American pharmaceutical giant lays off more than 2,000 people

According to the Tasnim news agency, citing the CNBC news channel, the pharmaceutical company “Bristol Myers Squibb” published its first quarter earnings report on Thursday, which showed that it suffered losses due to one-time costs related to recent transactions.

The American company also announced that it plans to cut $1.5 billion in costs by 2025 and reinvest that money into drug development.

According to this report, Bristol-Myers will lay off 2,200 employees and stop production of some drugs this year in order to save costs.

The pharmaceutical company also announced that it will eliminate its hiring program, consolidate its factories and reduce management layers.

Bristol-Myers will prioritize investment in its key pharmaceutical brands and optimize manufacturing and development operations across the company.

Shares of Bristol-Myers fell more than 7 percent on Tuesday.

Bristol-Myers, one of the world's largest pharmaceutical companies, reported a net loss of $11.9 billion, or $5.89 per share, in the first quarter of this year.

This compares to net income of $2.3 billion, or $1.07 per share, for the same period last year.

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