Bristol Myers Squibb, one of the largest private employers in New Jersey, said Monday it will lay off 516 employees in New Jersey as part of a cost-saving initiative that extends into next year. The layoffs will begin on May 9 and are expected to continue through March 27, 2026, affecting workers at the pharmaceutical giant’s Lawrenceville location where Bristol has two office buildings.
A company spokesperson told the website Fierce Pharma in an email that, “Unfortunately, there were impacts to some of our employees as a result of these changes,” adding that BMS is grateful for the work of its colleagues and plans to help affected employees throughout the transition process.
This decision follows a prior announcement of more than 800 job cuts earlier this year, part of Bristol’s restructuring efforts. Bristol employs more than 34,000 people worldwide.
In February, the company announced it would be “expanding its existing strategic productivity initiative to include approximately $2 billion in additional annualized cost savings by the end of 2027.”
The report said that savings would be driven by changes in organizational design and efforts to enhance operational efficiency. In March, Bristol announced it was idling 200 people in Lawrenceville. The company did not disclose what types of jobs were impacted by the layoffs.
The plan Bristol unveiled in February follows a separate $1.5 billion savings initiative the drugmaker laid out last April, which is targeting more than 2,000 layoffs.
