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The basics:

• BMS to eliminate +240 positions in New Jersey by December
• Cuts part of $2B strategic productivity initiative
• Savings reinvested in areas such as oncology, cardiovascular

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

The pharmaceutical giant said in a filing with the New Jersey Department of Labor & Workforce Development, it expects to let go 247 employees between May and December.

BMS did not say which positions it will target or at which locations the reductions will take place.

In addition to a corporate headquarters in Lawrence Township, the company has a 650,000-square-foot facility in town for its commercial and R&D teams.

“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,” a BMS spokesperson said.

“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,” the spokesperson added.

The media representative noted that the latest notice includes some employees 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.

Cutting costs

As part of a “strategic productivity initiative” 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 1,200 pink slips in New Jersey.

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. BMS’ pipeline includes:

• Breyanzi for blood cancers
• Opdivo for multiple types of cancer
• Camzyos for heart failure
• investigational anticoagulant Milvexian to prevent strokes and blood clots

‘Rewiring the company’

In July 2025 statement, BMS Chief Executive Officer and board Chair Christopher Boerner shared, “We are making good progress rewiring the company for long‑term growth. In the second quarter, we delivered strong results across our growth portfolio, continued to optimize our cost structure, and added to our innovative pipeline with strategic partnerships.”

During the company’s fourth quarter earnings call earlier this month, 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.

BMS is also reportedly exploring real estate adjustments, including the potential sale and leaseback of major facilities, such as its 1.2 million-square-foot life sciences campus in Summit, according to Real Estate NJ.

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 layoffs locally in 2024.

Editor’s note: This story was updated at 8:33 p.m. Feb. 23, 2026, to include a statement from Bristol Myers Squibb.