BMS Continues Workforce Reduction in New Jersey as Part of Cost-Cutting Strategy

Bristol Myers Squibb (BMS) is pressing forward with its extensive cost-cutting measures, focusing on its operations in Lawrenceville, New Jersey. The pharmaceutical giant has announced another round of layoffs, adding to the significant workforce reductions implemented since early 2024.

Latest Layoffs and Cumulative Impact

BMS is set to lay off 68 employees at its Lawrenceville facilities, as disclosed in a recent Worker Adjustment and Retraining Notification notice. This latest round of cuts will be executed in multiple phases, commencing on September 25 and concluding on January 15, 2026. With this announcement, the total number of employees let go in Lawrenceville since April 2024 has reached 1,223, with 874 of those occurring in 2025 alone.

Strategic Reorganization and Financial Objectives

The ongoing workforce reductions are part of BMS's broader strategic reorganization aimed at achieving substantial cost savings. The company has set an ambitious target of $3.5 billion in savings through 2027. This strategy was initiated in April 2024 with the announcement of approximately 2,200 job cuts by the end of that year, projected to save $1.5 billion through 2025. In February 2025, BMS expanded its cost-saving goal by an additional $2 billion, focusing on organizational design changes and enhanced operational efficiency.

Financial Performance and Outlook

Despite the extensive cost-cutting measures, BMS reported a decline in its financial performance for the first quarter of 2025. The company announced $11.2 billion in revenue, representing a 6% year-over-year decrease. U.S. revenue for the same period also fell by 7% to $7.9 billion compared to 2024. However, these results were not as dire as initially anticipated, prompting BMS to revise its full-year revenue guidance upward from $45.5 billion to a range of $45.8 billion to $46.8 billion.