Bristol Myers Squibb will lay off 57 workers from its Redwood City, California facility next month, according to a WARN notice filed on February 26. The latest layoff, first reported by Fierce Pharma, is part of a billion-plus-dollar cost-cutting program announced last year and expanded last month. BMS laid off more than two thousand employees in 2024 in total. According to BMS’ website, its Redwood City R&D campus is focused on the tumor microenvironment.
All entries for: Bristol Myers Squibb
March 6, 2025
Bristol Myers Squibb
Layoffs
Princeton, NJ
10,001-50,000 employees
Disease Area: Multiple, Oncology
Drug Type: Biologic, Small Molecule
February 4, 2025
Bristol Myers Squibb
Layoffs
Princeton, NJ
10,001-50,000 employees
67 employees laid off in New Jersey.
Disease Area: Rare Diseases
Drug Type: Biologic, Small Molecule
April 25, 2024
Bristol Myers Squibb
Discontinued Drug, Discontinued Research
Princeton, NJ
10,001-50,000 employees
Bristol Myers Squibb will cut 6% of its workforce in a restructuring meant to save $1.5 billion in costs by the end of next year.
The layoffs will affect some 2,200 employees, the company said Thursday. It’s also trimming its pipeline of experimental medicines, consolidating its array of offices and laboratories and reducing “third party” spending…
Bristol Myers’ growth in the near term will be hampered by looming patent expirations for its two top-selling drugs: the blood thinner Eliquis, which it sells with Pfizer, and the cancer immunotherapy Opdivo. Its third highest-grossing product, the multiple myeloma treatment Revlimid, already faces limited generic competition.
Eliquis is also one of the first 10 drugs the U.S. government has targeted for price negotiations under the Inflation Reduction Act, or IRA…
“While the IRA has an impact in the middle of the decade, we feel very good about being able to more than compensate for that with a very young and attractive growth profile coming from our … portfolio and the pipeline,” said Boerner, on a conference call with analysts.
The restructuring announced Thursday is another step, designed to prioritize products that Bristol Myers sees as having the highest potential. The company said it plans to reinvest the targeted $1.5 billion in savings in those opportunities.
Two-thirds of the savings is expected to come out of Bristol Myers’ spending on research and development. The company has discontinued 12 programs, including a successor version of its immunotherapy Yervoy, and will continue to review its pipeline through the rest of the year, Samit Hirawat, Bristol Myers’ chief medical officer, said on Thursday’s call.”
1 Discontinued Drug: Yervoy (biologic)
12 Discontinued Research Programs: Yervoy, unnamed research programs
Disease Area: Multiple, Oncology
Drug Type: Biologic, Small Molecule
October 26, 2023
Bristol Myers Squibb
Negative Outlook
Princeton, NJ
10,001-50,000 employees
“On June 16, 2023, BMS filed a lawsuit against the U.S. Department of Health & Human Services and the Centers for Medicare & Medicaid Services, et al., challenging the constitutionality of the drug-pricing program in the IRA. That program requires pharmaceutical companies, like BMS, under the threat of significant penalties, to sell certain of their medicines at government-dictated prices”
Disease Area: Multiple
Drug Type: Biologic, Small Molecule
October 4, 2023
Bristol Myers Squibb
Discontinued Research
Princeton, NJ
10,001-50,000 employees
BMS, whose blood thinner Eliquis (apixaban) is also on the list, wrote via email that it, too, is discontinuing certain oncology programs due to the IRA, including a late-stage registration trial for the multiple myeloma drug iberdomide. “Much of our progress against cancer is the result of post-approval research for patients, [and] as a result of the IRA, this research and progress is now at risk,” the BMS spokesperson wrote.
2 Discontinued Research Programs: iberdomide clinical trial; unnamed oncology programs
Disease Area: Oncology
Drug Type: Biologic, Small Molecule
July 27, 2023
Bristol Myers Squibb
Negative Outlook
Princeton, NJ
10,001-50,000 employees
Drug Type: Biologic, Small Molecule
April 27, 2023
Bristol Myers Squibb
Negative Outlook
Princeton, NJ
10,001-50,000 employees
Drug Type: Biologic, Small Molecule
October 26, 2022
Bristol Myers Squibb
Negative Outlook
Princeton, NJ
10,001-50,000 employees
General Impact: “We continue to evaluate the impact of the IRA legislation on our results of operations and it is possible that these changes may result in a material impact on our business and results of operations.”
Drug Type: Biologic, Small Molecule
