Drugmakers pull back after Covid boom, planning to cut costs as they prepare for industry’s next era
Biopharma companies whose Covid-19 drugs and vaccines created an unprecedented flood of new revenue and profits are now pulling back on the huge investments they made during the pandemic, including some plans to dramatically cut costs and reduce headcount.
The planned or ongoing changes from companies including Pfizer, BioNTech, Catalent and Novavax include job cuts, reductions in R&D spending and strategy changes. Pfizer, for example, has said that even as it plans to add $25 billion in new sales from acquisitions by 2030, it’s still considering an “enterprise-wide cost improvement” program depending on this fall’s Covid sales.
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