Pharmaceutical Company Announces Additional Layoffs in New Jersey

Pharmaceutical Company Announces Additional Layoffs in New Jersey

As part of continued cost-cutting measures that the business outlined in 2025, pharmaceutical behemoth Bristol Myers Squibb has announced more layoffs for 2026. The business stated that it is laying off 206 employees in a WARN notice submitted to the New Jersey Department of Labor. The layoffs are anticipated to be finished by the end of 2027.

This is in addition to the 247 layoffs that were announced in February as part of Bristol Myers Squibb's February 2026 intentions to save $2 billion by the end of 2027.

With this latest wave of layoffs, Bristol Myers Squibb will have eliminated almost 1,700 jobs since January 2025.

Since announcing plans to reduce spending by $1.5 billion and eliminate 2,000 jobs by the end of 2025 in early 2024, the corporation has started cutting staff, according to Fierce Biotech.

The changes also coincide with the company's announcement of a dividend for shareholders and its April 30 first-quarter financial results conference call.

A corporation with 100 or more employees is required by the federal Worker Adjustment and Retraining Notification legislation to give workers 60 days' notice of a layoff that affects 50 or more persons at a single location. Additional regulations, such as obligatory severance pay, apply in New Jersey.