Bristol Myers Squibb announced a comprehensive cost reduction plan, aiming to cut $1.5 billion in expenses. This initiative includes laying off approximately 2,200 employees, representing 6% of its workforce, and cutting a dozen pipeline programs. The layoffs and cost cuts were revealed alongside the company's first-quarter earnings report, where it posted a loss but exceeded revenue expectations with $11.87 billion against estimates of $11.45 billion. Adjusted EPS for the quarter was a loss of $4.40, slightly better than the estimated loss of $4.44. The company also adjusted its full-year earnings forecast to between 40 cents and 70 cents, including impacts from intellectual property rights and deals. Bristol Myers Squibb's CEO, Chris Boerner, emphasized the company's strong pipeline and future agility in response to these changes.
Bristol Myers Cuts Full-Year Earnings Forecast, Launches Cost Cuts https://t.co/AU5Ju2mmnu
$BMY says that, as part of a larger cost-cutting plan that will already include around 2,200 layoffs, the company has cut a dozen pipeline programs
MORE PHARMA RIF: Bristol Myers plans $1.5B in cost cuts, including 2,200 jobs, as CEO promises more ‘agile’ company As I was saying earlier…. https://t.co/uv5x8dTYlT https://t.co/wnwkAsvkJm
Bristol Myers is cutting about 2,200 jobs (6% of workforce), the company says -- part of a $1.5B cost cut program announced Thursday with earnings: https://t.co/Yh9bKb5rXr
Bristol Myers Squibb beats on revenue, launches $1.5 billion cost cuts as it posts quarterly loss https://t.co/yS4VZpZwnP
*BRISTOL MYERS TO CUT WORKFORCE BY 2,200 OVER NEXT YEAR @business cc @dailyjobcuts
This morning, Bristol Myers Squibb said its sales were higher than expected, but also that it is laying off 6% of employees. I spoke with CEO Chris Boerner about the future of the company, which he says has its best pipeline, well, maybe ever and will become one of the fastest…
Amid layoffs and a hit to earnings, Bristol’s $BMY new CEO shares his vision for the future https://t.co/rYAkE3hCY1 Bristol CEO Chris Boerner spoke to STAT's @matthewherper
$BMY | Bristol-Myers Squibb Q1 24 Earnings: - Adj EPS: Loss $4.40 (est Loss $4.44) - Revenue: $11.87B (est $11.45B) - Now Sees YR Adj EPS 40C-70C, INCL IPRD & Deal Impacts
Bristol Myers plans $1.5 billion in cost cuts as CEO promises more 'agile' company $BMY https://t.co/94vlJbRw9i