Bristol Myers Squibb

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Bristol-Myers Squibb Company is an American multinational pharmaceutical company headquartered in Princeton, New Jersey.<ref name=10K/> The company's primary products are Apixaban (Eliquis) for people with atrial fibrillation (28% of 2024 revenues); nivolumab (Opdivo), used to treat certain types of cancer (19% of 2024 revenues); lenalidomide (Revlimid), used to treat multiple myeloma, smoldering myeloma, and myelodysplastic syndromes (12% of 2024 revenues); abatacept (Orencia), used to treat autoimmune diseases such as rheumatoid arthritis (8% of 2024 revenues); pomalidomide (Pomalyst/Imnovid), an anti-cancer medication used for the treatment of multiple myeloma and AIDS-related Kaposi sarcoma (8% of 2024 revenues); ipilimumab (Yervoy), to treat cancer (5% of 2024 revenues); and luspatercept (Reblozyl) for the treatment of anemia in beta thalassemia and myelodysplastic syndromes (4% of 2024 revenues).<ref name=10K/> In 2024, 71% of the company's revenues came from the United States.<ref name=10K/>

The company is ranked 94th on the Fortune 500<ref>Template:Cite web</ref> and 173rd on the Forbes Global 2000.<ref>Template:Cite web</ref>

BMS's primary research and development (R&D) sites are located in Lawrence, New Jersey (formerly Squibb, near Princeton), Summit, New Jersey, formerly HQ of Celgene, New Brunswick, New Jersey; Redwood City, California; and Seville in Spain, with other sites in Devens and Cambridge, Massachusetts; Braine-l'Alleud, Belgium; Tokyo, Japan; Hyderabad; Bangalore, India<ref>Template:Cite news</ref> and Wirral, United Kingdom.<ref>Template:Cite press release</ref><ref>Template:Cite web</ref> BMS previously had an R&D site in Wallingford, Connecticut (formerly Bristol-Myers).<ref>Template:Cite web</ref>

History

Squibb

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E.R. Squibb & Son facility in Long Island City, New York, in 1948

The Squibb corporation was founded in 1858 by Edward Robinson Squibb in Brooklyn, New York.<ref>Template:Cite news</ref><ref>Template:Cite book</ref> Squibb was known as an advocate of quality control and high purity standards early within the pharmaceutical industry.<ref>Template:Cite book</ref> He went on to self-publish an alternative to the U.S. Pharmacopeia titled Squibb's Ephemeris of Materia Medica, after failing to convince the American Medical Association to incorporate higher purity standards.<ref>Template:Cite web</ref>

Materia Medica, Squibb products, and Edward Squibb's opinion on the fundamentals of pharmacy are found in many medical papers of the late 1800s.<ref>Template:Cite journal</ref><ref>Template:Cite journal</ref><ref>Template:Cite journal</ref><ref>Template:Cite journal</ref> The American Journal of Pharmacy published more than one hundred papers of Squibb's research surrounding the industry.<ref>Template:Cite book</ref>

The sons of Edward Squibb sold the company to Lowell M. Palmer and Theodore Weicker in 1905, who incorporated the company. Around this time, the Squibb logo was developed, which represented the company's products of "uniformity, purity, efficacy, and reliability based on research."<ref>Template:Cite web</ref>

Squibb Corporation served as a major supplier of medical goods to the Union Army during the American Civil War, providing portable medical kits containing morphine, surgical anesthetics, and quinine for the treatment of malaria (which was endemic in most of the Eastern United States at that time).<ref>Template:Cite book Accessed 25 November 2014.</ref><ref>Template:Cite book</ref>

In 1944, Squibb opened the world's largest penicillin plant in New Brunswick, New Jersey.<ref>Template:Cite book</ref>

Bristol-Myers

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Sal Hepatica (1909)

In 1887, Hamilton College graduates William McLaren Bristol and John Ripley Myers purchased the Clinton Pharmaceutical company of Clinton, New York.<ref name=":7">Template:Cite book</ref> In May 1898, they decided to rename it Bristol, Myers and Company.<ref name=":7" /> Following Myers' death in 1899, Bristol changed the name to the Bristol-Myers Corporation.<ref name=":7" />

During the 1890s, the company introduced its first nationally recognized product Sal Hepatica, a laxative mineral salt, followed by Ipana toothpaste in 1901.<ref name="MarketingChannels">Bert Rosenbloom, Marketing Channels, Bristol-Myers Squibb Template:Webarchive, 2011, page 609</ref><ref>Template:Cite web</ref> Other divisions were Clairol (hair colors and haircare) and Drackett (household products such as Windex and Drano).<ref>Template:Cite news</ref>

In 1943, Bristol-Myers acquired Cheplin Biological Laboratories, a producer of acidophilus milk in East Syracuse, New York,<ref>Template:Cite book</ref> and converted the plant to produce penicillin for the World War II Allied forces.<ref>Template:Cite web</ref> After the war, the company renamed the plant Bristol Laboratories in 1945 and entered the civilian antibiotics market, where it faced competition from Squibb.<ref name="MarketingChannels" />

Penicillin production at the East Syracuse plant ended in 2005, when it became less expensive to produce overseas.<ref>Template:Cite web</ref><ref>Template:Cite news</ref> As of 2010, the facility was used for the manufacturing process development and production of other biologic medicines for clinical trials and commercial use.<ref>Template:Cite web</ref><ref>Template:Cite web</ref>

Merger

In 1989, Bristol-Myers and Squibb merged and became Bristol-Myers Squibb.<ref>Template:Cite web</ref>

In 1999, then-U.S. President Bill Clinton awarded Bristol-Myers Squibb the National Medal of Technology, the nation's highest recognition for technological achievement, "for extending, and enhancing human life through innovative pharmaceutical research and development and for redefining the science of clinical study through groundbreaking and hugely complex clinical trials that are recognized models in the industry."<ref>Template:Cite web</ref>

2000 to 2010

File:Bristol-Myers Squibb Logo.svg
Bristol-Myers Squibb logo from 1989 to 2020
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The company has a number of facilities in New Jersey; this one is on the border between West Windsor and Princeton.
File:Plavix 2007-04-19.jpg

In July 2006, the FBI raided the company's corporate offices on charges of collusion centered on the distribution of Plavix<ref name=":9">Template:Cite web</ref><ref>Business Report Template:Webarchive, 31 July 2006. Retrieved 7 September 2006. Archived at</ref> On 12 September 2006, the monitor, former Federal Judge Frederick B. Lacey, urged the company to remove then-CEO Peter Dolan over the Plavix dispute. Later that day, BMS announced that Dolan would indeed step down.<ref>CNN.com Template:Webarchive, 12 September 2006. Retrieved 12 September 2006</ref> The deferred prosecution agreement expired in June 2007 and the Department of Justice did not take any further legal action against the company for matters covered by the DPA. Under CEO Jim Cornelius, who was CEO following Dolan until May 2010, all executives involved in the "channel-stuffing" and generic competition scandals have since left the company.

In 2009, the company began a major restructuring focusing on the pharmaceutical business and biologic products, along with productivity initiatives and cost-cutting and streamlining business operations through a multiyear program of on-going layoffs. This was part of a business strategy launched in 2007 to transform the company from a large, diversified pharmaceutical company to a specialty biopharma company, which also included the closure of half of their manufacturing facilities.<ref name=":1">Template:Cite news</ref>Template:Rp As another cost-cutting measure, Bristol-Myers Squibb also reduced health-care subsidies for retirees and planned to freeze their pension plan at the end of 2009.<ref>Template:Cite web</ref><ref>Template:Cite web</ref>

Lamberto Andreotti was named CEO in 2010; he had previously served as president and COO<ref name=Retire>Template:Cite news</ref>

2010-present

File:Bristol Myers Squibb, Moreton, Wirral - IMG 0369.JPG
Bristol-Myers Squibb facility in Wirral, England

In 2010, Lou Schmukler joined Bristol-Myers Squibb as the president of global product development and design.<ref name=":1" /><ref>Template:Cite web</ref> Schmukler led the team that completed the company's strategic transformation to a specialty biopharmaceutical company that had begun in 2007.<ref name=":1" /> As of 2011, the company had a dozen manufacturing facilities and six product development sites.<ref name=":1" />

The company was ranked as the best drug company of 2013 by Forbes magazine.<ref>Template:Cite news</ref>

In December 2014, the company received FDA approval for the use of the PD-1 inhibitor nivolumab (Opdivo) in treating patients whose skin cancer cannot be removed or have not responded to previous drug therapies.<ref>Template:Cite news</ref> In February 2015, the company initiated a research partnership with Rigel Pharmaceuticals which could generate more than $339 million. In March, the company obtained an exclusive opportunity to both licence and commercialise PROSTVAC, Bavarian Nordic's phase III prostate-specific antigen targeting cancer immunotherapy. Bavarian Nordic would receive an upfront payment of $60 million and incremental payments up to $230 million, if the overall survival of test patients exceeds that seen in Phase II tests. Bavarian could also receive milestone payments of between $110 million and $495 million, dependent on regulatory authorization, and these payments have the potential to total up to $975 million.<ref>Template:Cite web</ref>

In May 2015, Giovanni Caforio became CEO of the company;<ref>Template:Cite web</ref> Caforio was formerly the company's COO and succeeded Lamberto Andreotti upon his retirement.<ref name=Retire/> Andreotti subsequently succeeded James Cornelius as Executive Chairman upon his retirement.<ref name=Retire/>

Corporate acquisitions and divestments as Bristol Myers Squibb

File:Buspar.jpg
Buspirone tablets

In August 2009, during a major restructuring activity, BMS acquired the biotechnology firm Medarex as part of the company's "String of Pearls" strategy of alliances, partnerships, and acquisitions.<ref>https://finance.yahoo.com/news/BristolMyers-Squibb-to-bw-571310065.html?x=0&.v=1Template:Dead link</ref><ref>Template:Cite web</ref> In November 2009, Bristol Myers Squibb announced that it was "splitting off" Mead Johnson Nutrition by offering BMY shareholders the opportunity to exchange their stock for shares in Mead Johnson.<ref name=":10">Template:Cite web</ref> According to Bristol Myers Squibb, this move was expected to further sharpen the company's focus on biopharmaceuticals.<ref name=":10" />

In October 2010, the company acquired ZymoGenetics, securing an existing product, as well as pipeline assets in hepatitis C, cancer, and other therapeutic areas. Template:Citation needed

Bristol Myers Squibb agreed to pay around $2.5 billion in cash to buy Inhibitex Inc. in attempt to compete with Gilead/Pharmasset to produce hepatitis C drugs. The settlement will be finished in 2 months for its Inhibitex's shareholders acceptance of 126% premium price of its price over the previous 20 trading days ended on 6 January.<ref>Template:Cite webTemplate:Dead linkTemplate:Cbignore</ref> On 29 June, BMS extended its portfolio of diabetes treatments when it agreed to buy Amylin Pharmaceuticals for around Template:US$ in cash and pay Template:US$ to Eli Lilly to cover Amylin's debt and its outstanding collaboration-related obligations.<ref name=":2">Template:Cite news</ref> AstraZeneca, which already collaborated on several diabetes treatments with BMS, agreed to pay US$3.4 billion in cash for the right to continue development of Amylin's products.<ref name=":2" /> Two years later, the company divested Amylin to AstraZeneca.<ref name=":1" />Template:Rp

In April 2014, BMS announced its acquisition of iPierian for up to $725 million.<ref>Template:Cite news</ref>

In February 2015, the company acquired Flexus Biosciences for $1.25 billion. As part of this deal, BMS will gain full rights to Flexus' lead small molecule IDO1-inhibitor, F001287.<ref>Template:Cite web</ref> In November, the company acquired the cardiovascular disease drug developer Cardioxyl for up to $2.075 billion. The deal strengthens the BMS' critical pipelines with the phase II candidate for acute decompensated heart failure, CXL-1427.<ref>Template:Cite web</ref>

In March 2016, the company announced it would acquire Padlock Therapeutics for up to $600 million.<ref>Template:Cite web</ref> In early July, the company announced it would acquire Cormorant Pharmaceuticals for $520 million, boosting BMS' oncology offering through Cormorants monoclonal antibody targeted against interleukin-8.<ref>Template:Cite news</ref>

In August 2017, the company acquired IFM Therapeutics for $300 million upfront, with contingency payments of $1.01 billion due on certain milestones – allowing BMS to better compete against Merck & Co's cancer rival treatment, Keytruda.<ref>Template:Cite news</ref>

In November 2019, the company acquired Celgene for $74 billion or $95 billion including debt. To gain regulatory approval, Amgen acquired Otezla from Celgene for $13.4 billion.<ref>Template:Cite news</ref><ref>Template:Cite news</ref><ref name="bloomberg.com">Template:Cite web</ref> The Celgene acquisition aimed to be a refresher to the company's pipeline, helping to overcome from declining sales of Opdivo relative to competitor Keytruda.<ref name=":3" /> BMS investors Wellington Management Company and Starboard Value opposed the merger;<ref name=":3">Template:Cite news</ref> however, 75% of its shareholders voted to approve.<ref>Bristol-Myers Squibb Shareholders Approve Celgene Acquisition Template:Webarchive, PM BMS 12 April 2019, retrieved 13 May 2019</ref><ref>Template:Cite web</ref><ref>Template:Cite web</ref><ref>Template:Cite news</ref>

In July 2019, the company sold its consumer health business, UPSA, to Taisho Pharmaceutical.<ref>Template:Cite news</ref> UPSA focused product delivery on France and the rest of Europe. As early as 2005, the company had divested individual consumer products,<ref name=":4" /><ref name=":5" /> and its US- and Canada-focused consumer products business.<ref name=":6" />

In February 2020, BMS and partner Biomotiv launched a new company called Anteros Pharmaceuticals, which focuses on creating inflammation and fibrosis medicines.<ref>Template:Cite web</ref> In August, the business announced it would acquire Forbius and its TGF-beta 1 & TGF-beta 3 inhibitors.<ref>Template:Cite web</ref> In October, BMS announced it would acquire cardiology company MyoKardia for $13.1 billion ($225 per share) gaining control of mavacamten, a cardiovascular drug for obstructive hypertrophic cardiomyopathy (HCM), and the development of two key treatments: danicamtiv (MYK-491) and MYK-224.<ref>Template:Cite web</ref>

In August 2022, BMS acquired Turning Point Therapeutics for $4.1 billion in cash, helping to boost its complement of cancer drugs, specifically repotrectinib.<ref>Template:Cite press release</ref><ref>Template:Cite news</ref> That same month, the company announced it would be investing $180m in French AI company Owkin, to design potentially more precise and efficient clinical trials. The collaboration will initially focus on cardiovascular diseases, and has the potential to extend into projects in other therapeutic areas.<ref>Template:Cite web</ref>

In August 2023, Bristol Myers Squibb partnered with Cellares for the robotic production of CAR-T treatments of which it has two approved.<ref>Template:Cite web</ref> In September 2023, BMS announced it would pay Zenas BioPharma $50m upfront for a strategic license and collaboration to develop and commercialise obexelimab,<ref>Template:Cite web</ref> a novel, bi-functional antibody for autoimmune diseases.

In January 2024, BMS acquired Mirati Therapeutics, an American biotechnology company that develops targeted therapies for the treatment of cancer, for $4.8 billion, and an additional $1 billion in milestone payment.<ref>Template:Cite news</ref><ref>Template:Cite news</ref>

Template:AnchorIn March 2024, BMS acquired Karuna Therapeutics for $14 billion.<ref>Template:Cite press release</ref><ref name="Priyan">Template:Cite web</ref> The acquisition included Karuna's lead asset, KarXT, an investigational muscarinic antipsychotic combination of Xanomeline and Trospium for the treatment of schizophrenia in adults.<ref name="Priyan"/><ref>Template:Cite web</ref>

In February 2024, the company acquired RayzeBio for approximately $4.1 billion.<ref>Template:Cite press release</ref><ref>Template:Cite news</ref>

In September 2024, the Food and Drug Administration approved Cobenfy, the first novel type of treatment for schizophrenia in 70 years.<ref>Template:Cite news</ref>

List of mergers and acquisitions

The following is an illustration of the company's major mergers and acquisitions and historical predecessors: Template:Tree list

  • Bristol-Myers Squibb (Formed by the merger of Squibb Corporation (Est 1858) and Bristol-Myers (Est 1887))
    • Adnexus Therapeutics
    • ConvaTec
    • Kosan Biosciences
    • Medarex (Acq 2009)
    • ZymoGenetics (Acq 2010)
    • Amira Pharmaceuticals
    • Inhibitex Inc (Acq 2012)
    • Amylin Pharmaceuticals (Acq 2012 jointly with AstraZeneca)
    • iPierian (Acq 2014)
    • Flexus Biosciences (Acq 2015)
    • Cardioxyl (Acq 2015)
    • Padlock Therapeutics (Acq 2016)
    • Cormorant Pharmaceuticals (Acq 2016)
    • IFM Therapeutics (Acq 2017)
    • Celgene (Acq 2019)
      • Signal Pharmaceuticals, Inc (Acq 2000)
      • Anthrogenesis (Acq 2002)
      • Pharmion Corporation (Acq 2008)
      • Gloucester Pharmaceuticals (Acq 2009)
      • Abraxis BioScience Inc (Acq 2010)
      • Avila Therapeutics, Inc (Acq 2012)
      • Quanticel (Acq 2015)
      • Receptos (Acq 2015)
      • EngMab AG (Acq 2016)
      • Delinia (Acq 2017)
      • Impact Biomedicines (Acq 2018)
      • Juno Therapeutics (Acq 2018)
        • AbVitro (Acq 2016)
        • RedoxTherapies (Acq 2016)
    • Forbius (Acq 2020)
    • MyoKardia (Acq 2020)
    • Turning Point Therapeutics (Acq 2022)
    • Mirati Therapeutics (Acq 2024)
    • Karuna Therapeutics (Acq 2024)
    • RayzeBio (Acq 2024)
    • Orbital Therapeutics (Acq 2025)

Template:Tree list/end

Finances

Year Revenue
in bil. US$ 		Net income
in bil. US$ 		Total assets
in bil. US$ 		Price per share
in US$ 		Employees
2005 18.60 3.00 28.14 14.60
2006 16.20 1.59 25.58 15.24
2007 15.62 2.17 25.93 18.98
2008 17.72 5.25 29.49 14.95
2009 18.81 10.60 31.00 15.90
2010 19.48 3.09 31.08 19.76
2011 21.24 3.70 32.97 23.41
2012 17.62 1.96 35.90 28.04
2013 16.39 2.56 38.60 38.39 28,000
2014 15.88 2.00 33.75 47.03 25,000
2015 16.56 1.57 31.75 59.63 25,000
2016 19.43 4.45 33.71 59.73 25,000
2017 20.78 1.00 33.55 55.88 23,700
2018 22.56 4.92 34.99 51.98 23,300
2019 26.15 3.44 129.44 52.23 30,000
2020 42.52 −9.02 118.48 62.03 30,250
2021 46.39 6.99 109.31 62.35 32,200
2022 46.16 6.33 96.82 71.95 34,300

Pharmaceuticals

File:HYDREA (ハイドレア).jpg
Hydrea (hydroxycarbamide)
Reyataz (atazanavir)

The following is a list of key pharmaceutical products:<ref>Template:Cite web</ref> Template:Div col start Cardiovascular diseases

Diabetes mellitus

Infectious diseases, including HIV infection and associated conditions

Inflammatory disorders

Oncology

Psychiatry

Rheumatic disorders

Transplant rejection

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Out of production

Divested brands

(Former Bristol-Myers brands, now divested)

Products under development

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Beclabuvir

The following is a selective list of investigational products under development, as of 2023:<ref>Template:Cite web</ref>

Contributions

Notable organizations to which Bristol-Myers Squibb has provided funding include the Institute for Advanced Study,<ref>Template:Cite web</ref><ref>Template:Cite web</ref> Northern Ontario School of Medicine,<ref>Template:Cite web</ref> Population Health Research Institute (PHRI) at McMaster University Medical School,<ref>Template:Cite web</ref> University of Toronto,<ref>Template:Cite web</ref> University of Washington,<ref>Template:Cite web</ref> Centre for Addiction and Mental Health,<ref>Template:Cite web</ref> Princess Margaret Cancer Centre,<ref>Template:Cite web</ref><ref>Template:Cite web</ref> Scarborough Health Network,<ref>Template:Cite web</ref> SickKids,<ref>Template:Cite web</ref> Sinai Health System,<ref>Template:Cite web</ref> Sunnybrook Health Sciences Centre,<ref>Template:Cite web</ref> National Geographic Society,<ref>Template:Cite web</ref> National Press Foundation,<ref>Template:Cite web</ref> American Society of Hematology,<ref>Template:Cite web</ref> European Society of Cardiology,<ref>Template:Cite web</ref> Canadian Association of Emergency Physicians,<ref>Template:Cite web</ref> Canadian Rheumatology Association,<ref>Template:Cite web</ref><ref>Template:Cite web</ref><ref>Template:Cite web</ref> and Multiple Sclerosis International Federation.<ref>Template:Cite web</ref>

The company spends $5–10 million per year on lobbying in the United States.<ref>Template:Cite web</ref> Notable lobbying organizations to which the company has contributed include BIOTECanada,<ref>Template:Cite web</ref> Innovative Medicines Canada,<ref>Template:Cite web</ref> International Federation of Pharmaceutical Manufacturers & Associations,<ref>Template:Cite web</ref> National Health Council,<ref>Template:Cite web</ref> Pharmaceutical Advertising Advisory Board,<ref>Template:Cite web</ref> and Pharmaceutical Research and Manufacturers of America.<ref>Template:Cite web</ref>

In 2002, the company was sued by 29 states for illegally maintaining a monopoly on Taxol, its cancer treatment and was sued in a separate case for trying to keep a generic version of BuSpar off the market. It paid $125 million to settle the Taxol case and a total of $670 million to settle both cases.<ref>Template:Cite news</ref>

Also in 2002, Bristol-Myers Squibb was involved in an accounting scandal that resulted in a significant restatement of revenues from 1999 to 2001.<ref name=":8">Template:Cite book</ref> The restatement was the result of an improper booking of sales related to "channel stuffing" as the practice of offering excess inventory to customers to create higher sales numbers.<ref name=":8" /> The company settled with the United States Department of Justice and Securities and Exchange Commission for $150 million.<ref>Template:Cite press release</ref> In 2004, the company restated its financial results for the previous 5 years.<ref>Template:Cite news</ref> As part of a deferred prosecution agreement, the company was placed under the oversight of a monitor appointed by the U.S. attorney in New Jersey. In addition, the former head of the Pharma group, Richard Lane, and the ex-CFO, Fred Schiff, were indicted for federal securities violations.<ref>Template:Cite news</ref>

Bristol-Myers Squibb was one of the named defendants in a $1 billion lawsuit for infecting hundreds of Guatemalans with syphilis during the Guatemala syphilis experiments. In 2022, the company was dismissed from the lawsuit, though the reason for the dismissal was not publicly disclosed.<ref>Template:Cite web</ref>

See also

References

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