Pfizer's second-quarter results update included news of an additional $2.5 billion in cost-cutting initiatives, taking the total targeted in the last three years above the $10 billion mark. The new savings – which will be realised between 2027 and 2029 – are the latest instalment of a major restructuring that started in 2023, as Pfizer faced a steep decline in revenues from its BioNTech-partnered COVID-19 vaccine as the pandemic fizzled out. In its announcement, Pfizer said the additional $2.5 billion is "associated with ongoing initiatives" to reduce its cost of goods sold (COGS) metric, and will focus on "network structure changes, product portfolio enhancements and additional operational efficiencies." The programme will come with a one-time cost of around $4 billion, said the company. "I am confident we will create substantial future value for patients and shareholders," said Bourla.