Bristol-Myers Squibb to Freeze Salaries in 2010

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Things are tough all over: Bristol-Myers Squibb is freezing employee salaries for the year.
A Health Blog tipster told us the word went out today. Health Blog colleague Jonathan Rockoff checked in with the company, and a spokeswoman confirmed:
the elimination of annual salary increases in 2010 for Bristol-Myers Squibb employees worldwide, except where these practices cannot be eliminated based on legal mandate or contractual obligation.

The freeze won’t affect bonuses, the company said.
Bristol said earlier this week that its sales rose by 6% in 2009. But the company’s biggest selling drug, Plavix, will face generic competition in the U.S. in 2012. The company has been shedding nonpharmaceutical assets, and has built up a $10 billion war chest it can use for acquisitions and licensing.
Photo: iStockphoto

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