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The basics:

• BMS to cut 516 jobs in Lawrenceville
• Layoffs part of plan to cut $2B in costs by 2027 under restructuring
• Total NJ job cuts in 2025 reaches 806 employees
• Company cites portfolio shift, operational alignment as drivers

Princeton-based pharma Bristol Myers Squibb is planning another round of layoffs in New Jersey as part of a broader restructuring plan.

In a filing with the state Department of Labor & Workforce Development, the company said it will eliminate 516 positions at its facilities in Lawrenceville between May 2025 and March 2026.

BMS announced the “strategic productivity initiative” in February. Under the plan, the company aims to slash $2 billion in costs by the end of 2027. The move came less than a year after the company unveiled an effort to save $1.5 billion via the layoff of some 2,220 employees.

In a statement to NJBIZ, a spokesperson for Bristol Meyers Squibb said, “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.”

They went on to say, “We expect to realize approximately $2 billion in annual cost savings by the end of 2027, and we remain on track to deliver $1 billion of these savings by the end of this year. 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.”

Prior cuts

BMS’ latest round of layoffs in New Jersey will bring the total number of affected employees this year to 806.

In early February, the company disclosed that it would let go of 67 individuals in Lawrenceville between April and December. A few weeks later, BMS reported that 223 employees would be downsized starting in May and ending in August.

Prior to February, BMS had already cut more than 1,300 workers locally. Beyond its corporate headquarters, BMS also has a 650,000-square-foot facility in New Jersey. That building houses employees from the commercial and R&D teams.

BMS recently announced plans to close a manufacturing facility in Illinois that handles viral vector production. It will shift those operations to a site in Massachusetts. The number of employees impacted by the closure is unknown.

A media representative told Endpoints News the change “offers an integrated approach that enhances efficiency and positions the company for long-term growth.”

BMS also laid off 57 employees from a California site last month.