Pharmaceutical giant Bristol Myers Squibb has announced more layoffs for 2026, part of ongoing cost-cutting the company announced in 2025.
In a WARN notice filed with the New Jersey Department of Labor, the company said it is cutting 206 jobs, with the layoffs expected to be completed by the end of 2027.
That is in addition to 247 layoffs announced in February, part of the company's plans to save $2 billion by the end of 2027, under plans Bristol Myers Squibb released in February 2026.
With the new round of layoffs, Bristol Myers Squibb will have cut more than 1,700 positions since January 2025.
The company has been reducing its workforce since early 2024, when it announced plans for a $1.5 billion cut in expenses and 2,000 job cuts by the end of 2025, Fierce Biotech reported.
The cuts also come as the company announced a dividend for shareholders and its first-quarter financial results conference call that is set for April 30.
Under the federal Worker Adjustment and Retraining Notification law, a company with 100 employees or more must give workers 60 days' notice of a layoff affecting 50 people or more at a single site. In New Jersey, there are additional requirements, including mandatory severance pay.
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