Bristol Myers Squibb Unveils Cost-Cutting Plan, Laying Off Employees
15 Billion in Savings Targeted by End of 2025
2200 Employees to Be Affected in 2023
In a bid to reduce costs, Bristol Myers Squibb (BMS) has announced a restructuring plan that involves cutting 15 billion by the end of 2025. As part of this effort, the pharmaceutical giant will lay off 2200 employees this year.
The cost-cutting measures are part of an ongoing effort to improve efficiency and profitability. BMS is facing increasing competition in the pharmaceutical market, and it is looking to reduce its expenses in order to maintain its competitive edge.
The layoffs will be spread across various departments and locations worldwide. BMS has stated that it will provide support to affected employees, including severance packages and job placement assistance.
The cost-cutting plan follows a recent announcement by BMS regarding the approval of Abecma, a new therapy for multiple myeloma, by the US Food and Drug Administration (FDA). This approval is expected to boost the company's revenue in the coming years.
Despite the cost-cutting measures and recent layoffs, BMS remains committed to innovation and research. The company's new CEO, Christopher Boerner, has outlined his vision for the future, which includes a focus on developing new therapies for unmet medical needs.
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