Bristol Myers Squibb’s Bold Moves: Cost-Cutting and Revenue Surge Amid Challenges Bristol Myers Squibb (BMS) has taken decisive action to enhance efficiency, despite facing challenges anda 6% drop in sales for Opdivo (nivolumab). In the first quarter of 2024. The pharma giant is implementing major cost-cutting measures, including layoffs affecting around 2,200 employees. Their strategic productivity initiative aims to generate $1.5 billion in savings by 2025. #labourmarket #labortrends #Layoffs
Bristol Myers Squibb announced Thursday it is implementing major cost-cutting measures including thinning out its management layers. The pharma also reported modest revenue growth despite taking a 6% sales hit for lung cancer therapy Opdivo. Around 2,200 employees will be affected by layoffs this year, according to the pharma. The strategic productivity initiative is designed to generate $1.5 billion in savings through 2025. BMS brought in almost $11.87 billion in Q1, a 6% increase from the same period the prior year and beating consensus estimates. Reblozyl and Opdualag, sales of which skyrocketed 72% and 76% respectively, were strong drivers of this growth. The anticoagulant Eliquis was BMS' top asset in the first quarter, bringing in $3.72 billion. #biotech #biopharma #Q1 #BMS #Layoffs
