Takeda is latest pharma to trim workforce, cuts 641 positions
28 May 2024
Takeda shed some light on planned layoffs hinted at earlier this month when the Japanese pharma unveiled a $900-million restructuring plan. The workforce reduction, disclosed in a Worker Adjustment and Retraining Notification (WARN) Act notice, will affect 641 employees at two sites in the Boston, Massachusetts area.
The multi-year cost-savings programme is designed to improve growth and profit margins in the face of generic competition to Azilva and Vyvanse. Takeda said it plans to simplify some of its divisional structures, optimise its external spend, and improve the efficiency of its supply chain and vendor management processes to drive its core operating profit margin to a target of low- to mid-30%.
The round of layoffs, which is slated to take effect in July and continue through March 2025, will affect 495 staff members at Takeda’s Cambridge facility, and 146 employees at its Lexington site.
Takeda is the latest in a string of pharmas to announce cost-cutting initiatives this quarter. Bristol Myers Squibb will lay off about 2200 employees as part of a plan to save $1.5 billion by the end of 2025; Bayer said it has reduced its staff by around 1500 to simplify its operational structure and result in annual cost savings of €500 million ($540 million) this year; and Pfizer announced several measures intended to save $1.5 billion by the end of 2027, adding on to a $4-billion plan revealed at the end of 2023 amid declining demand for its COVID-19 products.
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