May 22 (Reuters) - U.S. drugmaker Pfizer ( PFE ) said on

Wednesday it had launched a multi-year program to reduce

expenses and aims to save about $1.5 billion in costs by the end

of 2027.

The program will include operational efficiencies, network

structure changes, and product portfolio enhancements, the

company said. It expects to realize some cost savings from the

program in 2025.

The one-time charges related to the first phase of the

program are expected to be about $1.7 billion, Pfizer ( PFE ) said in a

regulatory filing, adding it expects to record a majority of

that this year.

Pfizer ( PFE ) launched a $4 billion cost-cutting program in late

2023.