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Several months ago, I posted an article that suggested that layoffs in the pharmaceutical industry were beginning to slow. Apparently executives at Bristol Myers Squibb (BMS) didn’t read my blog post (I believe that they have in the past) and today announced that the company will eliminate 840 jobs or 3 per cent of its 28,000 member workforce.
The company says the jobs will be eliminated over the next six months, and the cuts could be spread across all its businesses and geographic locations. A BMS spokesperson indicated that company executives are still reviewing the entire organization to determine which jobs will be eliminated. The new round of layoffs is intended to further streamline the company. Interestingly, BMS purchased Seattle-based Zymogenetics for $885 million two weeks ago.
These cuts coupled with small biotechnology company acquisitions and a recent stock buyback initiative suggests that the company may be positioning itself for sale or merger. BMS’ top selling drug Plavix which represents almost 40 percent of the company’s revenue stream will lose patent protection in 2011.
Until next time...
Good Luck and Good Job Hunting!!!!!!!!
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