Biopharma Layoff Tracker 2024: Thousands of Jobs Cut Across Industry Giants

1. Bayer and BMS Lead the Way: Bayer announced 1,500 job cuts to achieve €500 million in cost savings in 2024, while Bristol Myers Squibb (BMS) plans to eliminate 2,200 jobs as part of a strategic productivity initiative to generate $1.5 billion in cost savings by 2025.
2. Patent Cliffs and Financial Pressures: Patent expirations, such as those for BMS' Opdivo and Eliquis, and Bayer's Xarelto, are driving cost-cutting measures to maintain earnings growth.
3. Industry-Wide Layoffs: Other major companies like Pfizer, Novartis, and Takeda have also initiated significant layoffs, with Pfizer aiming for $3.5 billion in savings and Novartis planning to eliminate 680 jobs in product development over the next two to three years.
4. Recent Layoffs: Companies like Genentech, Illumina, and Ginkgo Bioworks have also made significant cuts, with Genentech reducing its workforce by 3% and Illumina affecting over 300 jobs.
5. Reasons for Layoffs: Poor sales performance, financial losses, unsuccessful clinical trials, and a shift in focus towards specific areas have been cited as reasons for the layoffs.