Pfizer plans to shutter its Peapack campus in northern New Jersey, impacting nearly 800 jobs.
Medical syringe and medicine pills are seen with Pfizer logo in the background in this illustration photo taken in Krakow, Poland on December 14, 2021.
The company plans to close its Peapack campus in Somerset County by February 2024, according to a statement given to healthcare news website Pfizer has faced slumping sales this year, with sales of its COVID-19 vaccine and its coronavirus treatment weaker than it had expected in 2023. Pfizer Inc. now foresees 2023 revenue in a range of $58 billion to $61 billion, down from its prior forecast for $67 billion to $70 billion, according to the
Earlier this month, the company announced a sweeping $3.5 billion cost-cutting initiative due to this weakened demand. It is unclear how cost-cutting measures will affect, Pfizer says a "vast majority" of Peapack workers will be relocated to the company's New York City headquarters, while some will be reassigned to work at the company's Parsippany, New Jersey, site.
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