Biopharma Layoff Tracker 2024: Precigen, Sumitomo, BMS and More Cut Staff

Bristol Myers Squibb (BMS)::

Announced a strategic productivity initiative to cut 2,200 employees by the end of 2024.
This includes over 800 employees in New Jersey as part of a massive restructuring plan.

Precigen::

Will lay off more than 20% of its staff, citing efficiency gains and strategic changes.

Sumitomo::

Included in the list of companies cutting staff, though specific details are not provided.

Novartis::

Plans to eliminate around 680 jobs in its project development sector over the next two to three years.
Approximately 440 positions are based in Switzerland and 240 in the U.S. as part of a global restructuring initiative.

Perrigo::

Cutting costs and restructuring under “Project Energize,” resulting in the loss of nearly 550 jobs (6% of its staff).
Expected annual savings from the program are between $140 and $170 million by 2026.

Genentech::

Reducing its workforce by about 3% across multiple departments, affecting around 405 employees.

Sanofi::

Eliminating 100 jobs from a San Francisco site as part of a planned divestiture of Amunix Pharmaceuticals.
Additionally, an unspecified number of jobs will be cut as part of a full pipeline reprioritization effort.

Boehringer Ingelheim::

Cutting an undisclosed number of customer-facing salesforce jobs due to the slow uptake of its Humira biosimilar, Cyltezo.

Foundation Medicine, Inc.::

Cutting about 135 members of staff as part of a decision to adopt a leaner, more streamlined organizational structure.

Nektar Therapeutics::

Implementing a restructuring initiative that includes cutting its workforce in San Francisco by about 60% to focus on its immunology portfolio.

Talaris Therapeutics::

Laying off about 80 employees, including much of its C-suite, following a decision to cut about one-third of its staff and axe two clinical trials.

Aeglea Biotherapeutics::

Laying off all but about 10 members of its staff as part of a restructuring initiative following mixed interim data from an ongoing Phase I/II study.

Oncocyte Corporation::

Cutting its workforce by about 20% to extend its cash flow into 2024.

GentiBio, Inc.::

Laid off an undisclosed number of employees, citing a challenging biotech macroenvironment.

Emerald Cloud Lab::

Laying off 30 employees from its headquarters in South San Francisco, effective April 30, as part of plans to relocate to a new facility in Austin, TX.

Enzyvant Therapeutics::

Laying off 20 employees in North Carolina, including some executive positions, due to the integration of Enzyvant and its affiliates into one new company.

UniQure::

Axing 300 roles as part of its restructuring efforts.

GeNeuro::

Laying off staff and seeking strategic alternatives after the failure of its phase 2 long COVID trial.

G1 Therapeutics::

Making targeted headcount reductions outside of the existing commercial organization to streamline the company and achieve profitability by the second half of 2025.

eFFECTOR Therapeutics::

Laying off its team, including CEO Stephen Worland, Ph.D., as the company plans to wind down.

Barinthus Biotherapeutics::

Restructuring its pipeline and reducing the workforce by 25%.

Amylyx Pharmaceuticals::

Pulling the ALS therapy Relyvrio off the market and laying off about 70% of staff after the therapy failed a confirmatory trial.

Carisma Therapeutics::

Letting go of 37% of staffers and dropping one of two clinical assets to stretch its cash into the third quarter of 2025.

Cara Therapeutics::

Laying off an undisclosed number of employees as part of its restructuring efforts.

Aera Therapeutics::

Laying off a quarter of its staff after emerging from stealth a year ago with $193 million.

Intellia Therapeutics::

Laying off 15% of its team after pausing exploratory research work.

Pfizer::

Laying off 285 employees from its vaccine R&D site in Pearl River, NY, starting in February, according to a New York WARN notice.
These layoffs reflect a broader trend in the biopharma industry, where companies are restructuring and cutting costs to adapt to market conditions and financial pressures.