Bristol-Myers Squibb - Top 10 Layoffs of 2010

Company: Bristol-Myers Squibb
Layoffs: 840
Scoop: After cutting out 7,000 employees last year, BMS barely made this year's list with its September layoffs. The company continues to prepare for the Plavix patent cliff, as generic counterparts take over a larger portion of the market. BMS was posting higher-than-expected profits when the layoffs occurred. But although the company's other drugs, including the antipsychotic Abilify continue to do well, Plavix's $6.5 billion is hard to replace. As Edward Jones analyst Linda Bannister said, "With the patent cliff all these companies are facing, they need to reduce costs as quickly as possible to navigate what is going to be a very challenging couple of years for the industry."

Bristol-Myers Squibb - Top 10 Layoffs of 2010
Read more on