Bristol Myers Squibb has laid off more than 100 employees amid a reconfiguration of expenses that follows disappointing earnings results.
The New Jersey pharma would not confirm how many employees were laid off but a spokesperson said “there were impacts to some of our employees” as the company reconsiders how it allocates funds. A new workforce report in New Jersey for the month of August lists BMS laying off 108 employees, cuts that go into effect on November 2.
“As we move forward, we are continuing to deliver on our long-term business strategy by aligning resources to best support our operating model and our portfolio evolution,” the spokesperson said. “We are grateful for the contributions of our colleagues and a top priority for us is supporting employees throughout the transition process.”
BMS previously reported laying off 48 employees in New Jersey in April, which took effect at the end of May, according to a state workforce report. Endpoints News previously reported that a small number of R&D jobs in the state were impacted after BMS formed a new research center.
News of fresh layoffs comes after the company posted disappointing second-quarter earnings results and relayed that it now anticipates a revenue decline in 2023. BMS was previously projecting a modest 2% increase. Revenue was $11.2 billion for the second quarter, a 6% reduction compared to the second quarter of 2022.
“We do not take an adjustment of this magnitude lightly,” CEO Giovanni Caforio said on the company’s earnings call, who himself is set to retire in November.
The earnings regression is due in large part to missed revenue on three of the company’s heavyweights—Eliquis, Revlimid and Opdivo. Sales projections for Revlimid were cut by $1 billion.
There are bright spots, however, namely anemia treatment Reblozyl, which brought $234 million in revenue and grew 35% year-over-year. Melanoma med Opdualag, which was approved in 2022, earned $154 million.