BioMarin Announces Significant Workforce Reduction Amid Restructuring Efforts

BioMarin Layoffs:
BioMarin Pharmaceutical Inc. is cutting 225 jobs globally as part of its restructuring efforts, following an earlier reduction of 170 positions in May 2024.

Reasons for Layoffs:
The layoffs are due to a narrowed geographic focus for its gene therapy for hemophilia A, Roctavian, and the elimination of an experimental heart drug program.

Total Job Loss:
With these cuts, BioMarin will have shed close to 400 jobs this year, significantly reducing its workforce from over 3,400 employees at the end of last year.

Financial Impact:
The company will take a one-time charge of $30 million to $35 million, primarily for severance and other job termination benefits.

Industry Context:
The biotech industry is facing a downturn due to increased interest rates and the high costs of drug development, leading to widespread layoffs and restructuring across various companies.