Bristol Myers Squibb Continues Layoffs in New Jersey, Cutting 79 More Jobs

Layoff Details:
Bristol Myers Squibb (BMS) is laying off 79 more employees in Lawrenceville, New Jersey, as part of its ongoing cost-savings program.

Total Layoffs:
This brings the total number of layoffs in Lawrenceville to 1,134 this year and in 2025.

Cost-Savings Initiative:
BMS aims to save $1.5 billion through 2025 by eliminating about 2,200 jobs by the end of 2024.

Reason for Layoffs:
The layoffs are part of a strategic productivity initiative to fund innovation, focusing on R&D programs with high potential return on investment and long-term growth.

Previous Layoffs:
BMS has filed multiple Worker Adjustment and Retraining Notification Act (WARN) notices for layoffs in Lawrenceville, including 75, 87, 776, and 177 positions.

Severance Packages:
Severance packages typically include a formula-based severance (e.g., 12 weeks pay plus 2 weeks for every year employed), stock vesting, insurance (COBRA), and other information, with no room for negotiation.

Company Challenges:
BMS has faced challenges this year, including a 44% year-over-year sales drop for Abecma and a 6% drop for Opdivo, but has also seen positive outcomes like FDA approval for Abecma as an earlier-line treatment for multiple myeloma.