[Updated on April 10, 2024] The biotech sector continues to experience a significant number of layoffs. Major cuts in early 2024 include companies like Pfizer, Thermo Fisher Scientific, Sanofi, Catalent, and GSK. Bayer reduced its executive team from 14 to eight members as part of a major operating overhaul. Catalent laid off 130 workers at…

Biotech layoffs continue to pummel the industry in early 2024 — albeit at a slightly lower clip than in 2023. Smaller firms continue to bear the brunt of funding woes and disappointing clinical data. From January to February, operational reorganizations fueled 45 layoff announcements, followed closely by strategic pivots in 37 events. Other common drivers…

Novartis AG (NYSE:NVS) has announced a restructuring plan that will result in up to 8,000 layoffs internationally, including 1,400 in Switzerland. The cuts would equate to 7.4% of its workforce. Novartis currently has approximately 108,000 employees. The Basel, Switzerland–based company aims to save approximately $1 billion in operating expenses by 2024. In April, Novartis hinted…