Pharma Giant To Lay Off Hundreds In New Jersey

PRINCETON, NJ — Pharmaceutical giant Bristol Myers Squibb is laying off more than 500 employees over the next several months, according to a filing with the state of New Jersey.

In a WARN notice filed with the New Jersey Department of Labor & Workforce Development, the company said it plans to lay off 516 employees starting May 9 and continuing through March 27, 2026.

The Worker Adjustment and Retraining Notification Act is a federal law designed to protect workers, their families and communities by requiring employers to provide notice 60 days in advance of a business closing or mass layoff.

The WARN notice was filed this month.

The latest cuts at Bristol Myers Squibb are in addition to 290 layoffs announced by the company earlier this year.

In March, the company said it planned to lay off 223 people at its facility in Lawrenceville. The announcement came a month after Bristol Myers Squibb said it planned to lay off 67 workers at the same location.

According to the notice, employees affected by the newest layoffs are all based in Lawrence Township, where the company has two office buildings.

The company didn't specify which locations would be affected by the cuts.

Bristol Myers Squibb is a global biopharmaceutical company headquartered in Princeton. The company employs about 30,000 people across all locations, according to its website.

Earlier this year, the company announced plans to expand a "strategic productivity initiative" to deliver $2 billion in cost savings by the end of 2027.

According to the company's statement, the savings will be driven by "organizational design and efforts to enhance operational efficiency."

"These savings will be removed from our cost structure to contribute to a leaner, more efficient company while investing behind growth brands and promising areas of science," the company said.