Based on various reasons such as corporate strategy, financial planning, and business operations, more and more multinational pharmaceutical companies are frequently carrying out overseas asset restructuring and divestiture.
Affected by this, the news of layoffs also began to come continuously
.
On October 24, Philips, a Dutch medical device manufacturer, announced urgent actions to improve performance, including immediate layoffs of about 4,000 employees worldwide and an expected
charge of about 300 million euros in the coming quarters.
Based on Philips' total workforce of 78,000 last year, the layoffs accounted for more than
5% of the company's total workforce.
Philips' new CEO, Roy Jakobs, said in a statement that the top priority is to "improve execution so that the company can begin to rebuild the trust
of patients, consumers, customers, shareholders and other stakeholders.
" Measures include strengthening patient safety and quality management, urgently improving supply chain operations, and streamlining work practices to increase productivity.
"
It is understood that on October 24, Philips' third-quarter results showed that it achieved revenue of 4.
31 billion euros, lower than market expectations of 4.
452 billion euros, and comparable revenue decreased by 5% year-on-year; Operating loss was €1,529 million, compared to operating income of €358 million in the prior-year quarter, net loss was €1,329 million, compared to a profit of €2,980 million in the prior-year period, and a diluted loss per share was €1.
50, compared to a profit of €0.
47 in the prior-year quarter
.
For the decline in the current period's performance, Philips said that the main reason was the impact
of the supply chain crisis and inflationary pressures.
In fact, in the pharmaceutical industry recently, in addition to Philips, a large number of pharmaceutical companies have also announced layoffs
.
As recently as Novartis announced that it plans to reduce the number of employees in the Dublin Global Service Center by about 400 by 2024
.
It is reported that Novartis currently has about 1,000 employees in Ireland, and the layoff will affect nearly half of the local employees
.
The layoffs are part of Novartis' strategic restructuring plan, with Novartis announcing in June plans to cut 8,000 jobs to save at least $1 billion
by 2024.
This figure accounts for about 7%
of the company's total workforce.
On October 6, Boston-area Cyclerion Therapeutics announced a 45 percent layoff, a move expected to save Cyclerion $4.
1 million per year
.
According to publicly available information, Cyclerion Therapeutics is a clinical-stage biopharmaceutical company whose main work is to develop treatments
for mitochondrial diseases, including MELAS.
On October 4, oncoSec Medical Incorporated, which focuses on the development of intra-tumor immunotherapies, announced that it will cut its workforce by 45% to reduce operating expenses to prioritize the development of its main pipeline product, TAVO (TAVO-ep™).
The company said it will focus on the clinical research
of TAVO for metastatic melanoma in the future.
.
.
.
.
.
.
Industry analysts believe that at present, multinational pharmaceutical companies are generally facing the "patent cliff"
of original drugs under the background of intensified competition in the pharmaceutical market.
Affected by this, multinational pharmaceutical companies have become more frequent in spinning and divesting action materials, especially for overseas non-core businesses, and have accelerated restructuring and divestiture.
The resulting wave of layoffs has also been rising
in the industry.
According to incomplete statistics, in the first half of this year, more than 60 pharmaceutical companies have announced layoffs, including Sanofi, Gilead, Biogen Bluebird Biotechnology, BridgeBio Pharma, BeyondSpring and so on
.
Among them, many corporate executives are also on the list, nearly half of which are in leadership and management positions
.
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