Bristol Myers lays out $40 billion US investment plan

US pharma major Bristol Myers Squibb (NYSE: BMY) is planning a massive $40 billion investment in the country over the next five years, despite an ongoing restructuring and cost cutting plan which will see hundreds of staff laid off.

Chief executive Christopher Boerner revealed the investment in a piece published by Stat News on Monday, noting that the plan will span R&D, manufacturing and technology, and will help expand Bristol Myers’ footprint across the USA. He said the move will support areas like radiopharmaceutical production and artificial intelligence.

The decision places Bristol Myers among a growing list of big pharma firms pledging new commitments to domestic spending. Recent examples include Novartis (NOVN: VX) with $23 billion, Eli Lilly (NYSE: LLY) with $27 billion, Roche (ROG: SIX) with $50 billion and Johnson & Johnson (NYSE: JNJ) with $55 billion. AbbVie (NYSE: ABBV) is also targeting more than $10 billion over the next decade.