Bristol Myers Squibb Continues Layoffs, Cutting 79 More Jobs in New Jersey Amid $1.5B Cost Reduction Effort

Layoff Details:
Bristol Myers Squibb has announced the layoff of an additional 79 employees in Lawrenceville, New Jersey, as part of its ongoing $1.5 billion cost reduction program.

Total Layoffs:
The company has planned to lay off approximately 2,200 employees globally, with nearly 1,000 of those positions being in New Jersey.

Previous Layoffs:
Earlier in 2024, BMS announced the layoff of 863 employees in New Jersey, with 776 jobs being cut starting June 28 and an additional 87 positions beginning August 22.

Restructuring Plan:
The layoffs are part of a strategic productivity initiative aimed at driving cost savings, which will be reinvested to fund innovation and drive growth. The initiative includes focusing resources on research and development programs with high potential return on investment and optimizing operations.

Facilities Affected:
The layoffs impact BMS's two facilities in Lawrenceville, New Jersey, which include an early discovery site and a location housing commercial teams and research and development partners.