Bristol Myers Squibb Announces Additional Layoffs in New Jersey Amid Cost-Cutting Efforts

Layoff Details:
Bristol Myers Squibb (BMS) has announced an additional 79 layoffs at its Lawrenceville, New Jersey, location, effective between December 12 and May 30, 2025[1][2][3].

Broader Cost-Cutting Initiative:
These layoffs are part of a larger $1.5 billion cost-reduction initiative aimed at streamlining expenses and reallocating resources to fuel innovation and growth[1][2][3].

Global Workforce Reduction:
BMS plans to reduce approximately 2,200 positions throughout 2024, a 6% reduction in its global workforce[1][2][3].

Focus on High-Potential R&D Projects:
The company is focusing on reducing costs associated with research and development (R&D), with around two-thirds of the savings coming from this sector. BMS has terminated several clinical programs to concentrate on high-potential R&D projects[1][2].

Reinvestment Strategy:
Despite these reductions, BMS plans to reinvest most of the savings into its key growth brands, emphasizing its commitment to staying competitive in the evolving pharmaceutical landscape[1][2].

Total Layoffs in Lawrenceville:
The latest layoffs bring the total number of employees being cut in Lawrenceville this year and in 2025 to 1,134[3].

Industry Context:
Other pharmaceutical companies, including Bayer and Johnson & Johnson, have also disclosed planned workforce reductions in New Jersey as part of broader restructuring efforts[2].