BMS to Cut 2,200 Jobs in $1.5B Restructuring as Opdivo Sales Drop in Q1

Bristol Myers Squibb_hapabapa/iStock

Pictured: BMS office building in Brisbane, California/iStock, hapabapa

Bristol Myers Squibb revealed in its first-quarter 2024 earnings report on Thursday that it will implement a sweeping “strategic productivity initiative” in a bid to generate approximately $1.5 billion in cost savings through 2025, including eliminating around 2,200 jobs by the end of 2024.

Under the realignment effort, BMS is looking to optimize its operations by reducing management layers, among other cost-cutting measures, according to the company’s Thursday investor presentation. The pharma said it will use these savings to fund innovation, paying particular attention to R&D programs with the highest potential return on investment with an eye toward long-term growth.

These layoffs may already have started. On Wednesday, BioSpace reported that BMS had resumed terminating employees as part of an ongoing effort to thin its workforce by 10%.

BMS will also…
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