The long-awaitedÂ details on Bristol-Myers Squibb's job cuts have finally arrived. The company announced that it would cut more than 10 percent of its 43,000-person work force--roughly 4,800 jobs. Many positions being axed are related to operations, such as human resources, information technology and finance. Manufacturing will also take a serious hit; already the company has announced that it's closing a packaging facility in Colon, Panama, plus manufacturing facilities in Mayaguez, Puerto Rico, and Barcelona. So far, 1,300 employees have been given notice and an additional 3,500 workers will be cut by the end of the year.
According to the company's announcement, the cuts are part of BMS's overall strategy to "transform the company...into a next-generation BioPharma company that pairs the scale and resources of a mid-sized pharmaceutical company with the entrepreneurial spirit and innovative focus of a biotech startup." Sound familiar? BMS is divesting itself of its Massachusetts-based medical imaging division; it's also reviewing "strategic alternatives" for ConvaTec and Mead Johnson, two other nonpharmaceutical divisions.
ALSO: Take a look at BMS's pipeline. Report