As part of its sweeping $1.5 billion cost-cutting measure, Bristol Myers Squibb is culling “about 12” programs from its pipeline, CMO Samit Hirawat said Thursday morning.
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The “transition period” that Bristol Myers Squibb CEO Chris Boerner promised was coming to the company appears to have arrived. On Thursday, the pharma giant said it would undertake $1.5 billion in cost-cutting measures, including changes to the pipeline and the company’s workforce. Bristol Myers will reduce its workforce by 2,200 people by the end of the year, a company spokesperson said. “As a part of our continued evolution, we’re executing a strategic productivity initiative that will allow us to be more agile, drive efficiency across the company, and prioritize investing in opportunities where we see the greatest potential to get the most promising medicines to patients as quickly as possible,” Boerner said in a statement announcing first-quarter earnings. The full scope of the cuts will be achieved by the end of next year, and some may already be taking place — over the last week, several people on LinkedIn who said they were Bristol Myers employees said their roles had been eliminated as part of changes at the company. Boerner, who took over as CEO in November, talked earlier this year about an upcoming “transition period” at the company that would include cost discipline as well as a focus on the late-stage pipeline, before targeting better revenue growth toward the later part of the decade. In Thursday’s update, the company said it would focus its resources on R&D programs “with the potential to deliver the greatest return on investment” — a hint that some R&D programs could be downgraded or cut. In the near term, that also means an M&A strategy that’s based on smaller bolt-ons rather than big acquisitions, following a trio of large deals — a $14 billion buyout of Karuna, a $4.8 billion acquisition of Mirati and a $4.1 deal to buy RayzeBio, in addition to a handful of smaller buyouts and partnerships. Read more: https://lnkd.in/gMB4v9fA Stay in touch with all the leading stories, events and opportunities by subscribing to our LinkedIn Newsletter:https://bit.ly/3RbdKtc or joining some of the largest groups most relevant to you: https://bit.ly/4caKquL (A-Z list)
Bristol Myers plans $1.5B in cost cuts as CEO promises more ‘agile’ company
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Thoughts on this? >> Bristol Myers plans $1.5B in cost cuts as CEO promises more 'agile' company >> Comment below! >>> lqventures.com #strategy #competitiveintelligence #marketing #healthcare #pharma #biotech #productmarketing #pharmaceutical
Bristol Myers plans $1.5B in cost cuts as CEO promises more 'agile' company
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Editor/Founder The Pharmaceutical Marketing Group - Executive Director at Clinician Burnout Foundation
🧪 Explore the scope and importance of GLP in non-clinical studies with BioBoston Consulting. Join their webinar on September 23rd. Register now: https://lnkd.in/dMuz9VYd #BioBostonConsulting #QualityControl #ResearchIntegrity
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🧪 Explore the scope and importance of GLP in non-clinical studies with BioBoston Consulting. Join their webinar on September 23rd. Register now: https://lnkd.in/d-tTY6-5 #BioBostonConsulting #QualityControl #ResearchIntegrity
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🧪 Explore the scope and importance of GLP in non-clinical studies with BioBoston Consulting. Join their webinar on September 23rd. Register now: https://lnkd.in/d4DHYVTr #BioBostonConsulting #QualityControl #ResearchIntegrity
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Equinox always has and always will be part of the solution. Whether it is: * Putting in the right PBM. * Implementing engagement technology. * Administering Healthcare Risk Management programs. * Adding navigational program and tools for employees. * Putting in place best in class stop loss contract * Putting our clients and their employees first. Fun fact: Equinox has been doing this for our clients for years. #equinoxbenefits #riskmanagement #underwrite #engage #educate #empower #funfact
What does being part of the solution mean? At SmithRx, it means delivering the lowest-cost drug to our members and driving cost savings for self-insured companies. It means actively working to control drug costs, ensuring American businesses and patients can thrive. It also means collaborating with industry leaders like Mark Cuban Cost Plus Drug Company, PBC. Learn more about our solutions at SmithRx.com. Stay tuned for more insights from our fireside chat with Mark Cuban and Jake Frenz! 🔥 #pbms #healthcaresolutions #costplusdrug #benefitsbroker #SmithRx
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In the vast universe of healthcare and pharmaceuticals, one name consistently emerges as a beacon of transformative science: Bristol-Myers Squibb. Rooted in New York City, our global reach is a testament to our unwavering commitment to improving patient lives. Our ethos is built on pillars of passion, accountability, swift innovation, and unwavering integrity. We don't just offer jobs; we provide careers enriched with comprehensive health benefits, retirement security, and the promise of a harmonious work-life balance. From our state-of-the-art R&D hubs in New Jersey and Connecticut, we're crafting the future of medicine, one breakthrough at a time. Are you inspired by the challenge of pioneering medical advancements? At Bristol-Myers Squibb, we champion diversity, knowing that a mosaic of voices leads to our most profound discoveries. Explore the world of Bristol-Myers Squibb and discover the myriad ways we're making a difference. For an in-depth look at our mission and current opportunities, see the link in the comments. Stay connected with us for the latest in medical research and career opportunities! #BMSInnovation #GlobalHealthcare #MedicineForTomorrow
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This week, leaders in the End Drug Shortages Alliance had the opportunity to present at the Healthcare Supply Chain Association National Pharmacy Forum in Tampa, FL. In their panel presentation they shared how the End Drug Shortages Alliance has been working diligently to develop strategies and solutions to eliminate drug shortages. Their insights revealed the complexities of drug shortages within health-systems and shed light on how industry professionals and providers can work together to ensure a sustainable supply of essential drugs. Thank you HSCA for the opportunity to have an engaging discussion about such a critical, national issue. #enddrugshortages #edsa #essentialmedicines #drugshortages
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Editor/Founder The Pharmaceutical Marketing Group - Executive Director at Clinician Burnout Foundation
🧪 Explore the scope and importance of GLP in non-clinical studies with BioBoston Consulting. Join their webinar on September 23rd. Register now: https://bit.ly/3Y57tCt #BioBostonConsulting #QualityControl #ResearchIntegrity
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