Health
Bristol Myers Falls as Key Drugs Miss, Job Cuts Announced
- Two blockbuster drug launches move more slowly than expected
- Drugmaker says it plans to cut 2,200 jobs over the next year
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Bristol Myers Squibb Co. shares fell the most in four years as sales of key drugs missed Wall Street’s expectations and the company announced job cuts as part of a $1.5 billion cost-reduction program.
The company will eliminate 2,200 jobs this year and has ended about 12 drug development programs, executives said Thursday on a call after releasing first-quarter results. The shares fell as much as 7.1% at the US market open, their biggest intraday loss since 2020.