Bristol Myers Squibb has announced plans to lay off 516 employees at its Lawrence Township, New Jersey facilities, as part of a sweeping cost-saving initiative. According to official filings with the state, the layoffs will begin May 9, 2025, and continue in phases through March 27, 2026. This marks the third round of layoffs at the Lawrenceville site this year, bringing the total number of affected employees in the area to over 800 for 2025.
The job cuts are part of BMS’s broader strategy to achieve $2 billion in annual cost savings by the end of 2027, building on an earlier $1.5 billion cost-reduction plan announced last year. The company cited the need to “align resources to best support our operating model and our portfolio evolution” as a driving factor behind the reductions. BMS employs about 30,000 people globally, with its worldwide headquarters based in Princeton, NJ.
The company has not specified which roles or departments will be most affected, nor which of its two Lawrence Township campuses-corporate headquarters or the commercial/product development site-will see the majority of the cuts. All impacted employees have been notified, and BMS has stated it will support them through the transition1.
These layoffs come as BMS faces declining revenues, attributed to increased generic competition and changes in Medicare drug pricing, even as the company continues to invest in growth brands and new scientific areas36. The move aligns BMS with other major pharmaceutical firms undertaking similar cost-saving and restructuring efforts in response to industry headwinds.
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