising its full-year outlook. This success comes after a tumultuous 2023, where Pfizer faced a sharp decline in its stock value due to plummeting Covid product revenue. The company's pivot towards cost-cutting measures, including layoffs and reducing R&D spending, has caused concern and uncertainty among employees. Many feel disillusioned after being hailed as pandemic heroes, only to face potential job losses. Return-to-office policies have also caused friction, with some remote workers feeling forced out. Despite Bourla's assurances that the layoffs are necessary for financial stability, employees question the lack of transparency and the focus on stock performance over their welfare. Pfizer's struggle to balance financial success with employee morale remains a challenge as it aims to regain Wall Street's favor while addressing internal discontent.