01:34 PM EDT, 05/22/2024 (MT Newswires) -- Pfizer ( PFE ) said Wednesday the first phase of its multi-year cost reduction program focuses on operational efficiencies and will generate savings of about $1.5 billion by 2027.

The company said one-time costs related to the first phase will be about $1.7 billion, including severance and implementation.

The expense will be recorded primarily in 2024, with anticipated cash outlays in 2025 and 2026, according to Pfizer ( PFE ).

Shares of the company were up 2.6% in recent trading.

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