Biopharma Layoff Tracker 2024: Industry Continues to Downsize Amid Economic Uncertainty

Rising Layoffs:
The biotech industry saw a significant increase in layoffs in 2023, with 187 total layoffs, a 57% jump compared to 119 in 2022.

2024 Layoffs:
Over 5,600 biotech and pharma workers have lost jobs since the start of 2024, with Big Pharma driving the majority of layoffs.

Major Companies Affected:

Bristol Myers Squibb:
2,200 jobs to be eliminated by the end of 2024.

Novartis:
680 jobs in the development group over the next 2-3 years, with 29 employees let go in San Diego and approximately 100 more jobs to be eliminated.

Pfizer:
More than 1,500 jobs affected, including 285 at a vaccine R&D site in New York and 52 in South San Francisco.

Takeda:
Over 1,000 jobs affected, including 220 in Massachusetts.

Genentech:
436 employees (about 3% of the workforce) laid off at the South San Francisco headquarters in April.

Recent Layoffs:

BioMarin:
Laying off about 225 employees across its global workforce, following an executive reorganization and updated strategy for hemophilia gene therapy Roctavian.

Repare Therapeutics:
Laying off about 25% of its overall workforce, focusing on advancing its portfolio of clinical-stage oncology programs.

Sana Biotechnology:
Laying off 29% of its workforce (approximately 120 people) as part of a portfolio realignment initiative.

Biogen:
Laying off 113 employees from Reata Pharmaceuticals’ Plano, Texas site, following a cost-reduction program.

Industry Trends:
The biotech industry is experiencing a paradox in 2024, with some startups thriving while others face significant layoffs due to economic uncertainty and restructuring efforts.