Bristol Myers Squibb is planning another round of cost cutting initiatives.
On Thursday, the Princeton-based firm said it plans to find $2 billion in additional savings over the next three years, on top of the $1.5 billion in cuts it announced in April 2024. The company has been looking to improve its efficiency by reducing clinical trial expenses, rationalizing its operating footprint and reducing its head count.
The new reductions will come in two major categories: cuts to the workforce, including contract positions, open roles and attrition. The second set is made up of operating costs such as marketing spending on older drugs, clinical trial operations and supply chain items like manufacturing facilities and outside contractors.
BMS’ latest workforce reduction affects 67 employees in Lawrence Township, according to a New Jersey Worker Adjustment and Retraining Notification (WARN) notice. The notice lists several effective dates for the cuts stretching into December.
BMS is expected to dismiss more than 2,000 employees in total as part of the overhaul. Last year alone, BMS filed six WARN notices affecting a total of 1,329 staffers in Lawrenceville, which hosts the company’s sprawling corporate headquarters and a Princeton Pike facility for commercial and late-stage development functions.
