Whether BMS, or Bristol Myers Squibb, is laying off employees has been in news in recent years as part of pharmaceutical industry cost cutting and restructuring following large acquisitions and patent expirations. Yes, BMS has announced layoffs in 2023 and 2024 as part of cost saving initiatives. After acquiring Celgene in 2019 for 74 billion dollars and MyoKardia, BMS faced integration costs, upcoming patent cliffs for drugs like Eliquis and Revlimid, and pressure to reduce expenses. In 2023, BMS announced plan to save 1 billion dollars through restructuring, including layoffs of approximately 1,000 to 2,000 employees globally, affecting corporate and R and D positions. In early 2024, BMS announced additional cost saving program aiming for 1.5 billion dollars in savings by 2025, including laying off about 2,200 employees, or about 6 percent of workforce, with focus on streamlining operations and prioritizing high growth areas like oncology. These layoffs are part of broader pharma trend with companies like Pfizer, Biogen, and others also cutting jobs. Layoffs typically affect headquarters in New Jersey, R and D sites, and commercial operations, but company continues hiring in key growth areas like cell therapy. So yes, BMS has been laying off employees as part of restructuring, though it still employs over 30,000 people globally.
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