Listen to this article

Another wave of layoffs is set to impact Bristol Myers Squibb‘s workforce in New Jersey.

In a notice with the New Jersey Department of Labor & Workforce Development, the pharmaceutical company said it expects to let go 206 employees between July and December.

A BMS representative said the latest notice includes some New Jersey-based employees as well as some field employees who report to the local base. Along with a corporate headquarters in Lawrence Township, the company has a 650,000-square-foot facility in town for its commercial and R&D teams.

BMS did not say which positions the cuts will affect.

“We remain focused on developing and delivering transformational medicines to patients around the world and continue to deliver on our long-term business strategy by aligning resources to best support our operating model and our portfolio evolution,” the representative added.

“Unfortunately, there were impacts to some of our employees as a result of these changes noted above. We are grateful for the contributions of our colleagues and a top priority for us is supporting employees throughout the transition process.”

Cutting $2B in costs

As part of a restructuring campaign announced in February 2025, BMS seeks to slash $2 billion in costs by the end of next year. Since then, the company has issued more than 1,400 pink slips in New Jersey.

The latest disclosure comes less than two months after BMS said it would eliminate 247 jobs by the end of 2026. The company noted that some of those employees are based at the company’s headquarters as well as some field employees that are not in New Jersey but report to sites in the state.

BMS executives have said they are reinvesting a portion of savings into innovation in areas with high unmet need, such as oncology, hematology, fibrosis and cardiovascular.

During the company’s fourth quarter earnings call in February, BMS reported it saved about $1 billion through the restructuring effort so far. It also expects to deliver the full $2 billion in productivity savings by 2027.

The latest cost-cutting campaign came less than a year after BMS unveiled plans to save $1.5 billion via the layoff of some 2,220 employees globally. That resulted in more than 1,300 eliminated positions locally in 2024.

Editor’s note: This story was updated at 5:03 p.m. April 17, 2026, with a statement from Bristol Myers Squibb.