In a series of significant restructuring moves across the pharmaceutical and defense sectors, several major companies have announced job cuts and strategic shifts. L3Harris is reducing its workforce by 5% as part of a cost-saving initiative. Similarly, Bristol Myers Squibb is laying off 2,200 employees, approximately 6% of its workforce, amidst a broader $1.5 billion cost reduction plan. This plan includes a reduction of about 12 drug development programs and is partly due to charges from recent acquisitions. In the biotech field, Roche has cut 20% of its new molecular entities, focusing on high-impact R&D projects, while discontinuing specific drugs like belvarafenib and previously camonsertib. Its subsidiary Genentech has also reduced its drug portfolio projects. Additionally, Freenome, an early cancer detection company, is cutting over 100 jobs, about 20% of its staff, following a restructuring. These industry-wide cutbacks reflect a trend towards streamlining operations and focusing on core, high-impact areas, despite some sectors like Wall Street experiencing significant financial setbacks such as a $2.5 billion free cash flow loss.
Genentech parent Roche has shaved one of five projects from its drug portfolio since Q3 2023. Here’s what that means for the Bay Area biotech and its workforce. https://t.co/1OP23zOXvU
Pharma giant Bristol Myers Squibb *Paid its CEO $20 million last year *Is laying off 2,200 employees How come whenever companies do cost-cutting, employees are fired but the executives who got them into this mess are never touched?
Private aviation manufacturer Textron to cut 1,500 jobs as program cancellations, weak demand slam company earnings
Multiple Pharma materially shrinking their pipelines ( $RHHBY $SANY $BMS most recently) Killing stuff that won’t work is good for returns, but unless PTS rises smaller pipelines won’t plug future LOEs More acquisitions coming therefore?
Bristol Myers outlines "about 12" pipeline cuts as it executes major cutbacks $BMY https://t.co/bdNYIllCMv
Textron Stock Dives on Earnings Miss. It’s Also Cutting Jobs. https://t.co/kYt7AdyZaU
Bristol Myers to cut 6% of workforce, trim drug pipeline https://t.co/Cvz9YCFCcB by @NedPagliarulo $BMY
Interesting interview below w/ Bristol Myers Squibb CEO. One of the areas where they are decreasing investment: "one asset we are deprioritizing is a BET inhibitor, 986158. It was a product we were developing in myelofibrosis and frankly, as we look at it, it simply didn’t meet… https://t.co/xdJEXFYnq0
Bristol Myers Squibb is laying off 2,200 employees #MacroEdge https://t.co/AmSwLhRAc8
BMS is instituting a massive restructuring, with $1.5B in planned cuts through '25, and 2,200 layoffs this year. Will reinvest in best assets. One asset execs just touted: Breyanzi. Sources tell me that staffers working on Breyanzi were laid off. https://t.co/eYBaKmmcMj
Bristol-Myers Squibb $BMY stock slips despite earnings beat https://t.co/vonacAvbfj https://t.co/ffowsDgZW3
Bristol Myers posts quarterly loss, revenue rises 5% https://t.co/4uKXkzRuzB https://t.co/jLJT6EjxnS
Bristol Myers Cuts Full-Year Earnings Forecast, Launches Cost Cuts https://t.co/AU5Ju2mmnu
$BMY says that, as part of a larger cost-cutting plan that will already include around 2,200 layoffs, the company has cut a dozen pipeline programs
Biotech RIF is back it seems: Following lower-than-expected profits, Evotec plans to cut costs, completes CEO search https://t.co/pLCwZhtN14 https://t.co/M6CUsiKgQv
MORE PHARMA RIF: Bristol Myers plans $1.5B in cost cuts, including 2,200 jobs, as CEO promises more ‘agile’ company As I was saying earlier…. https://t.co/uv5x8dTYlT https://t.co/wnwkAsvkJm
Bristol Myers Squibb shares fall amid sluggish sales of some newer drugs https://t.co/4OdZpf1ROw
The common first move by a new Big Pharma chief with big, big problems: Cut. Show some discipline. New deals will follow. Silently blame the last guy (now chairman) for not getting it right. Max Gelman has the $BMY story. https://t.co/HaYEKRZBqf
The common first move by a new Big Pharma chief with big, big problems: Cut. Show some discipline. New deals will follow. Silently blame the last guy (now chairman) for not getting it right. Max Gelman has the $BMS story. https://t.co/HaYEKRZBqf
Bristol Myers is cutting about 2,200 jobs (6% of workforce), the company says -- part of a $1.5B cost cut program announced Thursday with earnings: https://t.co/Yh9bKb5rXr
*BRISTOL MYERS TO CUT WORKFORCE BY 2,200 OVER NEXT YEAR @business cc @dailyjobcuts
This morning, Bristol Myers Squibb said its sales were higher than expected, but also that it is laying off 6% of employees. I spoke with CEO Chris Boerner about the future of the company, which he says has its best pipeline, well, maybe ever and will become one of the fastest…
Amid layoffs and a hit to earnings, Bristol’s new CEO shares his vision for the future. https://t.co/tTm6ICw5jL
Bristol Myers Squibb on Thursday reported a first-quarter loss as charges related to its recent acquisitions of Karuna Therapeutics, RayzeBio and Mirati Therapeutics offset a 5% increase in revenue. https://t.co/mCH9EEJpij https://t.co/mCH9EEJpij
Bristol Myers first-quarter revenue beats Wall Street’s expectations as blockbuster cancer medicine Revlimid's sales decline slows https://t.co/efFKEsTFP4
Amid layoffs and a hit to earnings, Bristol’s $BMY new CEO shares his vision for the future https://t.co/rYAkE3hCY1 Bristol CEO Chris Boerner spoke to STAT's @matthewherper
Bristol Myers plans $1.5 billion in cost cuts as CEO promises more 'agile' company $BMY https://t.co/94vlJbRw9i
. @Roche has cut 20% of its #pharma pipeline of new molecular entities in the last few months as part of a shift in focus on 'high impact' R&D projects https://t.co/o6eEevgLeS
ICYMI: Roche has swept a pair of phase 1 solid tumor drugs and an early-stage psychiatric disorder prospect out the door. The culls are part of a broader refocusing that has removed 20% of new molecules from the pipeline in recent quarters. https://t.co/5zqRkGSZzf
Biotech RIF is back: Cancer testing company Freenome to lay off 100 employees https://t.co/4WufmO5BXx
Freenome to Lay Off 20 Percent of Workforce https://t.co/65cWCnktcz
Genentech parent Roche has shaved one of five projects from its drug portfolio since Q3 2023. Here’s what that means for the Bay Area biotech and its workforce. https://t.co/1WgsyiZk2b
Early cancer-detection test maker that raised $254 million earlier this year now says it will cut more than 100 jobs — about 20% of its workforce — as it restructures https://t.co/GnzYyfdcU1
$RHHBY trims its pipeline again https://t.co/LGIpTniP7D https://t.co/8Xj6eyXDzh
$RHHBY stressing that termination of 20% of NMEs is a gross figure. Other projects have been added, including through M&A. https://t.co/CsBP6dn0pE
$RHHBY discontinuing belvarafenib. (Camonsertib $RPTX we already knew about.) https://t.co/qbESiuCyXW
Wall Street after a Mag 7 posts -$2.5bn FCF and lays off 20,000 people #MacroEdge https://t.co/8M9uJkLjau
Exclusive: US defense contractor L3Harris to cut 5% of workforce to save costs, email shows https://t.co/rD3VMxXdK3 https://t.co/f89mbXknwq