Biopharma Companies Continue Layoffs: Novartis, Recursion, and Kronos Reduce Staff Amid Industry Restructuring
Novartis Layoffs:
Global Impact:
Novartis plans to lay off up to 8,000 employees worldwide, which is more than 7% of its global workforce of 108,00015.
Switzerland Impact:
In Switzerland, Novartis will eliminate about 1,400 positions, or 12% of the 11,600 jobs in its home country1.
Recent Cuts:
Novartis recently announced plans to cut 139 jobs in New Jersey, primarily affecting commercial field sales teams working on Xolair3.
Kronos Layoffs:
Workforce Reduction:
Kronos is cutting 83% of its workforce and parting ways with CEO Norbert Bischofberger4.
Industry Trend:
Continuing Layoffs:
The biopharma industry continues to see significant layoffs, with companies like Bristol Myers Squibb, Pfizer, and Perrigo also announcing substantial workforce reductions2.
Cost-Cutting Measures:
These layoffs are part of broader cost-cutting measures aimed at streamlining operations and reducing expenses in a challenging market environment2.
Sources:
1. https://www.biopharmadive.com/news/novartis-restructuring-layoffs-switzerland/626265/
2. https://www.biospace.com/the-6-largest-biopharma-layoffs-of-2024-so-far
3. https://endpts.com/novartis-to-cut-139-jobs-in-nj-as-part-of-commercial-refocus/
4. https://www.biopharmadive.com/news/kronos-idorsia-layoffs-ptc-als-alnylam-pdufa/734096/
5. https://www.fiercepharma.com/pharma/leaner-and-simpler-novartis-details-plans-cut-8000-jobs-worldwide