Bristol-Myers Squibb reported a quarterly loss but exceeded revenue expectations with $11.87 billion, a 5% increase, surpassing the estimated $11.45 billion. As part of its earnings announcement, the company revealed plans to implement $1.5 billion in cost reductions, including cutting approximately 2,200 jobs, which is about 6% of its workforce. This move is aimed at making the company more agile and includes trimming a dozen pipeline programs. Additionally, the company has cut its full-year earnings forecast.