Listen to this articleThe basics:
- Novo Nordisk to cut 263 jobs at Plainsboro HQ by Dec. 31
- Bristol Myers Squibb to eliminate 282 positions in New Jersey by March 2026
- Restructuring aims to streamline operations, achieve billions in savings
- Local layoffs follow broader global workforce reductions at both companies
Another wave of layoffs is hitting New Jersey’s pharmaceutical sector with Novo Nordisk and Bristol Myers Squibb both disclosing planned workforce reductions.
Novo Nordisk
In a filing with the New Jersey Department of Labor & Workforce Development, Novo Nordisk said it expects to cut 263 positions by Dec. 31 at its U.S. headquarters in Plainsboro.
A spokesperson for the company confirmed to NJBIZ that the notifications made Sept. 16 to the state were part of a newly launched restructuring initiative. That plan aims to streamline operations and redirect resources to growth opportunities within diabetes and obesity.
In a Sept. 10 press release announcing the transformation effort, the Danish drugmaker said it expects the campaign to generate about $1.3 billion in savings annually by the end of 2026.
Novo Nordisk – whose portfolio includes blockbuster weight loss drug Wegovy and diabetes shot Ozempic – said it will eliminate 9,000 jobs from its global workforce of 78,400. It also said about 5,000 of the job cuts will occur in its home country.
Once the first mover in GLP-1 weight-loss drugs, Novo Nordisk has struggled to maintain market share – particularly in the key U.S. region – amid increased competition from rival Eli Lilly and cheaper compounded weight loss drugs.
The restructuring comes a little over a month after Maziar “Mike” Doustdar took the helm as CEO in the wake of the surprise ouster of Lars Fruergaard Jørgensen.
In a statement last week, Doustdar said, “It is always difficult to see talented and valued colleagues go, but we are convinced that this is the right thing to do for the long-term success of Novo Nordisk. We need a shift in our mindset and approach so we can be faster and more agile.”
“Our transformation plan is designed to deliver this. By realigning our resources now, we will be able to prioritize investments to drive sustainable growth and future innovation for the millions of patients with chronic diseases globally, particularly in diabetes and obesity.”
Bristol Myers Squibb
Bristol Myers Squibb plans to let go of 282 workers in New Jersey.
According to a Worker Adjustment and Retraining Notification (WARN) notice filed with the state, the pharma said the cuts will be effective between Dec. 11 and March 27, 2026.
BMS did not say which workers will be affected or where the reductions will take place. In addition to a corporate headquarters in Lawrenceville, the company has a 650,000-square-foot facility for its commercial and R&D teams.
Within New Jersey, the company has already issued 874 pink slips this year as part of an ongoing restructuring effort.
Under a “strategic productivity initiative” announced in February, BMS aims to slash $2 billion in costs by the end of 2027. The move came less than a year after the company unveiled plans to save $1.5 billion via the layoff of some 2,220 employees.
The latest cuts in New Jersey come on the heels of more than 1,300 layoffs at BMS in 2024.
“As shared on our quarterly earnings calls earlier this year, we remain focused on developing and delivering transformational medicines to patients around the world and continue to deliver on our long-term business strategy by aligning resources to best support our operating model and our portfolio evolution,” a BMS spokesperson told NJBIZ.
“Unfortunately, there were impacts to some of our employees as a result of these changes noted above. We are grateful for the contributions of our colleagues and a top priority for us is supporting employees throughout the transition process,” they added.
