Layoffs continue to batter biotech, with Big Pharmas piling on the pain

More companies laid off staff last month than in January 2022, driven by trims at billion-dollar Big Pharmas and smaller biotechs that had to downsize for the second time in less than a year.

Over the last four weeks, at least 13 different companies have announced staff reductions, resulting in hundreds of layoffs and maintaining pessimism that the industry as a whole has yet to find the floor. That exceeds the eight companies that had layoffs in January 2022 and ties the fourth-highest month of layoffs recorded in the last 13 months.