During the first quarter of the 2024 earnings season, large drugmakers Bayer and Bristol Myers Squibb announced thousands of layoffs in two of the largest workforce reductions so far this year. Coming off years of upheaval in the biotech and pharma sectors, will this be a temporary bump in the road or the beginning of a significant wave of Big Pharma layoffs?
Tag Archive for: Bayer
Since taking the helm in 2023, Anderson has embarked on a radical departure from the traditional structure of large pharma companies. Will getting rid of management layers fix Bayer?
In today’s first-quarter 2024 financial results, Bayer reported a slight drop in sales amid its sweeping companywide restructuring that resulted in workforce reductions, while lowering its full-year earnings outlook.
“The FDA Fast Track Designation for AB-1002 is an important accomplishment for the clinical development of this program and highlights our goal of bringing potentially effective treatments to patients with advanced congestive heart failure,” said Canwen Jiang, MD, PhD, Chief Development Officer and Chief Medical Officer, AskBio.
Bayer continued its leadership shuffle not only at its world headquarters in Germany but at two U.S.–based subsidiaries. Yet most of the executive movement of late has been at smaller companies.
Bayer has really shaken up its C-suite, cutting its senior executive team by nearly half as part of a previously announced operating overhaul. In other news, the recently retired CEO of BioMarin joined the board of a bioinformatics AI firm, while a well-known former biopharma executive became a board member of a well-capitalized startup. Meanwhile, Dyne Therapeutics is losing its CEO to the investment world.
As part of a sweeping reorganization, Bayer Pharmaceuticals on Wednesday shuffled its leadership roster, which included the creation of a new unit and role changes.
Bayer predicted at least $1 billion in 2024 sales for prostate cancer drug Nubeqa, which is playing a bigger role for the drugmaker’s growth prospects after the failure of a promising anti-blood-clotting therapy.
The deal involves a partnership to develop next-generation sequencing (NGS)-based companion diagnostic assays (CDx) together. These will help identify patients who may benefit from Bayer’s growing portfolio of precision cancer therapies by offering decentralized genomic testing and rapid turnaround time.
Bayer stated that it would request regulatory approval for its menopause drug after the daily pill was shown to ease hot flashes in a third late-stage trial, providing some relief for its pharmaceuticals unit that is reeling from a recent development setback.