The Bristol Myers Squibb research and development center at Cambridge Crossing in Cambridge, Massachusetts, on Dec. 27, 2023.
Adam Glanzman | Bloomberg | Getty Images
Bristol Myers Squibb on Thursday said it will slash $2 billion in costs by the end of 2027, expanding its ongoing cost-savings effort to chart a path toward long-term growth.Â
Bristol Myers said savings will be driven by organizational changes and efforts to streamline operations, and will allow the company to invest in new science and drug brands expected to deliver growth.Â
The pharmaceutical giant still plans to cut $1.5 billion in costs by the end of 2025 and funnel that money into drug development. It first announced those cuts in April, and expanded on them with Thursday’s announcement.
The company is preparing to offset the loss in revenue from top-selling treatments slated to lose exclusivity on the market, including its blockbuster blood thinner Eliquis and…
