Despite early 2024 optimism, BioSpace’s Job Market Trends report outlines a still sluggish situation in the biopharma industry, Novartis and J&J announce Q2 earnings, GLP-1 market leaders expand into China and the Cassava Sciences saga continues.
While the biopharma industry has seen glimmers of economic optimism, there were still more than 14,000 employees laid off in the first half of 2024. And BioSpace’s readers are among them. In this week’s Job Market Trends, H2 Update, 43% of respondents indicated they are currently unemployed, the highest-ever rate since BioSpace started conducting surveys.
One large company that intends to eliminate around 680 jobs in its project development sector over the next few years is Novartis. Despite this, the Swiss pharma announced positive Q2 results last week, exceeding revenue expectations thanks to the continued revenue generated by its blockbuster drugs. Johnson & Johnson, which released its second quarter results on Wednesday, also beat analyst estimates.
Interestingly, Novartis CEO Vas Narasimhan said in a statement that coming into the market late with another GLP-1 drug would not be a “prudent approach” for the company. Meanwhile, several companies, including start-ups, are firmly committed to the weight loss space. Recently launched companies like Metsera, ProFound Therapeutics and Metaphore are developing GLP-1s or leveraging other mechanisms to target obesity, while market leaders Novo Nordisk and Eli Lilly are expanding their GLP-1 pipelines beyond weight loss. Novo and Lilly are also now marketing their GLP-1 medicines, semaglutide and tirzepatide, for weight loss in China, where GLP-1 biosimilars will soon hit the market.
And finally, the Cassava Sciences saga continued, with CEO Remi Barbier and SVP of Neuroscience Lindsay Burns both resigning their posts. Cassava has faced allegations of data manipulation relating to its Alzheimer’s drug simufilam. The company has denied any wrongdoing.
