The 6 Largest Biopharma Layoffs of 2024 So Far

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Collage of businesses/Taylor Tieden for BioSpace

The financial markets have surged thus far in 2024, recovering from post-pandemic slumps and even reaching new heights. Yet biopharma layoff trends have remained high. Biotech and pharma layoffs in 2023 totaled at least 10,000 jobs, according to BioPharma Dive. Now, just under halfway through the year, BioSpace has tallied more than 14,000 positions cut in 2024.

“I think the biggest surprise for me is that it’s continuing. Every quarter we think, ‘this is the quarter it’s going to change,’ but then something macro happens,” LifeSci Search CEO Matthew Toner told BioSpace. “Whether it’s political or interest rates or whatever, [layoffs] just don’t seem to be slowing down.”

Toner noted that the trend is affecting not only small players—biotechs that have yet to have drugs approved—but established pharmas as well. Some big players have announced cuts in the…
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