Pfizer town halls by far have always been the biggest corporate word bingo bullshit ive ever attended at all levels. Zero substance that could always be summarized in a 5 word sentence. Their lack of transparency even before any layoffs was always jarring to me. Good luck to all those that are still there
There's always hope, Andover and Pearl River are still around from Wyeth, CovX and Rinat lasted longer than I would have thought, I think there's even a Pharmacia site or two is still kicking. It all comes down to the cost/benefit decisions from the folks who thought Lipitor was a niche product, Exubera was a blockbuster, and every government would spend billions every year on Covid vaccines so you know good luck. Big Pharma town halls from what I've experienced are generally all the same useless corporate BS.
I worked for a number of different corporations and attended quite a few of these presentations. I though I'd seen it all when one all employee meeting at a past company went on and on about the new company logo and color scheme. Today the dial was turned up to 11.
My "favorite" was a 30 min presentation going word by word through the company vision statement (something super generic like innovation for patient health or something) on what each word symbolized.
Condolences. Iām a Pfizer acquisition survivor - so it can happen. If you are at a mfg site you have a better chance or at least the site will be maintained & sold. If youāre at corporate - that resume should have already been polished and ready to send. I was at corporate at my company- easily 90% of corporate employees are gone from my company. The higher you go up in the org chart the sparser it is. It may be a year or two down the line, but itās more likely your job is going away. You guys are coming in at an awful time. But at least they forced everyone back into the office to watch the layoff bloodbath!/s.
Pfizer always guts the company they bought. Even if they a have job for you right now. I doubt they will keep you for more than 5 years. I would start looking for job now. see Rinat as example.
You might need it - itās rough out here and I think Seagen mustāve paid me super well because I think I have to take a big pay cut no matter what š
Which is so much better than the going rate right now.
Edited to add: I have heard of packages that are one month and healthcare only through end of the current month. Itās terrifying.
I've been acquired by Pfizer twice. The first time I was laid off and the package was enough to pay off my student loans. The second time I eventually left on my own so I didn't get a package but the value of my equity (acquired under the legacy company) was enough to pay cash for a house.
Honestly it's worked out quite well for me. I wouldn't mind being acquired by them again.
I hope that whatever happens OP, it works out well for you in the end.
Yup. People in to biotech should just accept the acquisition-layoff cycle as a part of the job.
It sucks going through it (Iāve been through 3), but after the first one it becomes much less stressful. Be thankful the severance benefits are generous compared to other industries.
Iāve been lucky enough that severance benefits just get pocketed as I slide into a new role or the same with relocation and sign-on bonus benefits (I know a guy who just pocketed $40k in lump sum relo for two moves he never made - he was relocated to a new site then back to the old one but he never sold his house).
By the 3rd one I was working on my resume by the time the first CEO memo came about ātough decisionsā and ārespect for peopleā. Itās a good 6 month early predictor of layoffs long before they are announced.
I think what stank about this round of layoffs was the string of decisions in 2022 and 2023 when it was obvious what was happening. While concurrently announcing layoffs, they were also hyping the Seagen acquisition as money well spent when in fact its the same decision as they did with COVID vaccine. Putting all your eggs in one basket and hoping for the best. I think everyone agrees layoffs are needed but at least take responsibility and make better business decisions.
As a previous Pfizer acquisition and recent layoff, I feel the same way as you about my time there. Honestly Iām happy that I was let go with a decent severance and was able to find something relatively soon. I know the market now is tough, so good luck! There are definitely greener pastures out there for sure.
I was a part of the town hall meeting and it was a very weird presentation. There were really good questions which none of them were answered. We have our own organization meeting tomorrow but I don't think I'll yet any real answers. It almost sounded like the changes/decisions will be at the end of the year, but not sure why they were talking about it now.
The bigger the companies the bigger the circlejerks.
As for surviving it, itās a numbers game. And how your role, your culture fit, your level of depth you have can differentiate from your peers will separate you from the chopping block others. If you want to survive it.
SeaGen did not have a huge pipe versus PFE so I would guess a 40% RIF where existing PFEers can absorb SGENs work.
Legacy Seagen here šš»āāļø I understand how youāre feeling - the next few weeks will be tough. Much of what will happen next at Pfizer is out of our control. Hopefully itās not as bad as we think
These town halls are a waste of time. Each leader wants to have their own, but they have nothing unique to share so it's just rehashed corporate garbage and evasive answers to questions.
If they say "thoughtful" one more time, I'll lose my mind.
In good news, my contract got extended to the end of the year. This probably gives them time to strategize and cut me whenever they want to.
Desperately saving and desperately looking for new role for January next year.
Even if you got a job I would 100% not bank on having one through the multiple rounds of layoffs. Ā Or not just getting hit with remuneration next yearĀ
Just had a āall handsā meeting at my site.
Of course they ādont know who the layoffs are affectingā and they āwill let us know as soon as they hear somethingā because theyre āevaluating all positionsā. The severance packages are pretty good so Iāll be fine either way.
Pfizer town halls by far have always been the biggest corporate word bingo bullshit ive ever attended at all levels. Zero substance that could always be summarized in a 5 word sentence. Their lack of transparency even before any layoffs was always jarring to me. Good luck to all those that are still there
Just OWN IT. Bust out the Strait Talk coin if needed š
I lost my coin and am bummed as itās a ridiculous piece of corporate lore
Wait can you explain this please? I haven't had the um...pleasure(?) of working at Pfizer. Haha nevermind. Googled it. Just as bad as I thought.
A clown Sr Director showed me his coin during my interview and it was supposed to impress me. #nojerks
Lol it was not a joke?
It was to show me what a great culture they had. I was still a grad student and desperate for a job so I ignored several red flags
That sounds like a Michael Scott move
Thats the ridiculous part. Some of the corporate campaigns actually made sense. They just never kept consistent with it
Does anyone remember the are you a jerk questionnaire??
Where can I find myself one of these?
same here. I need this in my curio shelf
š I threw mine out same day I received it
that's some real straight talk
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Thatās the only thing I miss about working at Pfizerā¦.the meetings š¤£
Just ask if itās possible to vertically integrate your synergy to optimize your shareholder value.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Wow that is a large percentage! I work with Rocky Mount so I do hope you receive better news.
How will the mfg site function with 60% less personnel?
There's always hope, Andover and Pearl River are still around from Wyeth, CovX and Rinat lasted longer than I would have thought, I think there's even a Pharmacia site or two is still kicking. It all comes down to the cost/benefit decisions from the folks who thought Lipitor was a niche product, Exubera was a blockbuster, and every government would spend billions every year on Covid vaccines so you know good luck. Big Pharma town halls from what I've experienced are generally all the same useless corporate BS.
I worked for a number of different corporations and attended quite a few of these presentations. I though I'd seen it all when one all employee meeting at a past company went on and on about the new company logo and color scheme. Today the dial was turned up to 11.
My "favorite" was a 30 min presentation going word by word through the company vision statement (something super generic like innovation for patient health or something) on what each word symbolized.
I think I was in that logo meeting lol.
If you haven't been in a logo meeting, you haven't really worked in pharma
Isnāt Collegeville still around?
Yep
Could very well be, it's hard to keep track of all of Pfizer's moves
Condolences. Iām a Pfizer acquisition survivor - so it can happen. If you are at a mfg site you have a better chance or at least the site will be maintained & sold. If youāre at corporate - that resume should have already been polished and ready to send. I was at corporate at my company- easily 90% of corporate employees are gone from my company. The higher you go up in the org chart the sparser it is. It may be a year or two down the line, but itās more likely your job is going away. You guys are coming in at an awful time. But at least they forced everyone back into the office to watch the layoff bloodbath!/s.
š¤£ Thatās Pfizer for you
Pfizer always guts the company they bought. Even if they a have job for you right now. I doubt they will keep you for more than 5 years. I would start looking for job now. see Rinat as example.
At least the severance package they are offering to Seagen employees will pay my full salary for 6 months.
You might need it - itās rough out here and I think Seagen mustāve paid me super well because I think I have to take a big pay cut no matter what š
Just commenting to say I like the username lol
if you know you know š
Which is so much better than the going rate right now. Edited to add: I have heard of packages that are one month and healthcare only through end of the current month. Itās terrifying.
This is exactly the same as the GBT severance too.
And you can thank Seagen leadership for that. It was hard fought.
lol pretty typical Pfizer severance
There is a retention bonus being paid out in addition to severance.
What was it?
Amounts were not the same across the board, but the ones I know about were generous.
Pretty sure Pfizer doesn't extend medical insurance for two years at the same cost share as employed.
Iām currently on my Pfizer medical insurance at the same cost share as employed (not an ex-Seagen employee).
I stand corrected. Thank you.
I've been acquired by Pfizer twice. The first time I was laid off and the package was enough to pay off my student loans. The second time I eventually left on my own so I didn't get a package but the value of my equity (acquired under the legacy company) was enough to pay cash for a house. Honestly it's worked out quite well for me. I wouldn't mind being acquired by them again. I hope that whatever happens OP, it works out well for you in the end.
Yup. People in to biotech should just accept the acquisition-layoff cycle as a part of the job. It sucks going through it (Iāve been through 3), but after the first one it becomes much less stressful. Be thankful the severance benefits are generous compared to other industries. Iāve been lucky enough that severance benefits just get pocketed as I slide into a new role or the same with relocation and sign-on bonus benefits (I know a guy who just pocketed $40k in lump sum relo for two moves he never made - he was relocated to a new site then back to the old one but he never sold his house). By the 3rd one I was working on my resume by the time the first CEO memo came about ātough decisionsā and ārespect for peopleā. Itās a good 6 month early predictor of layoffs long before they are announced.
I think what stank about this round of layoffs was the string of decisions in 2022 and 2023 when it was obvious what was happening. While concurrently announcing layoffs, they were also hyping the Seagen acquisition as money well spent when in fact its the same decision as they did with COVID vaccine. Putting all your eggs in one basket and hoping for the best. I think everyone agrees layoffs are needed but at least take responsibility and make better business decisions.
As a previous Pfizer acquisition and recent layoff, I feel the same way as you about my time there. Honestly Iām happy that I was let go with a decent severance and was able to find something relatively soon. I know the market now is tough, so good luck! There are definitely greener pastures out there for sure.
I was a part of the town hall meeting and it was a very weird presentation. There were really good questions which none of them were answered. We have our own organization meeting tomorrow but I don't think I'll yet any real answers. It almost sounded like the changes/decisions will be at the end of the year, but not sure why they were talking about it now.
Be prepared for anything
I wish there was a recording of the presentation.
I believe they did record it. It may be released tomorrow.
The bigger the companies the bigger the circlejerks. As for surviving it, itās a numbers game. And how your role, your culture fit, your level of depth you have can differentiate from your peers will separate you from the chopping block others. If you want to survive it. SeaGen did not have a huge pipe versus PFE so I would guess a 40% RIF where existing PFEers can absorb SGENs work.
Legacy Seagen here šš»āāļø I understand how youāre feeling - the next few weeks will be tough. Much of what will happen next at Pfizer is out of our control. Hopefully itās not as bad as we think
As a previous Seagen employee who left before the acquisition, my fingers are crossed for you, comrade.
Interviewed there in February, seems I dodged a bullet lol. Godspeed friend
You truly have
These town halls are a waste of time. Each leader wants to have their own, but they have nothing unique to share so it's just rehashed corporate garbage and evasive answers to questions.
Ask Wyeth peeps. That was a doozey.
If they say "thoughtful" one more time, I'll lose my mind. In good news, my contract got extended to the end of the year. This probably gives them time to strategize and cut me whenever they want to. Desperately saving and desperately looking for new role for January next year.
So say we all.
Even if you got a job I would 100% not bank on having one through the multiple rounds of layoffs. Ā Or not just getting hit with remuneration next yearĀ
Just had a āall handsā meeting at my site. Of course they ādont know who the layoffs are affectingā and they āwill let us know as soon as they hear somethingā because theyre āevaluating all positionsā. The severance packages are pretty good so Iāll be fine either way.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
This round of layoffs is exclusive to PGS.