Swiss pharmaceutical giant Novartis (NYSE: NVS) is gearing up for a strategic restructuring that will result in the layoff of up to 680 staff members across its Swiss and US development teams. This move, reported by Endpoints News, comes on the heels of similar announcements from industry peers Bayer (ETR: BAYN) and Sanofi (NASDAQ: SNY) earlier this year.
The decision to downsize is part of Novartis’s broader plan to maximize the value of its portfolio and leverage its platforms more effectively. The layoffs are distinct from the company’s previously announced phased restructuring plan, which aims to eliminate 8,000 jobs by 2022. In a bid to bolster its workforce in certain strategic locations, Novartis will also be hiring new personnel.
Novartis has been navigating a period of significant change, with recent acquisitions, the spin-off of Sandoz (SWX: SDZ), and a sharpened focus on cardio-renal-metabolic, immunology, neuroscience, and oncology. The company’s commitment to innovation and streamlining operations is expected to enhance its competitive edge in the global pharmaceutical market.- Flcube.com
