Major NJ Pharmaceutical Company Lays Off Hundreds

MERCER COUNTY, NJ — Bristol Myers Squibb is eliminating another 265 positions at its Princeton operations, the company disclosed in a WARN notice filed with the New Jersey Department of Labor.

The cuts will roll out over several months, starting Dec. 17, and running through May 21, 2027.

It's the third New Jersey layoff notice from the pharmaceutical company this year. Patch previously reported on 247 job cuts announced in February and another 206 in April. Combined with the latest filing, Bristol Myers Squibb has now eliminated more than 1,700 New Jersey positions since January 2025.

The company operates a corporate headquarters and a 650,000-square-foot research and development facility in Lawrenceville.

The layoffs stem from a restructuring plan Bristol Myers Squibb rolled out in February 2025, targeting $2 billion in savings by the end of 2027. Executives have said the company is reinvesting part of those savings into drug development in areas including oncology, hematology, fibrosis and cardiovascular disease.

On an April earnings call, the company said it had already banked more than $1 billion in savings from its cost-cutting efforts in 2025 and remains on pace to hit the remaining $1 billion goal by the end of 2027.

Bristol Myers Squibb posted $48.2 billion in revenue and $7.05 billion in net income for 2025, and has projected 2026 revenue between $46 billion and $47.5 billion.

Federal law requires companies with 100 or more employees to give 60 days' notice before a layoff affecting 50 or more workers at one site. New Jersey's WARN Act goes further, mandating severance pay for affected employees.

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