U.S. defense contractor L3Harris Technologies Inc. plans to reduce its workforce by 5% this year as a cost-saving measure, according to CEO Chris Kubasik. This decision was revealed in an internal email. Concurrently, Bristol Myers Squibb, under the leadership of CEO Chris Boerner, is undertaking significant restructuring, including a $1.5 billion cost-cutting initiative that involves laying off 2,200 employees, which is about 6% of its workforce. This move is part of a strategy to focus on high-impact R&D projects and streamline operations, including cutting about 12 pipeline programs. The company also reported a quarterly loss, although revenue rose by 5%, and it has revised its full-year earnings forecast downward. The restructuring plan includes focusing on key assets like Breyanzi.
Bristol Myers outlines "about 12" pipeline cuts as it executes major cutbacks $BMY https://t.co/bdNYIllCMv
Bristol Myers to cut 6% of workforce, trim drug pipeline https://t.co/Cvz9YCFCcB by @NedPagliarulo $BMY
⚠️ TEXTRON TO CUT 1,500 JOBS AS PROGRAM CANCELLATIONS, WEAK DEMAND HIT RESULTS Full Story → https://t.co/A60jnjK0cN Textron is expanding its restructuring plan to include about 1,500 job cuts, it said on Thursday, after U.S. Army program cancellations and lower demand for… https://t.co/6Sy4nT2vKk
Bristol Myers Squibb is laying off 2,200 employees #MacroEdge https://t.co/AmSwLhRAc8
BMS is instituting a massive restructuring, with $1.5B in planned cuts through '25, and 2,200 layoffs this year. Will reinvest in best assets. One asset execs just touted: Breyanzi. Sources tell me that staffers working on Breyanzi were laid off. https://t.co/eYBaKmmcMj
Bristol-Myers Squibb $BMY stock slips despite earnings beat https://t.co/vonacAvbfj https://t.co/ffowsDgZW3
Bristol Myers posts quarterly loss, revenue rises 5% https://t.co/4uKXkzRuzB https://t.co/jLJT6EjxnS
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 Squibb shares fall amid sluggish sales of some newer drugs https://t.co/4OdZpf1ROw
The common first move by a new Big Pharma chief with big, big problems: Cut. Show some discipline. New deals will follow. Silently blame the last guy (now chairman) for not getting it right. Max Gelman has the $BMY story. https://t.co/HaYEKRZBqf
The common first move by a new Big Pharma chief with big, big problems: Cut. Show some discipline. New deals will follow. Silently blame the last guy (now chairman) for not getting it right. Max Gelman has the $BMS story. https://t.co/HaYEKRZBqf
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 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 new CEO shares his vision for the future. https://t.co/tTm6ICw5jL
Bristol Myers Squibb on Thursday reported a first-quarter loss as charges related to its recent acquisitions of Karuna Therapeutics, RayzeBio and Mirati Therapeutics offset a 5% increase in revenue. https://t.co/mCH9EEJpij https://t.co/mCH9EEJpij
Bristol Myers first-quarter revenue beats Wall Street’s expectations as blockbuster cancer medicine Revlimid's sales decline slows https://t.co/efFKEsTFP4
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
Bristol Myers plans $1.5 billion in cost cuts as CEO promises more 'agile' company $BMY https://t.co/94vlJbRw9i
. @Roche has cut 20% of its #pharma pipeline of new molecular entities in the last few months as part of a shift in focus on 'high impact' R&D projects https://t.co/o6eEevgLeS
$RHHBY trims its pipeline again https://t.co/LGIpTniP7D https://t.co/8Xj6eyXDzh
⚠️ EXCLUSIVE-US DEFENSE CONTRACTOR L3HARRIS TO CUT 5% OF WORKFORCE TO SAVE COSTS, EMAIL SHOWS Full Story → https://t.co/aZoRHYcron U.S. defense contractor L3Harris Technologies Inc will cut 5% of its workforce this year as part of a cost saving measure, CEO Chris Kubasik said… https://t.co/9gTldlOg9v
L3HARRIS TO CUT 5% OF WORKFORCE: REUTERS
U.S. DEFENSE CONTRACTOR L3HARRIS TO CUT 5% OF ITS WORKFORCE THIS YEAR IN COST-SAVING MEASURE, EMAIL SHOWS