Bristol Myers Squibb announces 265 additional layoffs in New Jersey

Bristol Myers Squibb has announced an additional 265 layoffs, scheduled to begin on a rolling basis in December. This third round of job cuts in 2026 brings the total number of employees laid off this year to 718.

The reductions affect workers at the company’s global headquarters in New Jersey, as well as certain field employees reporting to New Jersey sites. These measures are part of a broader strategic initiative to reduce costs by $2 billion by 2027.

A company spokesperson stated that the move is intended to align resources and organizational structure with a rapidly evolving landscape to ensure sustainable, long-term growth.