Biopharma Layoff Tracker 2024: FibroGen, Pfizer, Cue, and More Cut Staff

FibroGen Layoffs::

FibroGen has announced significant layoffs as part of its restructuring efforts to streamline operations and focus on core projects.

Pfizer Layoffs::

Pfizer is undergoing a multi-year cost-cutting initiative aimed at generating $3.5 billion in savings through 2024, which includes layoffs and the closure of a research facility in Boulder, Colorado.
Pfizer will also cut 120 jobs as part of its decision to end construction on a planned $350 million manufacturing facility.

Cue Layoffs::

Cue has laid off an undisclosed number of employees as part of its restructuring efforts to adapt to changing market conditions.

Anokion Layoffs::

Anokion has confirmed layoffs of an undisclosed number of employees, focusing on immune-related biotech research.

Industry-Wide Layoffs::

The biopharma industry has seen a significant number of layoffs in 2024, with companies like UniQure, GeNeuro, G1 Therapeutics, eFFECTOR Therapeutics, Barinthus Biotherapeutics, Genentech, Novartis, Sanofi, Boehringer Ingelheim, Amylyx Pharmaceuticals, Carisma Therapeutics, Aera Therapeutics, and Intellia Therapeutics also announcing job cuts.

Reasons for Layoffs::

Many companies are restructuring due to failed clinical trials, strategic realignments, and cost-cutting measures to maintain profitability and extend cash runway.

Impact on Employees::

The layoffs have resulted in significant job losses across various departments and locations, affecting both research and development teams as well as commercial operations.