Layoffs
Bristol Myers cuts another 265 jobs tied to New Jersey headquarters
September 22, 2026
Biotech
Layoffs
Key Facts
Signal Type
Layoffs
Industry
Biotech
Companies
Bristol Myers Squibb, Novartis, Merck & Co., AstraZeneca, BioNTech
Date
September 22, 2026
Bristol Myers Squibb (BMS) filed a WARN notice with New Jersey's labor department, announcing 265 layoffs tied to its corporate headquarters in Princeton. The reductions are expected between December 2026 and May 2027. This is the third layoff round BMS has announced in New Jersey in 2025, following 247 cuts in February and 206 in April, bringing the state total to over 700 roles.
The WARN notice covers 265 employees at BMS's Princeton headquarters. The company did not specify which job functions are targeted. BMS is executing a multiyear cost-cutting initiative announced in February 2025, aiming to save $2 billion annually by the end of 2027. The restructuring shifts resources from declining older medicines to newer products like its CELMoD franchise and the BioNTech-partnered bispecific pumitamig.
BMS's layoffs are part of a broader trend among Big Pharma firms facing patent cliffs and cost pressures. Similar actions in New Jersey include:
BMS CFO David Elkins noted the company is using its strategic productivity initiative to reduce expenses while investing in growth opportunities. A reported merger with AstraZeneca that fell through would have caused additional job reductions.
BMS slightly increased its 2026 full-year operating expense projection to ~$16.5 billion, reflecting pre-launch activities for new drugs. The company's cost-cutting timeline runs through end of 2027, suggesting further layoff rounds are possible. SDRs should monitor BMS's quarterly earnings calls for updates on restructuring progress and any new efficiency targets.
Source:
Fierce PharmaGet biotech signals in your CRM
FDA approvals and rejections, clinical trial results, pharma M&A, drug recalls, and funding rounds.
