Pfizer Headed for Massive Layoffs

Massive layoffs may soon be underway as Pfizer has warned nearly 800 employees that their positions may be terminated as the Gladstone, NJ, location looks to close.

According to FiercePharma, 791 employees could be laid off on Feb. 12, 2024, from its Somerset County corporate office, if those employees do not choose to relocate to another Pfizer location, according to a Worker Adjustment and Retraining Notification(WARN) Notice shared by the New Jersey Department of Labor.

However, Pfizer said the vast majority of workers will be re-assigned to its New York headquarters with a small portion transitioning to the company’s Parsippany, NJ site, according to news site NJBIZ.

Pfizer has been trying to cut costs after suffering huge financial losses. The biopharmaceutical giant already announced downsizing in Illinois and Colorado, but the New Jersey layoffs are the biggest to date.

This decision follows Pfizer's previously announced decision in 2021 to sell the Peapack campus.

There are currently five Pfizer locations in New Jersey, yet the only location currently targeted with a WARN notice is the Peapack facility.