Novartis is to cut up to 680 jobs in its development organization, which helps bring its drugs to market, the Swiss pharmaceuticals company said on Tuesday.
Tag Archive for: restructuring
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.
Top three Bayer shareholder Harris Associates on Thursday came out in strong support of the drugmaker’s CEO for suspending work on a separation of the diversified group and to focus on improving the company’s operating performance.
Novavax reported fourth-quarter 2023 revenue and earnings on Wednesday that missed Wall Street expectations, causing the company’s stock price to fall more than 25% in morning trading.
Today the company reported a surprise quarterly profit on Tuesday, helped by cost-cutting measures and fewer returns of its COVID treatment Paxlovid by the U.S. government than it had expected, but revenue fell short of Wall Street estimates.
Cancer treatment maker 2seventy bio, said it will sell all its experimental cell therapies to Regeneron Pharmaceuticals to focus on its only approved product Abecma.
The sweeping changes are meant to “reduce hierarchies” and “accelerate decision-making” as Bayer weathers several business crises and continues to suffer from the fallout of its disastrous Monsanto acquisition.
The biotech announced a restructuring plan as its humanized IgG1 antibody lirentelimab failed two Phase II studies in atopic dermatitis and chronic spontaneous urticaria.
Without consumer health and with its orthopedics business undergoing restructuring, pressure on J&J’s large pharmaceutical unit is likely to intensify as the company aims to reach its goal of $57 billion in drug sales by 2025.
Mallinckrodt said on Wednesday it was planning to file for bankruptcy protection, for a second time in three years as it struggles to pay victims of the opioid crisis, sending the shares of the U.S. drugmaker down 22% in premarket trading.
