Pfizer Is Cutting Hundreds of Jobs in Switzerland to Lower Costs

Pfizer Inc. is cutting hundreds of jobs in Switzerland as part of a multi-year program to reduce costs, according to people familiar with the matter.

The US drugmaker will reduce its workforce in the country to roughly 70 by the end of this year from 300, the people said, asking not to be identified as the matter is private. The cuts follow a broader downgrade of Pfizer’s Swiss unit within the company, the people said.