Bristol-Myers Cuts 1,000 Jobs to Slash Costs
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Bristol-Myers Squibb Co. is cutting about 1,000 jobs, and the fifth-biggest drug maker may announce more reductions as part of a drive to slash costs and eliminate overlapping operations.
The cuts were from functions such as the company’s corporate staff and global business that recently went through Bristol-Myers’ redesign process, spokeswoman Peggy Ballman said. Bristol-Myers employed about 44,000 in its continuing operations as of Dec. 31, according to a regulatory filing.
The reductions come as generic competition erodes sales growth for top-selling products such as the Taxol cancer drug and BuSpar for anxiety. Analysts said new products in development probably won’t add to earnings significantly before 2003, raising concern that the company may have difficulty meeting 2002 earnings targets without cost reductions.
Shares of the New York-based company rose 76 cents to $55.66 on the NYSE. The stock has lost about a fifth of its value this year.
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