05:44 PM EDT, 09/17/2025 (MT Newswires) -- Arvinas ( ARVN ) plans to cut an additional 15% of its workforce, while the company and its partner Pfizer ( PFE ) look for another firm to take over the rights to sell and further develop vepdegestrant, a potential treatment for advanced breast cancer.

The measures, combined with $80 million in annual cost savings announced earlier this year, are expected to result in savings of more than $100 million compared with fiscal 2024, Arvinas ( ARVN ) said late Wednesday in a statement. The company announced a one-third workforce reduction in May.

Arvinas ( ARVN ) reaffirmed its cash runway guidance through H2 2028, and the board approved a share buyback of up to $100 million.

The company's shares fell 3.9% in after-hours trading, and Pfizer ( PFE ) rose 0.2%.