Fierce Biotech April 25, 2024
Bristol Myers Squibb is the latest large pharma to wield the restructuring ax, with plans to cut $1.5 billion in costs by the end of 2025, including laying off more than 2,000 employees.
The massive restructuring plans included in BMS’ first-quarter earnings report (PDF) Thursday detail an overhaul across the business, including site closures and a “pipeline rationalization.” The company also said it would undergo a “reduction of management layers” and reduce third-party spending. All told, about 2,200 employees are expected to be laid off in 2024. The changes are an attempt to be more “agile,” according to CEO Chris Boerner, Ph.D.
On this morning’s earnings call, Chief Financial Officer David Elkins said about two-thirds of the savings could come...
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