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Bristol-Myers Squibb cuts workforce by 10 per cent

Global biopharmaceutical company Bristol-Myers Squibb has announced that it is to cut its workforce by a further 10 per cent by 2010

Global biopharmaceutical company Bristol-Myers Squibb has announced that it is to cut its workforce by a further 10 per cent by 2010.

In December 2007, the company announced a $1.5bn productivity transformation initiative to be completed by 2010. These latest cuts are part of planned additional savings of $1bn by 2012 and form part of productivity initiatives first announced by the company in July 2008.

Speaking in July, Jean-Marc Huet, senior vice president and chief financial officer said: "As part of the plan to maximize our growth opportunities through 2011 and improve our earnings base in 2012-2013, we have initiated an expansion of our productivity initiatives which will result in an additional $1bn of cost savings by 2012."

Bristol-Myers Squibb is one of several global pharmaceutical companies facing patents for several of its top-selling drugs expiring shortly, and having to deal with competition in the market from generic manufacturers.
 

17th December 2008

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