We expect the IRA’s drug pricing controls and Medicare Part D redesign may have an adverse impact on our full-year sales, particularly for our products that are more substantially reliant on Medicare reimbursement. We anticipate the IRA Medicare Part D redesign will have a modest net unfavorable impact to our 2025 revenue, ranging from approximately $50.0 million to $100.0 million, concentrated in our SKYCLARYS and MS portfolio product revenue, approximately a third of which could be associated with SKYCLARYS.
All entries for: Immune Diseases
October 30, 2025
Biogen Inc
Negative Outlook
Cambridge, MA
5,001-10,000 employees
Disease Area: Immune Diseases, Multiple, Neurological Diseases
Drug Type: Biologic, Small Molecule
October 30, 2025
Genentech
Layoffs
San Francisco, CA
10,001-50,000 employees
Genentech is laying off employees at its South San Francisco headquarters. According to a Worker Adjustment and Retraining Notification (WARN) Act notice, 118 staffers will lose their jobs effective Nov. 28.
Disease Area: Cardiology, Hematology, Immune Diseases, Neurological Diseases, Oncology
Drug Type: Biologic, Small Molecule
October 28, 2025
Incyte Corp
Neutral Outlook
Wilmington, DE
1,001-5,000 employees
Further, in August 2022, the Inflation Reduction Act of 2022 was enacted, which includes provisions allowing the federal government to negotiate prices for certain high-expenditure single source Medicare drugs, to impose penalties and to implement a potential excise tax for manufacturers that fail to comply with the negotiation by offering a price that is not equal to or less than the negotiated “maximum fair price” under the law, and to impose rebate liability on manufacturers that take price increases that exceed inflation. The new law also reduced the out-of-pocket prescription drug costs for Medicare Part D beneficiaries, and to help pay for this change in benefit design, the law imposes a new discount program starting in 2025, in which manufacturers pay specified discounts on Medicare Part D utilization of their drugs as a condition of selling such drugs in the Medicare Part D program. The Inflation Reduction Act includes certain exemptions for small biotech drug manufacturers, including Incyte.
Disease Area: Dermatology, Immune Diseases, Multiple, Oncology
Drug Type: Biologic, Small Molecule
October 28, 2025
Regeneron Pharmaceuticals
Neutral Outlook
Tarrytown, NY
10,001-50,000 employees
Notably, in 2022 the U.S. Congress passed the Inflation Reduction Act (“IRA”), which includes, among other items, provisions regarding the following:
•Implementation of a Medicare Drug Price Negotiation Program (the “Medicare Drug Price Negotiation Program”). The Medicare Drug Price Negotiation Program requires the government to set prices for select high-expenditure drugs covered under Medicare Parts B and D. Starting in 2023 and 2026, the government is authorized to select Part D and Part B drugs, respectively, for inclusion in the Medicare Drug Price Negotiation Program, with established prices to go into effect for selected Part D drugs in 2026 and for selected Part B drugs in 2028, in each case absent certain disqualifying events.
•Medicare Inflation Based Rebates. The IRA includes measures requiring manufacturers to pay rebates where increases to the average sales price or average manufacturer price of drugs covered under Medicare Parts B and D, respectively, exceed the rate of inflation.
•Medicare Part D Program Redesign. The IRA implements changes to the Medicare Part D benefits to limit patient out-of-pocket drug costs and shift program liabilities from patients to other stakeholders, including health plans, manufacturers, and the government.
Disease Area: Hematology, Immune Diseases, Multiple, Neurological Diseases, Oncology, Rare Diseases
Drug Type: Biologic, Small Molecule
October 23, 2025
Alector
Layoffs
South San Francisco, CA
201-500 employees
GSK-partnered Alector will pull the plug on its investigational antibody latozinemab, which it had been developing for a genetic form of frontotemporal dementia, and cut 49% of its workforce. The layoffs will affect about 75 employees.
Disease Area: Immune Diseases, Multiple, Neurological Diseases, Oncology
Drug Type: Biologic
October 22, 2025
Galapagos
Discontinued Research, Layoffs
Cambridge, MA
1,001-5,000 employees
Galapagos intends to shutter its cell therapy business, which would affect about 365 employees across Europe, the United States and China and include site closures in New Jersey and Pennsylvania.
Disease Area: Chronic Disease, Immune Diseases, Multiple
Drug Type: Biologic, Small Molecule
October 2, 2025
GSK
Layoffs
San Francisco, CA
50,001+ employees
Pharma giant GSK continues to shed employees, this time with an 8-person round of layoffs at its San Francisco, California site, according to a Worker Adjustment and Retraining Notification posting. The terminations were effective Sept. 29. GSK has enacted a couple of other workforce reductions this year.
Disease Area: Immune Diseases, Multiple, Oncology, Rare Diseases, Respiratory Diseases
Drug Type: Biologic, Small Molecule
September 23, 2025
Seres Therapeutics
Layoffs
Cambridge, MA
51-200 employees
As part of cost-cutting measures to support its lead program, Seres Therapeutics is laying off about 25% of its workforce, which includes people let go effective in August.Seres expects the cuts will help extend its cash runway into the second quarter of 2026.
Disease Area: Immune Diseases, Infectious Diseases, Oncology
Drug Type: Biologic
September 19, 2025
Bristol Myers Squibb
Layoffs
Lawrenceville, NJ
10,001-50,000 employees
Bristol Myers Squibb is letting go of 282 employees in Lawrenceville, New Jersey, with effective dates in December 2025 and February and March of next year.
Disease Area: Cardiology, Hematology, Immune Diseases, Multiple, Oncology
Drug Type: Biologic, Small Molecule
September 18, 2025
X4 Pharmaceuticals
Layoffs
Boston, MA
51-200 employees
For the second time this year, X4 Pharmaceuticals is enacting a “strategic restructuring” initiative, in which it will let go of half of its employees in a bid to “sharpen operational focus and align resources” with its long-term strategy, These most recent staffing cuts are expected to affect some 50 employees. The strategic push will cost the company $3.3 million in one-time expenses for severance and other termination-related payments. Annualized savings are expected to hit $13 million, according to the SEC filing. X4 is also trimming its masthead. The biotech’s Board has terminated Chief Operating Officer Mary DiBiase, Chief Commercial Officer Mark Baldry and Chief Legal and Compliance Officer Natasha Thoren, all effective Sept. 15. A day later, Chief Medical Officer Christophe Arbet-Engels stepped down from his post.
Disease Area: Immune Diseases, Multiple, Neurological Diseases, Oncology, Rare Diseases
Drug Type: Biologic, Small Molecule