Bristol-Myers Squibb (NYSE:BMY) layoffs are a hot topic on Thursday after the biopharmaceutical company announced major cuts coming to its workforce.

Bristol-Myers Squibb has revealed that it will reduce its headcount by 6%, or roughly 2,200 employees, with these layoffs. The company is expecting this will save it $1.5 billion per year by 2025.

These job cuts come after the company completed recent acquisitions of Karuna and RayzeBio. It’s also worth mentioning that Bristol-Myers Squibb’s first-quarter earnings report was released alongside the layoffs news. Investors were unimpressed by its results.

Bristol-Myers Squibb Chief Financial Officer David Elkins provided more details of the layoffs during a conference call. He noted that the headcount reductions are designed to make the company “more agile” and planned to remove “layers of management so decisions get made more quickly.”

Bristol-Myers Squibb Joins Layoffs Trend

Bristol-Myers Squibb is joining a long list that continues to grow of companies that are laying off employees recently. That includes several other major players in the pharmaceutical space.

The increase in layoffs comes alongside a tough economy for businesses. That includes high inflation and increased interest rates weighing on both companies and consumers.

BMY stock is down 7.9% as of Thursday morning.

There are more stock market stories worth reading about below!

All of the latest stock market news for Tuesday is available for investors! Among that is why stocks are down today, the latest news on OptiNose (NASDAQ:OPTN) stock and more. All of this info is available at the following links!

More Thursday Stock Market News

• Why Are Stocks Down Today?
• Why Is OptiNose (OPTN) Stock Up 12% Today?
• Meta Platforms Stock Is Down 10%. Is This the Beginning of the End?

On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.