Bristol Myers Shedding 2,200 Jobs in Cost Savings Push

By Colin Kellaher

Bristol Myers Squibb on Thursday said it plans to cut more than 2,000 jobs as part of an initiative aimed at generating about $1.5 billion in cost savings by the end of next year.

The Princeton, N.J., biopharmaceutical company plans to reinvest the bulk of the savings to fund innovation and drive growth, and will focus its resources on research-and-development programs with the potential to deliver the greatest return on investment.

Bristol Myers said the initiative, which will affect roughly 2,200 employees this year, includes a reduction of management layers, a pipeline rationalization, site consolidation and reduced third-party spending.

The company currently has more than 34,000 employees, according to data from FactSet.

Bristol Myers said it will prioritize investments in key growth brands while optimizing operations across the organization.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

April 25, 2024 08:51 ET (12:51 GMT)

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