February 13 town hall

Quote

anonymous said:
You BMS-lifers are just too funny. Celgene was a life preserver spackling over the deep fissures created by yers of mismanagement. Without the Revlimid $ to carry your lame asses, you would have sunk more quickly into the depth of ineptitude that seem to approach with more certainty each passing day. How many time do you need to be reminded, you sold off a multi-billion $ juggernaut for a JAK inhibitor already tattooed with a negative class halo, passed on sotatercept, squandered the commercial viability of the ozanimod MS/UC franchise, fumbled multiple launches in a variety of therapeutic categories.

There is a reason why people say “Same Old BMS” because a complete lack of innovation, and mid-90’s reach & frequency paradigm thinking. Look at the parade of clowns we’ve seen come and go over the last 5 year. If you want to see what I am saying just spend a couple of hours at PPK. Be sure to go early in the morning around 8AM. You can park anywhere you want and even roll a yoga mat out in the middle of the office because no one will arrive until 9-9:30 and when they do its down to the Starbucks for coffee and then a vigorous hour-long discussion on what they ate for dinner the night before and what they want for lunch. Around 11 the tone shifts from a busy morning of chit chat and sending 3 emails about the next POA & executive spotlights to heading downstairs for lunch. Between 11:30-1 the cafeteria is like Lollapalooza. Every kind of cubicle clown is there without a care in the world. Corporate may even have a giveaway table for everyone to help themselves to. Between 1PM - 3:30 it tends to get quiet due to the collective post-prandial spike but close to 3:45 things start to percolate. It is at this time that you better not be standing anywhere near the elevators or the stairs or risk getting run over by the swell of humanity leaving the collective stresses of the day behind.

BMS is singularly unique in it’s ability to be home to so many clock watching, passive people who have no motivation to be otherwise. In fact, they are celebrated for it. So yeah, blame Celgene for the self-inflicted crap we are experiencing. In fact, now that I think about it, Boner, Lerch & Tina were all former Celgene people right?
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You must be a consultant or the spouse of an exec. There is no way that you work here. That was too well written.
 
















anonymous said:
Heard the # 15% today. Don’t know if that’s right or not.
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No, I highly doubt it. If 15% were let go, that’d be around 5,100 employees. Take a billion divided by 5,100 employees and you’d come out to $196K each. Keep in mind that the $196K is not the employee’s salary, it’s the cost to the company (salary, bonus, expense acct, insurance, LTI, etc.). Since there’ll be a lot of senior folks impacted along w/us grunts (and they obvs cost more to the company), my guess is that it’ll be closer to 7%, maybe up to 10%. We’ll see if they ever give us the actual percentage.
 








anonymous said:
You BMS-lifers are just too funny. Celgene was a life preserver spackling over the deep fissures created by yers of mismanagement. Without the Revlimid $ to carry your lame asses, you would have sunk more quickly into the depth of ineptitude that seem to approach with more certainty each passing day. How many time do you need to be reminded, you sold off a multi-billion $ juggernaut for a JAK inhibitor already tattooed with a negative class halo, passed on sotatercept, squandered the commercial viability of the ozanimod MS/UC franchise, fumbled multiple launches in a variety of therapeutic categories.

There is a reason why people say “Same Old BMS” because a complete lack of innovation, and mid-90’s reach & frequency paradigm thinking. Look at the parade of clowns we’ve seen come and go over the last 5 year. If you want to see what I am saying just spend a couple of hours at PPK. Be sure to go early in the morning around 8AM. You can park anywhere you want and even roll a yoga mat out in the middle of the office because no one will arrive until 9-9:30 and when they do its down to the Starbucks for coffee and then a vigorous hour-long discussion on what they ate for dinner the night before and what they want for lunch. Around 11 the tone shifts from a busy morning of chit chat and sending 3 emails about the next POA & executive spotlights to heading downstairs for lunch. Between 11:30-1 the cafeteria is like Lollapalooza. Every kind of cubicle clown is there without a care in the world. Corporate may even have a giveaway table for everyone to help themselves to. Between 1PM - 3:30 it tends to get quiet due to the collective post-prandial spike but close to 3:45 things start to percolate. It is at this time that you better not be standing anywhere near the elevators or the stairs or risk getting run over by the swell of humanity leaving the collective stresses of the day behind.

BMS is singularly unique in it’s ability to be home to so many clock watching, passive people who have no motivation to be otherwise. In fact, they are celebrated for it. So yeah, blame Celgene for the self-inflicted crap we are experiencing. In fact, now that I think about it, Boner, Lerch & Tina were all former Celgene people right?
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My lord, this is so on the money it’s crazy. Only thing missed is how awful Meg is.
 








anonymous said:
Yes, hire all as employees. Contractors are in place to save money. BMS does not pay for their benefits so you are the one who is expendable and not the contractor.
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It's opposite for me at PPK with all my severed colleagues/leaders we are doing the job of 2-3. Yes, I have a yoga mat and I use it to overnight here on occasion. TO THE ELT, the consultants you hire to make these reorg decisions are completely off in their assessment. This place is a dumpster fire and many of us are so confused with how to successfully operate we barely keep afloat. How about this = you set up you consultants contracts to ONLY pay-for-performance and successful outcome. Ask us if things are better, clearer, easier, more fulfilling? Only pay them for the a successful job well done. You are treating outsiders to our business better than those that know it best, the people of BMS.
 








anonymous said:
It's opposite for me at PPK with all my severed colleagues/leaders we are doing the job of 2-3. Yes, I have a yoga mat and I use it to overnight here on occasion. TO THE ELT, the consultants you hire to make these reorg decisions are completely off in their assessment. This place is a dumpster fire and many of us are so confused with how to successfully operate we barely keep afloat. How about this = you set up you consultants contracts to ONLY pay-for-performance and successful outcome. Ask us if things are better, clearer, easier, more fulfilling? Only pay them for the a successful job well done. You are treating outsiders to our business better than those that know it best, the people of BMS.
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You are absolutely right. By consultants, you mean McKinsey. McKinsey raked and is still raking in millions with this 5 year layoff plan 2023-2027. Poor employees instead of this wastage could have stayed employed. The pipeline had a whole array of ADC drugs which BMS sold off for nothing. The problem was that no one looked at the data which was excellent. No one provided a counter argument because all were interested in only saving their behinds without using their brains. Gone and replaced with useless drugs.
 








Plan seems to be only C-suite and consultants remain. In any case this may be just fine since there’s no pipeline. With the remaining money you can just buy already approved drugs like Cobemfy.
 








anonymous said:
No, I highly doubt it. If 15% were let go, that’d be around 5,100 employees. Take a billion divided by 5,100 employees and you’d come out to $196K each. Keep in mind that the $196K is not the employee’s salary, it’s the cost to the company (salary, bonus, expense acct, insurance, LTI, etc.). Since there’ll be a lot of senior folks impacted along w/us grunts (and they obvs cost more to the company), my guess is that it’ll be closer to 7%, maybe up to 10%. We’ll see if they ever give us the actual percentage.
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$196k each is not far off. And 15% across the riff. Not necessarily this year. Boner outlined a 3 year plans. That number can’t be far off. We’re losing Eliquis and Opdivo. And replacing them with…
 








anonymous said:
$196k each is not far off. And 15% across the riff. Not necessarily this year. Boner outlined a 3 year plans. That number can’t be far off. We’re losing Eliquis and Opdivo. And replacing them with…
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Both Eliquis and Opdivo brought in 50% of world wide revenue in 2024. On top of that we currently are losing revenue from Revlimid, Pom, Sprycel, and Abraxane. All the products we currently have will not make up for these losses. I think the uncertainty with the FDA is another wild card that was mentioned on the town hall. Things are bleak. Take care of yourselves and your families.
 








What I find so awful is that all the ELT gets to stay and get their huge salaries and bonuses, no accountability and not even admitting it’s their fault they so many of us have to be let go. On the positive, folks who left last year seem to be doing well and seem happy to have escaped the doom and gloom one way or another….
 
































anonymous said:
The bonus is high this year to be fair. For those who are collecting bonuses, are you still planning to leave?
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That's the other f*&^%d up thing though, right? The multiplier is at 139% for bonuses this year.......completely tonedeaf. How can they have just had the best quarter in BMS history, tell everyone there will be massive rolling layoffs for the next couple years (mountain slide comes to fruition), but yet they're blowing TONS of money on bonuses at 139%.

Can BMS ever make a wise decision?
 








anonymous said:
Both Eliquis and Opdivo brought in 50% of world wide revenue in 2024. On top of that we currently are losing revenue from Revlimid, Pom, Sprycel, and Abraxane. All the products we currently have will not make up for these losses. I think the uncertainty with the FDA is another wild card that was mentioned on the town hall. Things are bleak. Take care of yourselves and your families.
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I got laid off. I cannot take care of my family.
 








Hope you find something soon. Where do we go? Seems like most of Pharma is reorganizing and will all be affected by possible FDA dismantling. Some who have left are not happier. Our future is concerning.
 








anonymous said:
I'm starting to think the goal is to get people to leave. Can't believe I sat through that TH, nothing new was communicated.
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I think the stock could go to $20 pretty quick and even over shoot to $5 per share. The company is an operational disaster largely due to the organizational structure of the company. They are clearly in trouble and Big Pharma has a bulls eye on its back. No one respects them anymore, not after Covid.
 
































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