Bristol Myers Squibb to Cut 265 Jobs at Princeton Operations, Third NJ Round This Year

Bristol Myers Squibb (BMS) filed a Worker Adjustment and Retraining Notification (WARN) with the New Jersey Department of Labor announcing elimination of 265 positions at its Princeton operations. The notice sets the start of the layoffs on Dec. 17, 2026 and schedules completions through May 21, 2027.

BMS operates a corporate headquarters and a 650,000-square-foot research and development facility in Lawrenceville, New Jersey. The WARN notice specifically references positions at the company's Princeton operations.

BMS implemented a restructuring plan in February 2025 that set a goal of $2 billion in cost savings by the end of 2027. Company executives have stated that a portion of the savings will be reinvested into drug development in areas including oncology, hematology, fibrosis and cardiovascular disease.

Financial picture provided in public comments and filings

Public figures cited in coverage show BMS posted $48.2 billion in revenue and $7.05 billion in net income for 2025. Management projected 2026 revenue between $46 billion and $47.5 billion. On an April earnings call, the company reported achieving more than $1 billion in savings in 2025 and said it remained on pace to obtain the remaining $1 billion by the end of 2027.

Legal notice and employee protections

Under federal WARN, employers with 100 or more employees must provide 60 days' notice before a plant closing or mass layoff affecting 50 or more workers at a single site. New Jersey's WARN Act imposes an additional requirement: severance pay for affected employees.

What this means for the community and workforce

Lawrenceville operations are significant local employers because of their corporate and R&D presence. With this latest round of cuts, the cumulative job reductions since 2025 exceed 1,700 positions statewide, raising concerns about immediate income disruption for affected workers and potential downstream effects on local services and suppliers.

What the company has said and next steps

The December 2026–May 2027 reduction of 265 positions at BMS's Princeton operations continues a multi-year restructuring that has already cut thousands of New Jersey jobs. The company frames the changes as cost-savings measures that will free funds for targeted drug development, while federal and state WARN provisions set notice and severance safeguards for affected employees.