Big Pharma’s Layoff Wave Continues in New Jersey: J&J and Bayer Announce Significant Job Cuts

Johnson & Johnson (J&J) Layoffs:

J&J plans to lay off 231 employees in New Brunswick, New Jersey, effective December 27, 2024.
The layoffs are part of a broader restructuring effort aimed at adapting to a rapidly changing external environment.

Bayer Layoffs:

Bayer will eliminate 57 positions in Whippany, New Jersey, effective December 27, 2024.
These layoffs are part of a larger restructuring plan to boost operational efficiency and streamline company structures, which includes a goal of achieving $541 million in cost savings in 2024 and $2.16 billion in 2026.

Industry Context:

The layoffs are part of a broader trend in the pharmaceutical industry, with companies like Pfizer also announcing significant job cuts in other locations.
The restructuring efforts are aimed at addressing challenges such as cost pressures and the need to adapt to changing market conditions.