Pfizer announce cull of 2% of staff

The company is set to cut around 2% of its 90,000 staff as part of a restructuring intended to "simplify the organization to avoid duplication, create single points of accountability and reduce the number of layers within teams."

The layoffs will mainly affect non-union workers. The decision has come ahead of Albert Bourla’s succession of long time Pfizer CEO Ian Read.

"As we prepare for growth we are creating a simpler more efficient structure which will affect some managerial roles and responsibilities. We are offering enhancements to certain benefits to lessen this effect," Pfizer spokeswoman Sally Beatty said in an email to CNBC.

 "To achieve our full potential we will need to create a simpler and more efficient organization," the company said in an email to employees, obtained by CNBC.

The announcement comes after Pfizer revealed plans to reorganise into three units in July of this year.

On the announcement of the news Pfizer stocks shot up by 1.7%. The company has seen its shares rise more than 22% over the past year.

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