Bristol Myers Squibb cuts 265 more NJ jobs this year

⚠️ Bristol Myers Squibb confirmed 265 additional layoffs starting in December.

➡️ The cuts bring the company’s 2026 layoffs to 718 workers, based in NJ.

🔴 The latest cuts are part of a plan to trim $2 billion by 2027.

A pharmaceutical giant with more than a century of deepened New Jersey roots is making a third round of layoffs this year.

Bristol Myers Squibb has confirmed 265 additional cuts, on a rolling basis starting in December.

These layoffs include New Jersey workers out of the company’s global headquarters, as well as some “field” employees that technically report to sites in the state.

Along with announcements made in February and April, Bristol-Myers Squibb has laid off 718 workers so far in 2026.

A company spokesperson shared a statement that it’s about efficient operations.

"Bristol Myers Squibb is executing its strategy to build for sustainable, long-term growth, and that work is reflected in our performance. We continue to align our resources and organizational structure to meet the demands of a rapidly evolving landscape,” the spokesperson said in response to a request from New Jersey 101.5.

Bristol Myers Squibb is cutting another 265 jobs

Despite New Jersey’s notable position in the company’s evolution, the state is far from immune as the pharmaceutical titan is looking to trim $2 billion by 2027, as detailed last year.

In all of 2025, a total of 1,156 layoffs were announced by Bristol Myers Squibb - off slightly more in 2024, when Bristol Myers Squibb laid off 1,262 in a similar series of announcements.

The companies merged in 1989 — after both already having sizable footprints in New Jersey.

Bristol Myers Squibb's NJ history stretches back more than a century

In 1905, E.R. Squibb & Sons purchased an ether manufacturing plant in the “wilds” of New Brunswick, according to the company’s timeline.

The following year, Bristol-Myers pharmaceutical company (owned by William Bristol and John Myers) bought seven acres in Hillside to expand production of their top products.

In 1971, Squibb set up its worldwide headquarters in Princeton, the municipality of some of the most recent layoffs.

“These efforts help us operate more efficiently, create flexibility to invest in growth opportunities and our differentiated pipeline, and continue delivering long-term value for patients, colleagues, and shareholders," the Bristol Myers Squibb spokesperson also said.

The latest cuts also follow August reports of a failed merger talk with Britain's biggest pharmaceutical company, AstraZeneca, Reuters reported.

Other major NJ drugmakers have also cut jobs

Bristol Myers Squibb is not the only drugmaker to lay off New Jersey-based workers this year.

Merck and Company has laid off 142 staffers, based out of its headquarters in Rahway, announced in June and earlier this month.

And, Novartis has made four rounds of cuts for a collective of 572 layoffs, based out of East Hanover.

Biggest layoffs in New Jersey this year

New Jersey started 2026 with more than 4,700 notable layoffs announced, revealed by employers in the first three months. By late September, the total was above 13,000. Here's a look at the largest announcements.

Gallery Credit: Erin Vogt

Biggest NJ company layoffs announced in 2025

In the first quarter of 2025 alone, roughly a dozen New Jersey employers announced over 3,000 layoffs. By October, the number of layoffs announced was beyond 11,000.

Gallery Credit: Erin Vogt

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