Please login to the form below

Not currently logged in
Email:
Password:

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

Share

Featured jobs

Subscribe to our email news alerts

PMHub

Add my company
An agency called Owen

We’re an independent brand and marketing agency that believes our DNA is a little different from others. * A respectful,...

Latest intelligence

Beyond the event
...
Anthill Agency and Actando partnership to Transform Pharma's Digital Skills
Anthill Agency, a leading life sciences digital agency, today announced the launch of the Anthill Academy™ and partnership with Actando's PharmAcademy....
Is the pharma business model ready for precision medicine?
Precision medicine promises to revolutionise patient outcomes and reduce costs for industry but is pharma ready for it? Blue Latitude Health co-founder Head of Strategy Fred Bassett explores the challenges...

Infographics