Boston Scientific unveils $800M restructuring, job cuts

Boston Scientific Corporation has launched a major, multi-year restructuring plan aimed at cutting costs and positioning the company for future growth, a move that will involve significant job reductions. The medical device maker's board approved the initiative on July 21, with details disclosed in a regulatory filing on July 27.

The plan, which the company calls its 2026 Restructuring Plan, is projected to cost between $700 million and $800 million in pretax charges, with $600 million to $700 million of that expected to be paid in cash. The costs will cover employee termination benefits, expenses related to transferring production lines between global facilities, consulting fees, contract cancellations, and asset write-offs. Implementation is set to begin this year, with substantial completion targeted by the end of 2029.

Upon full execution, Boston Scientific expects to reduce its annual pretax operating expenses by approximately $500 million. Company officials stated that a significant portion of these savings will be reinvested into strategic growth initiatives, including new product development, market expansion, and acquisitions.

The restructuring encompasses supply chain...