Massive job losses from six pharmaceutical companies could eliminate approximately 39,000 positions.
In an industry-wide shift, several major pharmaceutical companies have announced significant layoffs as part of cost-cutting measures.
Pfizer, one of the world's leading pharmaceutical companies, has cut up to 1,702 people since announcing its cost-cutting programs in October 2023. The company aims to generate $3.5 billion in savings through 2024.
Bayer, another global player in the pharmaceutical industry, has been undergoing a series of changes. In January 2024, the company moved to a dynamic shared ownership operating model. Since then, Bayer has cut 3,200 employees, trimmed its executive roster from 14 to 8 members, and let go of about 2,000 people during the first quarter of 2025. The company's workforce, which was 102,048 at the end of Q2 2023, is now 89,556 employees. Bayer expects additional layoffs over the next 18 months or so.
Merck, another prominent pharmaceutical company, projects it could lay off about 6,000 staffers globally. The restructuring will support the launches of more than 20 products nearing the market and increase research and development investments. Merck has also announced a new cost-cutting initiative meant to generate $2 billion in savings through 2027.
Novo Nordisk, a Danish pharmaceutical company, plans to cut about 9,000 employees globally, including around 5,000 in Denmark. The restructuring is aimed at simplifying the organisation, improving decision-making speed, and reallocating resources towards its growth opportunities in diabetes and obesity.
Bristol Myers Squibb (BMS) has disclosed layoffs affecting 2,714 employees since announcing cost-cutting measures. BMS's strategic productivity initiative includes cutting roughly 2,200 jobs by the end of 2024, with the goal of generating about $1.5 billion in cost savings through 2025. In February 2025, BMS added another cost-cutting initiative, aimed at generating $2 billion in savings through 2027.
Notably, other pharmaceutical companies like Novartis and Sanofi have announced similar reductions in their workforce, with total affected employees numbering in the tens of thousands.
The recent changes in the pharmaceutical industry have been met with disappointment from company leaders. Bayer's CEO Bill Anderson expressed disappointment in company performance in January 2024. Similarly, Pfizer's cost savings are not as high as expected, according to its Q2 2025 report.
These layoffs come as pharmaceutical companies face increased pressure to reduce costs and improve efficiency in the face of a rapidly changing industry landscape. The impact of these changes on the industry and the affected employees remains to be seen.
Read also:
- Inadequate supply of accessible housing overlooks London's disabled community
- Strange discovery in EU: Rabbits found with unusual appendages resembling tentacles on their heads
- Duration of a Travelling Blood Clot: Time Scale Explained
- Fainting versus Seizures: Overlaps, Distinctions, and Proper Responses
