However, the IRA’s impact on the pharmaceutical industry in the United States remains uncertain, in part because multiple large pharmaceutical companies and other stakeholders (e.g., the U.S. Chamber of Commerce) have initiated federal lawsuits against CMS arguing the program is unconstitutional for a variety of reasons, among other complaints. Those lawsuits are currently ongoing.
All entries for: Multiple
March 31, 2026
Fortress Biotech, Inc.
Neutral Outlook
Bay Harbor Islands, FL
1-50 employees
The Inflation Reduction Act of 2022 (the “IRA”) contains substantial drug pricing reforms, including the establishment of a drug price negotiation program within the U.S. Department of Health and Human Services that would require manufacturers to charge a negotiated “maximum fair price” for certain selected drugs or pay an excise tax for noncompliance, the establishment of rebate payment requirements on manufacturers of certain drugs payable under Medicare Parts B and D to penalize price increases that outpace inflation, and requires manufacturers to provide discounts on Part D drugs.
Disease Area: Multiple
Drug Type: Small Molecule
March 31, 2026
Takeda
Layoffs
Cambridge, MA
50,001+ employees
Takeda’s recently announced reorganization may affect approximately 634 U.S. employees, including 247 in Cambridge, Massachusetts effective July 1, 2026, through Dec. 31, 2027, and 387 in other states, though the total could change as staff pursue redeployment opportunities.
Disease Area: Multiple
Drug Type: Biologic, Small Molecule
March 26, 2026
Takeda
Layoffs
Cambridge, MA
50,001+ employees
Takeda has announced a significant restructuring to streamline corporate functions and generate more than $1.25 billion in savings by fiscal year 2028, though the full workforce impact has not yet been disclosed.
Disease Area: Multiple
Drug Type: Biologic, Small Molecule
March 5, 2026
Bayer-Leverkusen
Layoffs
Leverkusen, Germany
50,001+ employees
Bayer shed approximately 4,700 employees in 2025, dropping from 92,815 to 88,078 staff by year end. Cuts affected all functional areas including production, marketing, R&D, and administration, with personnel expenses declining by approximately $842 million.
Disease Area: Multiple
Drug Type: Biologic, Small Molecule
March 2, 2026
Merck
Layoffs
Rahway, NJ
10,001-50,000 employees
Merck is laying off 154 employees across two Durham, North Carolina facilities, following the company’s decision to stop using its Old Oxford Road facility to produce its Gardasil HPV vaccines due to declining worldwide demand.
Disease Area: Antiviral, Multiple
Drug Type: Biologic, Small Molecule
February 27, 2026
Ligand Pharmaceuticals Inc
Neutral Outlook
Jupiter. FL
1-50 employees
Most significantly, on August 16, 2022, the former President Biden signed the Inflation Reduction Act of 2022 (“IRA”) into law. This statute marks the most significant action by Congress with respect to the pharmaceutical industry since adoption of the ACA in 2010.
Disease Area: Cardiology, Multiple, Neurological Diseases, Oncology, Rare Diseases
Drug Type: Biologic, Small Molecule
February 27, 2026
Amneal Pharmaceuticals Inc
Negative Outlook
Bridgewater, NJ
5,001-10,000 employees
The drug pricing reforms in the IRA have impacted, and may impact in the future, the prices of certain of our products.
Disease Area: Cardiology, Dermatology, Endocrinology, Hematology, Infectious Diseases, Multiple, Neurological Diseases, Oncology
Drug Type: Biologic, Small Molecule
February 27, 2026
Prothena - Dublin
Neutral Outlook
Dublin, IE
51-200 employees
It is unclear how future regulatory actions to implement the IRA, as well as the outcome of pending litigation against the IRA brought against the Department of Health and Human Services (HHS), the Secretary of HHS, CMS, and the CMS Administrator challenging the constitutionality and administrative implementation of the IRA’s drug price negotiation provisions, may affect our products and future profitability.
Disease Area: Multiple, Neurological Diseases, Rare Diseases
Drug Type: Biologic, Small Molecule