On October 13, Pfizer (NYSE: PFE) served up a platter of bad news for investors. Aside from lowering its estimates for sales of its jab and its antiviral pill for COVID, the company reported that it'd be launching a cost-realignment program that will see significant layoffs over the coming months. Thanks to the worse-than-anticipated performance of its coronavirus-targeted products, Paxlovid and Comirnaty, its annual earnings will also take a significant hit relative to expectations.

But is the stock still worth buying in light of these developments? Hashing out the details and management's grand plan for the company's future will help clarify the issue.

Pfizer didn't specify how many people it was laying off or from which business units. But it did say that the cost-cutting campaign would set it back about $3 billion in cash to pay for severance fees, among other charges, and that it'd save around $3.5 billion annually as a result. Of those savings, $1 billion will be realized before the end of this year, with the rest slated for 2024.

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Source Fool.com