BMS Cuts Jobs in New Jersey, Cites ‘Constantly Evolving’ Business Model

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1. Bristol Myers Squibb (BMS) plans to lay off 48 staff members from its Princeton, New Jersey, facility.

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2. The layoffs will go into effect on May 31.

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3. The facility houses employees from commercial, R&D, and enabling function support teams.

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4. A BMS spokesperson stated that the layoffs are due to the pharma's ever-changing business model.

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5. BMS CEO Giovanni Caforio will retire on November 1, with Christopher Boerner succeeding him.

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6. BMS Q1 2023 total sales reached $11.34 billion, slightly down from $11.65 billion in Q1 2022.

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7. Revenues for the company's new product portfolio increased 8% to $9.3 billion.

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8. The recent round of cuts comes eight months after BMS announced plans to lay off 261 jobs in San Diego.

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9. The previous layoffs were related to the company's $4.1 billion buyout of Turning Point Therapeutics.

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10. Incoming employees from Turning Point received retention packages and were encouraged to apply for long-term roles at BMS.

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