Layoffs
In a major pivot, Allogene Therapeutics will no longer focus on two of its studies testing blood cancer therapy cema-cel in an effort to extend its financial runway into 2026.
Biopharmas of varying sizes—including larger companies like Amgen, Gilead and Pfizer—cut employees in 2023 to stay afloat.
The company’s fiscal report for 2023 details revenue losses of $539 million and layoffs of 1,100 employees but notes that future GLP-1 manufacturing revenues could help stabilize its finances.
On the heels of cutting 100 jobs in Ireland, Pfizer is laying off around 500 workers from its Sandwich, Kent facility in the U.K. under its cost-reduction plan to save $3.5 billion through 2024.
Seeking to weather declining sales from its COVID-19 business in the third quarter, Pfizer is laying off approximately 200 employees at its manufacturing facility in Kalamazoo, Michigan.
In its most recent round of layoffs this year, the California-based biopharma company is letting go of 350 former Horizon Therapeutics staff whose roles overlap with existing positions at Amgen.
A revised Paxlovid supply agreement with the U.S. government has pushed Pfizer to launch a “cost realignment” program including layoffs, though it is still unclear how many employees will be affected.
The layoffs, set to take effect in late November, will impact about a third of Reata’s headcount. The workforce reduction comes just weeks after Biogen completed its $7.3 billion Reata buy.
The biotech is laying off about 29% of its employees and will focus its resources on the company’s hypoimmune platform. The latest downsizing follows a previous round of layoffs in August 2023.
The companies have announced the impending closures of their respective businesses. Histogen will lay off most of its employees by the end of September. Fresh Tracks will do so by early October.
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