[MSN] Thousands of Pfizer employees from around the world were watching through their computer screens in October when Chief Executive Albert Bourla and other executives at the giant drugmaker stepped onto a stage for a company town hall.Pfizer had announced several days earlier it was embarking on a $3.5 billion cost-cutting effort, including layoffs. Bourla and the other executives explained the company was positioning for growth.
"Future is bright... but you might get fired," one employee wrote in the video’s chat room, which the company had left open. "Dumpster fires are [always] bright," read another message.
Not long ago, Pfizer was among the most admired companies, a firm that in record time had delivered a vaccine that could protect against Covid-19, and then a drug to ward off bad infections. The products powered Pfizer’s revenue past $100 billion. Employee pride swelled.
This week, the company’s shares fell to their lowest close in more than a decade, capping a stunning fall that year-to-date has obliterated $140 billion in valuation. The company is pulling back on some of its research programs and laying off workers. Morale has shriveled, according to current and former employees.