Bristol Myers Squibb plans to cut nearly 1K jobs in N.J. as part of $1.5B cost savings effort

Bristol Myers Squibb recently said it is executing a strategic productivity initiative that will drive approximately $1.5 billion in cost savings, the majority of which will be reinvested to fund innovation and drive growth. That initiative, which will be completed by the end of 2025, includes laying off more than 2,200 employees — with close to 1,000 from New Jersey.

The Princeton-based firm is focusing resources on research & development programs with the potential to deliver the greatest return on investment, prioritizing investing in key growth brands, and optimizing operations across the organization.

The company has discontinued 12 programs, including a successor version of its immunotherapy Yervoy, and will continue to review its pipeline through the rest of the year, according to its latest earnings call in April.

“Unfortunately, there were impacts to some of our employees as a result of these changes noted above. We are grateful for the contributions of our colleagues and a top priority for us is supporting employees throughout the transition process,” a BMS spokesperson said in an email.

The U.S. Department of Labor issued the WARN notices indicating the layoffs from the Lawrenceville Road, Princeton, location, which will begin June 28 and occur at several intervals through the remainder of the year. In total, 938 employees from New Jersey are expected to be furloughed by the end of the year.