MAY 11, 2024 — 2,200 EMPLOYEES TARGETED BY 2025
Bristol-Myers Squibb has announced that it plans to cut $1.5 billion in expenses by the end of 2025, including laying off more than 2,200 employees.
As [Chief Executive Officer] Chris [Boener] described earlier, we have taken action to increase productivity and efficiency and focus our efforts on the assets and -- with the highest potential ROI and those most likely to drive our long-term growth.
As part of this process, we are making deliberate choices to prioritize the assets that have the greatest clinical benefit to impact areas of high unmet need and where we can deliver the most value for patients. We will disproportionately invest in higher-return opportunities, which improves our portfolio ROI and strengthens our growth profile in the second half of the decade. After a thoughtful process, we have made the decision to discontinue and externalize several clinical assets. We anticipate cost savings from these actions of approximately $1.5 billion by the end of 2025, thereby absorbing the incremental opex expense from the recent deals.
These cost savings will come from across the organization include reductions in direct clinical expense, site rationalization and elimination of open roles, and reduction in headcount. As we realize these savings, we will reinvest in the highest potential opportunities.
And there, we talked about the roughly 2,200 affected employees as a result of those changes. And then lastly, we went through all of our third-party relationships, continuing to look for efficiencies in third-party service providers, and that was the last category.
APRIL 27, 2024 —252 IN SAN DIEGO
The company announced that it plans to reduce its headcount by 6%, laying off approximately 2,200 employees.
Chief Financial Officer David Elkins noted that laying off 2,200 employees will help BMS “become more agile” and “streamline the organization by removing layers of management,” leading to quicker decision-making.
MARCH 28, 2024 —252 IN SAN DIEGO
The company is laying off 252 employees at the recently acquired Mirati Therapeutics in San Diego, California.
According to a company spokesperson, "As part of the integration, we are aligning resources to best support our operating model and our portfolio evolution. Unfortunately, some of our employees have been impacted as a result of these changes and a top priority for us is supporting employees throughout the transition process."
SEPTEMBER 16, 2022 — POST-ACQUISITION LAYOFFS IMPACT 261 EMPLOYEES IN SAN DIEGO COUNTY
Bristol-Myers Squibb has announced that there will be a personnel realignment at its recently acquired (August 2022) Turning Point Therapeutics’ two San Diego locations.
The layoffs will impact 261 employees with layoffs scheduled for November 17, 2022.
According to a company spokesperson, “We are very pleased to have completed the acquisition of Turning Point Therapeutics to further strengthen our leading oncology franchise. As part of the integration, all incoming employees received retention packages tied to continued service to BMS for a period of time and have been encouraged to apply to long-term roles at BMS after their retention period ends.”
NOVEMBER 5, 2018 SEATTLE LOCATION SHUT DOWN
Bristol-Myers Squibb has announced that it will be closing its Lake Union Steam Plant location in Seattle, Washing,ton and laying off 63 workers in the process.
JULY 31, 2018 — Original post…
Bristol-Myers Squibb, a major pharmaceutical company headquartered in New York City, New York, has announced the layoff of 149 employees as it prepares to close its Wallingford, Connecticut, research facility.
According to a previously announced restructuring plan, the company plans to cluster its research and developments around Lawrenceville, New Jersey, Cambridge, Massachusetts, and Redwood City, California. Additional layoffs in Hopewell, New Jersey, and Seattle, Washington, are anticipated in the near future. At that time, CEO Giovanni Caforio, M.D. noted, “These important changes to our U.S. geographic footprint will ensure we have the structural, operational, and financial flexibility to deliver as effectively as possible on our mission for patients.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?