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More Job Cuts at Bristol-Myers Squibb

AP
posted: 1 DAY 10 HOURS AGO
comments: 15
Text SizeAAA
NEW YORK (Dec. 16) - Drugmaker Bristol-Myers Squibb said Tuesday it will eliminate another 10 percent of its work force through 2010 as it works to pare costs before it loses patent protection on key drugs.
The New York-based company says it will eliminate 800 positions by the end of 2008, including filled and vacant jobs worldwide. Bristol-Myers Squibb estimates it will save $1 billion by 2012 as a result of the moves, which come on top of $1.5 billion in cost cuts announced in December 2007. Those cuts will eliminate about 4,300 jobs through 2010.
The company had about 41,000 employees at the end of 2007. The company said in July that it would announce new cost savings plans by the end of the year.
Bristol-Myers did not provide an estimate of what the job cuts will cost. The company said the moves will allow it to address both short-term and long-term challenges and uncertainties.
The cost reductions are intended to take effect during Bristol-Myers' "patent cliff" period in 2011 to 2013, when key drugs like its blood thinner Plavix, bipolar disorder treatment Abilify and blood pressure drug Avapro are expected to face low-cost generic competition, which will likely lead to falling revenue.
In addition to the job cuts, Bristol-Myers is trying to boost sales and save money by improving inventory management, selling non-essential businesses, getting customers to pay their bills faster and paying its own bills more slowly.
With the patents on some of the world's best-selling drugs set to expire over the next few years, pharmaceutical giants including Wyeth, Merck and Co., GlaxoSmithKline and Pfizer Inc. and others have announced major job reductions and cost cuts as they prepare to lose major sources of revenue.
In October, Merck said it would cut 7,200 jobs by 2011.
In aftermarket trading, Bristol-Myers shares fell 25 cents to $22.25 after closing unchanged at $22.50.
Copyright 2008 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.
2008-12-16 17:07:39
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1 - 10 of 15
15 comments

Peanutsenvyxix 08:02:31 AM Dec 17 2008

Rest assured, none of the exorbitantly paid execs will lose their jobs.

Peanutsenvyxix 08:02:02 AM Dec 17 2008

Rest assured, none of the exorbitantly paid executives will lose their jobs.

Mtheeye007 07:03:05 AM Dec 17 2008

I was just laid off monday, it is not what it used to be (jobs in America) so i entered a gifting club. Why not $25 is all I have to lose. I get my own wed site and I don't have to pay taxes! This is what our country is comming to. A lot of despret people http://www.cashleveragingnetwork.com/home.php?rid=14789 The neet part about it is I already made $10 and thoes two people will be helping me receive more $5 gifts sent straight to my bank. Now That is Cool

Vice verse 06:56:24 AM Dec 17 2008

I went on a job interview at BMS in Princeton NJ a few years ago. I could not beleive how dirty and incredibly poor the offices looked and everyone I met acted so ghetto. Of course I had no intention of working for a place like that and quickly made up some excuse and ran out.

Mac2jr 12:57:29 AM Dec 17 2008

This is the typical result of an administration that allows the regulations to be side-stepped; pure destruction of the economy. But wait, there is more. Businesses are closing hundreds of their stores shortly after Christmas, the reason is that most want to eliminate marginally profitable stores in neighborhoods that probable could not support the store in the first place. The current economic climate gives them an EXCUSE to close stores, fire employees, and consolidate profits. 9/11 was the last EXCUSE they used, tens of thousands of people over the age of 55 were fired within weeks of that event. Conclusion, Business owners are ****** who are ******* the public every chance they get. No Loyality to those that make them rich, the customers and the workers. .... Wake up America.

Mac2jr 12:52:03 AM Dec 17 2008

I do hope the person that came in drunk and hungover to interview me at Bristol-Myers Squibb, thus causing me to not get the job, is one of those fired. It will serve him right. ..

RBLANDDAD 10:55:03 PM Dec 16 2008

Gee, I wonder if a person can buy a house or a car on W. P. A. wages ?

Cruisenot 09:45:32 PM Dec 16 2008

More layoffs announced every day. Will it be your employer tomorrow? Always, always, always be prepared to be laid off. They say that most people are two paychecks away from living on the street. I would never want to live with that kind of stress, especially in the challenging economy we live in today. I discovered one of the best books you'll ever find about finance, "How to Become Filthy Rich on Your Current Income" at www.how-to-become-rich.com. If people read books like this one we would not have the current situation we do. CASH! Piles of cold hard cash is the best way to weather the current economic situation.

Bonefish26 08:44:31 PM Dec 16 2008

Don't forget, there is someone, somewhere, that will do YOUR job for maybe $5,000 or less per year! Of course that wouldn't even pay your HEALTH INSURANCE premiums, nevermind things like FOOD and shelter! But then, maybe you were too busy spinning over whether poor woman can get abortions or gay marriage or Rambo to notice while your future went down the toilet for some republicon crook's profit! I sure hope you weren't that stupid this time!

Vmclassic1 08:35:32 PM Dec 16 2008

Yea blame Obama boy for the Bush- Cheney disaster , pretty sad . They should be impeached

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