Up­dat­ed: Bris­tol My­ers plans $1.5B in cost cuts, in­clud­ing 2,200 jobs, as CEO promis­es more ‘ag­ile’ com­pa­ny

The “tran­si­tion pe­ri­od” that Bris­tol My­ers Squibb CEO Chris Boern­er promised was com­ing to the com­pa­ny ap­pears to have ar­rived.

On Thurs­day, the phar­ma gi­ant said it would un­der­take $1.5 bil­lion in cost-cut­ting mea­sures, in­clud­ing changes to the pipeline and the com­pa­ny’s work­force. Bris­tol My­ers will re­duce its work­force by 2,200 peo­ple by the end of the year, a com­pa­ny spokesper­son said. BMS’ stock $BMY was down more than 8% in ear­ly Thurs­day trad­ing.

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