Boston area biotech startup Biogen announced plans on Tuesday to cut roughly 1,000 employees, making it the latest U.S. company to conduct layoffs this year as recession fears continue to push employers to make cuts (see Forbes’ layoff tracker from the first quarter here).
Biogen CEO Christopher Viehbacher announced the layoffs—affecting 11% of its roughly 8,750 employees—in a quarterly earnings report on Tuesday, in an effort to reduce the company’s annual operating expenses by $1 billion by 2025, as part of a larger plan to “invest less in other areas which are no longer growing.”
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