Novo Nordisk and Bristol Myers Squibb Announce Major Layoffs in New Jersey

Novo Nordisk is cutting 263 jobs in New Jersey as part of a larger global restructuring involving 9,000 layoffs, approximately 11% of its total workforce1 2 4 7.

Bristol Myers Squibb (BMS) is also slashing 282 positions in New Jersey within the same timeframe1.

Novo Nordisk's restructuring aims to save about $1.3 billion annually by the end of 2026 and is mainly driven by increased competition in the obesity and diabetes drug market, especially for the popular drugs Ozempic and Wegovy2 4 5 6.

Of the 9,000 global job cuts at Novo Nordisk, 5,000 are set to occur in Denmark, with the impact in the U.S. (including New Jersey) detailed as plans are finalized in accordance with local labor laws2.

These layoffs follow a trend across the pharmaceutical industry in 2025, with several major companies enacting significant workforce reductions to streamline operations and improve efficiency5.

The layoffs at Novo Nordisk are also tied to broader strategic moves, including an order for employees to return to the office and a focus on performance-based culture to remain competitive in the consumer-driven obesity marketplace1 4.

Affected employees in New Jersey are expected to receive layoff communications over the next few months, pending local labor negotiations2.