Will Bristol-Myers Squibb join the layoff parade [1]Â just before Christmas [2]? Industry experts think so. A UBS analyst issued a research report yesterday upgrading BMS stock to a "buy," saying that the company plans to announce a 10 percent to 20 percent cut in its workforce over the next three years. The analyst, Roopesh Patel, also predicts that BMS will close or sell off more than half its 38 manufacturing sites.
Meanwhile, the blog Pharmalot thinks BMS will make the cuts formal in two weeks, and the layoffs will include workers in legal, finance, and compliance. The drugmaker will be vacating several floors of its Park Avenue HQ in the process.
Today, Cowen & Co upgraded the stock, this time to "neutral." Though these analysts didn't mention job cuts in their reasoning behind the change, they did allude to "news" expected from the company's meeting with analysts December 10. Which is, of course, about two weeks away.
- read about the UBS analyst report [3]
- check out thee Cowen & Co report [4]Â at NewRatings
- get more details [5] on the cuts from Pharmalot
Related Articles:
BMS misses a beat in cancer comeback. Report [6]
BMS pays $505M for Adnexus. Report [7]
Better times ahead for BMS? Report [8]
Links:
[1] http://www.fiercebiotech.com/special-reports/top-5-layoffs-2007
[2] http://www.fiercebiotech.com/story/lilly-to-icos-merry-christmas-you-re-fired/2006-12-13
[3] http://www.newratings.com/analyst_news/article_1653539.html
[4] http://www.newratings.com/analyst_news/article_1653440.html
[5] http://www.pharmalot.com/2007/11/pharma-careers-the-uncertain-future/
[6] http://www.fiercebiotech.com/story/bms-misses-beat-cancer-comeback/2007-10-26
[7] http://www.fiercebiotech.com/story/bms-pays-505m-adnexus/2007-09-24
[8] http://www.fiercebiotech.com/story/spotlight-better-times-ahead-for-bms/2007-04-23