Merck will reduce its workforce by approximately 6,000 employees in “some areas of our global workforce,” the New Jersey drugmaker told Fierce Pharma. | Merck will reduce its workforce by approximately 6,

Drug maker Merck announced Tuesday it will embark on an initiative to cut $3 billion in costs 2027, including an undisclosed amount of layoffs. The global health care company, which has U.S. headquarters in Rahway, said savings from the cost-cutting measures will be used to support new products.

Merck’s stock is falling after a rare revenue miss, and the announcement of a $3 billion cost-cutting plan that will include layoffs.