How Did Pharma Companies Fare in 2022

All told, pharmaceutical companies are also laying off workers. A modest reduction in headcount saves a lot of money, and most firms seem to share a consensus: preserve cash to sustain operations through 2023—or, in other words, most don’t expect the economy to recover before 2024.

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The approach has been fairly cautious, with companies citing architecture optimization and narrowing their focus by shrinking business lines—essentially abandoning new ventures and halting expansion, then laying people off, while trimming headcount in legacy businesses to see if they can still run smoothly with fewer staff. Some companies are even keeping cash reserves through 2026.