Bristol Myers Squibb to Cut Over 860 Jobs in New Jersey as Part of $1.5 Billion Savings Campaign

1. Job Cuts: Bristol Myers Squibb (BMS) is laying off approximately 863 employees in Lawrenceville, New Jersey, as part of its $1.5 billion cost savings campaign.
2. Savings Campaign: The campaign aims to reduce costs by $1.5 billion by the end of 2025, with around 2,200 roles expected to be cut in 2024.
3. Reasons for Cuts: The cuts are part of a broader effort to streamline operations, including site closures, pipeline rationalization, reduction of management layers, and reduced third-party spending.
4. Impact on R&D: About two-thirds of the savings will come from R&D spending, with BMS ending work on around a dozen clinical programs.
5. Reinvestment Plans: The saved funds will be reinvested in potential growth drivers, such as the cell therapy Breyanzi.
6. Industry Trend: BMS is not alone in its cost-cutting efforts, as other pharmaceutical companies like Sanofi, Pfizer, Novartis, Bayer, Takeda, and Biogen have also embarked on similar campaigns involving layoffs.