Mass. big pharma not alone in layoffs. Startups struggle as investors sit on sidelines. [Video]

Though the late May layoff announcement from one of Massachusetts’ major biopharma companies dominated recent business headlines, experts point elsewhere for a true snapshot of what’s happening in the industry.

Takeda Pharmaceuticals USA Inc. plans to lay off about 10% of its Massachusetts-based workforce — 641 employees in total — next month. The company cited a reallocation of its resources to “promising” late-stage projects as a deciding factor.

It’s one of several large companies with employees in Massachusetts to call attention to the financial headwinds facing the industry in the past several months.

But smaller private companies, which do not have to make layoffs public, have been quietly downsizing as investment capital declined post pandemic.

Despite it all, analysts are looking ahead to a major upswing for biopharma — especially in Massachusetts.