💊 Hundreds of layoffs are coming at a NJ pharma giant

💊 Losses linked to poor COVID drug sales are blamed

💊 Job losses will happen in early 2024

Workers at a New Jersey pharmaceutical giant are bracing for mass layoffs.

Pfizer has given notice to the New Jersey Department of Labor that they intend to close a facility in Somerset County by February 2024.

According to a Worker Adjustment and Retraining Notification (WARN) posted on the labor department website, up to 800 jobs could be lost with the closure of Pfizer's campus in Peapack.

A report on the industry website fiercepharma.com suggests the number of actual job losses could be less as staffers are offered positions at other Pfizer locations.

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

Pfizer announced it would be closing its Peapack, NJ, location in early 2024. Google Maps
Pfizer announced it would be closing its Peapack, NJ, location in early 2024.
Google Maps

COVID losses are blamed for cutbacks

In October, the Associated Press reported Pfizer's sales of its COVID-19 vaccine and coronavirus treatment were weaker than it had expected. The drug company cut revenue projections by $9 billion for 2023.

Pfizer had projected revenue as high as $70 billion for this year, but now projects it could be as low as $58 billion.

GPs In England Start To Administer Covid-19 Vaccine
Getty Images

Will other Pfizer locations in NJ be effected by cutbacks?

There are currently five Pfizer locations in New Jersey.

The only location currently targeted with a WARN notice is the Peapack facility.

Spencer Platt, Getty Images

Some of the employees at the Peapack facility could be relocated to Pfizer location in Parsippany.

No comment has been made about the Pfizer locations in Secaucus, Bridgewater or Ewing.

Biggest NJ company layoff notices in 2022 and 2023

In some cases, workers may be offered back their jobs or transfers to different locations. 

Here’s a look at more than a dozen of the biggest announcements within two years.

Gallery Credit: Erin Vogt

A list of NJ malls where you can get photos with Santa for the 2023 holiday season

The annual New Jersey tradition is back for the 2023 holiday season, along with pet photos, special events, and exclusive sensory sessions.

More details and locations will be added as the holiday season progresses, so please check back often for updates. Malls are listed in alphabetical order.

Gallery Credit: Mike Brant

Most expensive NJ school systems — by type of district

The New Jersey Department of Education separates school districts based on their district and budget type. For example, some districts serve grades K-12 while others are only K-6. Some districts operate only a regional high school or vocational school. In the list below, we reveal the district in each type with the highest per-pupil spending in 2021-22.

Gallery Credit: New Jersey 101.5

Report a correction 👈 | 👉 Contact our newsroom

More From New Jersey 101.5 FM