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Bristol Myers Squibb’s Bold Moves: Cost-Cutting and Revenue Surge Amid Challenges Bristol Myers Squibb (BMS) has taken decisive action to enhance efficiency, despite facing challenges anda 6% drop in sales for Opdivo (nivolumab). In the first quarter of 2024. The pharma giant is implementing major cost-cutting measures, including layoffs affecting around 2,200 employees. Their strategic productivity initiative aims to generate $1.5 billion in savings by 2025. #labourmarket #labortrends #Layoffs

Follow along as BioSpace keeps you up-to-date on the latest pharma and biotech layoffs. Today's Biopharma Layoff Tracker 2024 updates include Lykos Therapeutics, Galera Therapeutics, Inc., GRAIL and more. https://hubs.li/Q02LJCPF0 #layoffs #pharma #biotech #biospace

Headline: Bristol Myers Squibb cuts hundreds of Mirati staffers months after closing $5.8B buyout Me: As you read this, know that San Diego is on an upward trajectory and there are some really exciting success stories underway and new companies forming and hiring. If you’ve got talent and conviction, 2024 is going to be a great launch pad for you! Good talent is always in demand! Article: Bristol Myers Squibb cuts hundreds of Mirati staffers months after closing $5.8B buyout By Eric SagonowskyMar 26, 2024 5:25pm Two months after closing its multibillion-dollar acquisition of Mirati Therapeutics, Bristol Myers Squibb is bidding adieu to more than 250 workers at the biotech's headquarters in California. In a Worker Adjustment and Retraining Notification Act (WARN) notice, BMS said it's laying off 252 staffers at 3545 Cray Court in San Diego. That's the headquarters of cancer specialist Mirati, according to that company's financial filings. The cuts come shortly after the companies closed their M&A deal in late January. Back in October, BMS agreed to pay $4.8 billion for the commercial biotech, plus $1 billion through a contingent value right tied to the regulatory advancement of a pipeline drug. With the Mirati buyout, BMS picked up the FDA-approved non-small cell lung cancer drug Krazati, a KRAS inhibitor that's going up against Amgen's Lumakras. In the first nine months of last year, the drug generated around $36 million, Mirati reported in November. In a statement, a BMS spokesperson said the company is "very pleased" to have closed the deal. "As part of the integration, we are aligning resources to best support our operating model and our portfolio evolution," the spokesperson added. "Unfortunately, some of our employees have been impacted as a result of these changes and a top priority for us is supporting employees throughout the transition process." The layoffs become effective April 22, according to the WARN disclosure. It's not uncommon for large drugmakers to cut staffers at an acquired company after an M&A play. Just this month, GSK said it's parting ways with some Bellus Health staffers after buying that company for $2 billion. As for other examples in recent years, Merck trimmed ranks at Acceleron after a sizable buyout, while Sanofi let go of two dozen Kadmon workers after a $1.9 billion deal. Besides the cuts on the West Coast, BMS recently disclosed 75 layoffs in Lawrenceville, New Jersey, where it operates R&D and commercial facilities.

Thoughts on this? >> Coherus lays off 30% of staff following Cimerli sale to Sandoz >> Comment below! >>> lqventures.com #strategy #competitiveintelligence #marketing #productmarketing #healthcare #pharmaceutical #pharma #biotech

Thoughts on this? >> Coherus lays off 30% of staff following Cimerli sale to Sandoz >> Comment below! >>> lqventures.com #strategy #competitiveintelligence #marketing #pharma #biotech #pharmaceutical #productmarketing #healthcare

Better Therapeutics Shutters Operations, Terminates Employees, NASDAQ Delisting - HIT Consultant #BetterTherapeuticsShutsDown: Better Therapeutics announces closure, termination of employees, and delisting from NASDAQ due to financial challenges. #ReasonsforClosure: Financial difficulties cited as the primary reason for Better Therapeutics shutting down operations. #ImpactonEmployees: Employees terminated as a result of the closure, facing uncertainty in their careers. #NASDAQDelisting: Better Therapeutics to be delisted from NASDAQ following the shutdown of operations. #FutureOutlook: Uncertain future for Better Therapeutics and its employees, highlighting the challenges in the healthcare IT industry. #LessonsLearned: Important lessons to be learned from the closure of Better Therapeutics, emphasizing the need for financial stability in healthcare IT companies. # ai.mediformatica.com #better #strategic #digital #digitaltherapeutics #prescription #prescriptiondigitaltherapeutics #boardofdirectors #this #digitalhealth #healthit #healthtech #healthcaretechnology @MediFormatica (https://buff.ly/3PqhkxD)

Big Pharma Layoffs by the Thousands: Are Bayer and BMS Harbingers of More? | BioSpace https://lnkd.in/gF7gHTcS Pictured: Bayer and BMS buildings/iStock, Detlef Voigt , JHVEPhoto During the first quarter of the 2024 earnings season, large drugmakers Bayer and Bristol Myers Squibb announced thousands of layoffs in two of the largest workforce reductions so far this year. Coming off years of upheaval in the biotech and pharma sectors, will this be a temporary bump in the road or the beginning of a significant wave of Big Pharma layoffs? In late April, BMS announced a sweeping “strategic productivity initiative” intended to generate approximately $1.5 billion in cost savings through 2025, including eliminating approximately 2,200 jobs this year while prioritizing the development of its key growth brands. BMS’ restructuring efforts come as the pharma sustained a 6% drop in Q1 sales of its lung cancer therapy Opdivo. Meanwhile, Bayer just announced a headcount reduction of around 1,500… Click here to view original post Click Here to Publish/Feature Your Company or Product News with Biotech Networks

🔔 It was a less severe month in terms of Layoffs in December with just 13 companies affected. Also worth noting the number of employees affected in a lot of cases was not as substantial. See details below..... ❌ Axcella [SHUTDOWN operations] ❌ Orna Therapeutics [undisclosed] ❌ Travere Therapeutics [20%] ❌ ReNAgade Therapeutics [10%] ❌ IGM Biosciences [22%] ❌ Ventyx Biosciences [20%] ❌ Altamira Therapeutics [25%] ❌ Ferring Pharmaceuticals [134 jobs across NJ and MN sites] ❌ Vir Biotechnology [12%] ❌ Reneo Pharmaceuticals [70%] ❌ Asher Bio [60%] ❌ Aclaris Therapeutics [46%] ❌ Oxurion [~80%]

How the Inflation Reduction Act (IRA) is Forcing Pharma to Cut Jobs and Halt Innovations The Inflation Reduction Act (IRA) is projected to save Medicare over $287 billion in the next decade, but these savings are pressuring pharmaceutical companies to restructure, cut jobs, and halt development programs. In 2024, several companies announced significant layoffs and halted programs: Johnson & Johnson: 400 job cuts in its pharmaceutical division and termination of several early-stage projects in rare diseases. Pfizer: Plans to lay off 600 employees to streamline operations and has stopped developing treatments for certain cardiovascular diseases. Gilead Sciences: Cutting 200 positions, primarily in R&D, and ending investments in niche therapeutic areas. Bayer: Reducing headcount by 1,500 jobs and halting further research in its ophthalmology pipeline. Novo Nordisk: Eliminating 500 jobs to focus on diabetes and obesity treatments, withdrawing from exploratory projects in other metabolic disorders. Takeda: Restructuring could affect up to 1,000 positions worldwide and has announced the suspension of new projects in oncology. Novartis: Overhauling operations with 8,000 job cuts globally and discontinuing some gene therapy programs due to resource allocation challenges. These measures highlight concerns that the IRA’s impact is stifling innovation. Companies are reassessing portfolios, leading to the cancellation of promising development programs, particularly in areas like rare diseases. While the IRA aims to lower healthcare costs, it challenges the pharmaceutical industry to maintain growth and innovation. #Pharma #InflationReductionAct #HealthcareInnovation #PharmaceuticalIndustry #Layoffs

Tough setback in the #ALS space, with the market withdrawal of #Amylyx's treatment, Relyvrio. Layoffs loom, but this is surely not the only example of biotech woes and staff reductions following shortly thereafter. Understanding that the biggest catalyst to these unfortunate events was the latest confirmatory trial unable to prove benefits over placebo. Still, the company has other development programs for Relyvrio in use in other conditions, as well as another possible candidate for ALS. #Biotech #Pharma #Healthcare