Bristol Myers Squibb announced a comprehensive cost reduction plan, aiming to cut $1.5 billion in expenses. This initiative includes laying off approximately 2,200 employees, representing 6% of its workforce, and cutting a dozen pipeline programs. The layoffs and cost cuts were revealed alongside the company's first-quarter earnings report, where it posted a loss but exceeded revenue expectations with $11.87 billion against estimates of $11.45 billion. Adjusted EPS for the quarter was a loss of $4.40, slightly better than the estimated loss of $4.44. The company also adjusted its full-year earnings forecast to between 40 cents and 70 cents, including impacts from intellectual property rights and deals. Bristol Myers Squibb's CEO, Chris Boerner, emphasized the company's strong pipeline and future agility in response to these changes.