Q3 biopharma layoffs drop 90% year-over-year, affecting about 1,800 workers

Biopharma companies reduced their layoff activity in the third quarter, with the number of employees affected falling about 90% compared with the same period last year.

According to BioSpace data, 56% fewer companies announced cuts and the total headcount targeted dropped sharply. Only 27 biopharma firms reported workforce reductions, affecting 2,568 people – the lowest quarterly total recorded since tracking began in 2024.

Big‑pharma names such as Bristol Myers Squibb, Johnson & Johnson and Novartis were among those planning or executing layoffs. Bristol Myers Squibb alone will let go of 265 staff at its Princeton, New Jersey site between Dec. 17, 2026 and May 21, 2027.

New Jersey emerged as the hardest‑hit state, reflecting the concentration of biopharma operations in the region.