JOB CUTS AT BRISTOL-MYERS SQUIBB
US pharmaceutical concern Bristol-Myers Squibb is cutting its workforce by 2,200, a reduction in its worldwide pharmaceutical operations of around 6%, it has announced. The staff cuts are are being attributed to pressure being exerted to keep drug prices down and growing generic competition, and are expected to be implemented by the first quarter of 1993. A charge is expected to be taken in the fourth quarter.
The company recently announced a profits increase of around 5% for the third quarter of 1993 (Marketletter November 2), which is below previous increases of around 15%. Bristol-Myers Squibb is following along the path taken by other US companies, Syntex and Eli Lilly, which have both announced plans to make staff cuts (Marketletter November 2).
Analysts are generally in agreement that the industry worldwide is not as profitable as it has been in the past, with cost containment and a tighter focus on R&D becoming the norm.
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