As part of a restructuring plan intended to cut $1.5 billion in costs, Bristol Myers Squibb plans to cut about 6% of its workforce, according to the firm.
The layoffs will affect approximately 2,200 Bristol Myers Squibb employees in 2024, according to a presentation given as part of the company’s first quarter 2024 results report.
In implementing the plan, intended to realize savings by the end of 2025, the company is also consolidating its sites, reducing “management layers” and third-party spending, and trimming its experimental drug pipeline.
The savings will be invested in opportunities that Bristol Myers Squibb sees as having the greatest potential for growth.
“Our focus remains on strengthening the company’s long-term growth pr…
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