Aff cant solve for biopharma layoffs (could also be aff depending on how you frame it)

On the other hand, the biotech sector is also experiencing a significant wave of layoffs. Major biotech and pharmaceutical firms like Amylyx Pharmaceuticals, Novartis, Genentech and Sanofi are among those affected. As Jonathan Norris, a managing director with HSBC Innovation Banking, noted in a January , “It’s the have and have-nots right now in terms of access to capital.” Additionally, Kenvue, which spun out from Johnson & Johnson in 2023, has revealed plans to lay off about 4% of its workforce. Bristol Myers Squibb (BMS) also announced one of the largest workforce reductions of the year thus far, signaling plans to cut roughly 2,200 employees, or about 6% of its employee base. Meanwhile, Bayer is letting 1,500 workers go on top of a management shakeup. Biopharma layoffs have generally increased since the beginning of 2024. Big layoffs at Big Pharma driving surges in the numbers In the second quarter, a number of Big Pharma companies announced significant layoffs contributing to the surge in numbers. Bristol Myers Squibb led the pack with 2,200 layoffs on March 15. Bayer followed with 1,500 layoffs on May 14 as part of CEO Bill Anderson’s vision for a simpler organization under the new “dynamic shared ownership” operating model, which aims to reduce bureaucracy. Other Big Pharmas making significant cuts include Biogen (1,000 announced in March) and Kenvue, a consumer health company spun out of J&J, laid off 920 employees (4% of its global workforce) in May.