U.S. drugmaker Pfizer on Wednesday launched a new multi-year program to reduce its expenses by about $1.5 billion by the end of 2027, adding on to a $4 billion cost cutting plan it announced last year.

Pfizer is launching a multi-year cost reduction program expected to include operational efficiencies, network structure changes, and product portfolio enhancements.The first phase is focused on operational efficiencies and is expected to deliver savings of about $1.

Amid its ongoing efforts to trim $4 billion in spending in 2024, Pfizer in an SEC filing on Wednesday said it is looking to save an additional $1.5 billion over the next several years.

Pfizer has made frequent headlines in recent months as it moves forward with a campaign to save $4 billion in annual costs by the end of this year. | Pfizer has made frequent headlines in recent months as it moves forward with a campaign to save $4 billion in annual costs by the end of this year.

Pfizer PFE announced that it is launching a new cost-restructuring program to reduce its spending. Spanning across multiple years, the program intends to reduce the company’s costs of goods sold in a multi-phased effort.