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Bristol Myers Squibb

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Bristol-Myers Squibb Company
Company typePublic
IndustryPharmaceutical
Founded1887; 139 years ago (1887)
FounderWilliam McLaren Bristol, John Ripley Myers, E. R. Squibb
Headquarters
Princeton, New Jersey
,
United States
Area served
Worldwide
Key people
Chris Boerner (Chairman and CEO), David Elkins (CFO)
ProductsPrescription medications and biologics (oncology, HIV/AIDS, cardiovascular, diabetes, hepatitis, rheumatoid arthritis, mental health disorders)
Websitewww.bms.com

The Bristol-Myers Squibb Company, commonly known as Bristol Myers Squibb (BMS), is a prominent American multinational pharmaceutical corporation headquartered in Princeton, New Jersey. Regularly featured on the Fortune 500 list, BMS reported revenues of $48.3 billion in 2024, underscoring its substantial position within the global pharmaceutical sector.

Established in 1887 by William McLaren Bristol, John Ripley Myers, and E. R. Squibb, the firm focuses on developing prescription medications and biologics across several therapeutic fields such as oncology, HIV/AIDS, cardiovascular conditions, diabetes, hepatitis, rheumatoid arthritis, and mental health disorders.

BMS maintains key research and development facilities located in Lawrence, Summit, New Jersey (previously the headquarters of Celgene), New Brunswick, New Jersey, Redwood City, California, and Seville, Spain. Additional R&D operations support its worldwide activities from sites in Devens, Massachusetts, Cambridge, Massachusetts, Braine-l'Alleud, Belgium; Tokyo, Japan; Hyderabad and Bangalore in India; as well as Wirral, United Kingdom. The company formerly operated an R&D center in Wallingford, Connecticut.

Leadership at BMS includes Chairman and CEO Chris Boerner along with CFO David Elkins, who are responsible for steering the company’s strategic direction and fostering growth within the competitive pharmaceutical landscape.

Squibb

The origins of Squibb trace back to 1858 when Edward Robinson Squibb founded the company in Brooklyn, New York. He was an early proponent of rigorous quality control and purity standards in pharmaceuticals. After unsuccessful attempts to influence the American Medical Association, Squibb published Squibb's Ephemeris of Materia Medica as a superior alternative to the U.S. Pharmacopeia. His products and scientific contributions earned widespread recognition in medical circles throughout the late nineteenth century, establishing a legacy of trustworthiness and innovation.

In 1905, Edward Squibb’s heirs sold the enterprise to Lowell M. Palmer and Theodore Weicker. They incorporated the business and introduced the Squibb emblem to represent consistency, purity, effectiveness, and reliability grounded in scientific research.

During the American Civil War, Squibb Corporation was instrumental in supplying medical essentials to Union forces, including morphine, anesthetics, and quinine used against malaria. In 1944, the company expanded its manufacturing capacity by inaugurating the world’s largest penicillin production plant in New Brunswick, New Jersey.

This early dedication to high-quality standards combined with strategic growth initiatives established Squibb’s enduring influence and expansion within the pharmaceutical market.

Bristol-Myers

In 1887, Hamilton College alumni William McLaren Bristol and John Ripley Myers purchased Clinton Pharmaceutical located in Clinton, New York. By May 1898, they rebranded it as Bristol, Myers and Company, later adopting the name Bristol-Myers Corporation after Myers passed away in 1899.

The company introduced its first nationally recognized products during the 1890s with items such as Sal Hepatica, a mineral salt laxative, followed by Ipana toothpaste launched in 1901. Over time, its product range grew to include divisions like Clairol (specializing in hair care) and Drackett (offering household items such as Windex and Drano).

In 1943, Bristol-Myers acquired Cheplin Biological Laboratories based in East Syracuse, New York. The facility was repurposed to manufacture penicillin for Allied forces during World War II. After the war ended, it was renamed Bristol Laboratories in 1945 and transitioned into producing antibiotics for civilian use alongside competitors like Squibb.

Penicillin production at East Syracuse was discontinued in 2005 due to more cost-effective overseas manufacturing options. By 2010, this site had shifted its focus toward process development and producing biologic drugs intended for clinical trials and commercial distribution.

Merger

In 1989, the combination of Bristol-Myers and Squibb resulted in the creation of Bristol-Myers Squibb, establishing the entity as the second-largest pharmaceutical company by market share. A decade later, in 1999, the organization was honored with the National Medal of Technology by President Bill Clinton in recognition of its groundbreaking pharmaceutical research and trailblazing clinical trials.

2000 to 2010

From 2002 through 2007, Bristol-Myers Squibb encountered major legal difficulties, including antitrust litigation related to its cancer medication Taxol, which culminated in a $125 million settlement. Additionally, the firm was implicated in an accounting controversy involving improper revenue reporting through "channel stuffing," resulting in a $150 million settlement with the U.S. Department of Justice and Securities and Exchange Commission without admitting wrongdoing. Due to these complications, earnings had to be restated multiple times between 1999 and 2003.

As part of a deferred prosecution agreement, the company was subjected to supervision by a court-appointed monitor. Several former senior officials, including the head of the pharmaceutical division and the chief financial officer, faced federal indictments. In 2006, an FBI inquiry into alleged collusion concerning the distribution of Plavix led to CEO Peter Dolan stepping down under pressure from the appointed monitor.

The deferred prosecution arrangement concluded in 2007 without additional legal proceedings. By the tenure of CEO Jim Cornelius (2006–2010), all executives implicated in earlier scandals had exited the company.

In 2009, Bristol-Myers Squibb embarked on a significant restructuring initiative concentrating on pharmaceuticals and biologics. This involved operational streamlining through workforce reductions and shuttering half of its manufacturing plants as part of a strategic transition from a broadly diversified pharmaceutical firm to a specialized biopharmaceutical company. Cost reduction strategies also entailed cutting retiree health-care benefits and implementing pension freezes by the end of that year.

In 2010, BMS secured the #114 spot on the Fortune 500 list and received recognition for its sustainability initiatives, ranking #8 on Newsweek's 2009 Green Ranking and earning inclusion in the Dow Jones Sustainability North America Index.

Lamberto Andreotti took over as CEO in 2010 after previously serving as president and chief operating officer, overseeing global pharmaceutical operations.

2010 onward

Lou Schmukler joined Bristol-Myers Squibb in 2010 as president responsible for global product development and design, steering the completion of the company's strategic transformation into a specialty biopharmaceutical enterprise initiated in 2007. By 2011, Bristol-Myers operated twelve manufacturing sites alongside six product development centers.

With a market value reaching US$87 billion and stock appreciation of 61.4%, Bristol-Myers Squibb was named the top pharmaceutical company of 2013 by Forbes.

In December 2014, the FDA granted approval for Bristol-Myers' PD-1 inhibitor nivolumab (Opdivo) to treat advanced melanoma resistant to prior treatments. Early in 2015, the company entered into a research collaboration with Rigel Pharmaceuticals valued at more than $339 million and secured exclusive licensing rights for Bavarian Nordic’s PROSTVAC prostate cancer immunotherapy. The agreement included an initial payment of $60 million plus potential milestone payments up to $975 million contingent on clinical and regulatory achievements.

Dr. Giovanni Caforio assumed the CEO role in May 2015, succeeding Lamberto Andreotti who became executive chairman following James Cornelius's retirement. Under Caforio’s leadership, there was continued emphasis on innovation and strategic expansion.

In February 2017, activist investor Carl Icahn acquired a stake in Bristol-Myers Squibb, indicating possible takeover interest amid competitive pressures from firms such as Gilead Sciences.

By April 2018, Bristol-Myers reported first-quarter net earnings of $1.5 billion, or 91 cents per share, driven largely by robust sales of its oncology drug Opdivo, underscoring strong financial results and market presence in cancer treatment.

Bristol Myers Squibb's Corporate Acquisitions and Divestitures

In August 2009, Bristol Myers Squibb (BMS) expanded its biotechnology portfolio by acquiring Medarex, aligning with its "String of Pearls" approach that emphasizes alliances, partnerships, and strategic acquisitions. Shortly thereafter, in November 2009, BMS separated from Mead Johnson Nutrition, distributing Mead Johnson shares to its shareholders to concentrate more intently on biopharmaceutical development.

The following year, in October 2010, BMS strengthened its hepatitis C and oncology pipelines through the acquisition of ZymoGenetics. In January 2012, the company furthered its position in hepatitis C treatments by purchasing Inhibitex Inc. for roughly $2.5 billion. By June 2012, BMS had acquired Amylin Pharmaceuticals for an estimated $5.3 billion and also paid $1.7 billion to Eli Lilly to assume Amylin’s outstanding debt. Concurrently, AstraZeneca invested $3.4 billion for rights to develop Amylin’s products and subsequently completed a full acquisition of Amylin.

In April 2014, BMS added iPierian to its portfolio with a deal potentially worth up to $725 million. The following year, February 2015 saw the acquisition of Flexus Biosciences for $1.25 billion, securing rights to the IDO1 inhibitor F001287. Later that year, BMS enhanced its cardiovascular pipeline by acquiring Cardioxyl for up to $2.075 billion, obtaining a phase II candidate targeting acute heart failure.

The year 2016 included two notable purchases: Padlock Therapeutics for up to $600 million and Cormorant Pharmaceuticals for $520 million, both aimed at broadening BMS’s oncology offerings with innovative monoclonal antibodies against interleukin-8.

In August 2017, BMS acquired IFM Therapeutics with an upfront payment of $300 million plus milestone payments, intensifying its competition against Merck’s Keytruda.

A landmark transaction occurred in January 2019 when BMS announced its intention to acquire Celgene for $74 billion (approximately $95 billion including debt), representing the largest pharmaceutical takeover at that time. This acquisition revitalized BMS’s drug pipeline amid declining sales of Opdivo relative to Keytruda. Celgene shareholders were offered one share of BMS plus $50 cash per share—a premium of 54%. Despite initial resistance from investors such as Wellington Management and Starboard Value, the deal secured approval from 75% of shareholders in April 2019 and officially closed in Q3 2019, with new shares and contingent value rights listed on the NYSE.

In 2019, BMS divested its consumer health unit UPSA to Taisho Pharmaceutical, refocusing UPSA’s product distribution primarily within France and Europe.

As part of the Celgene integration, Amgen acquired the Otezla drug program for $13.4 billion in August 2019.

In February 2020, BMS collaborated with Biomotiv to establish Anteros Pharmaceuticals, targeting therapies for inflammation and fibrosis. That August, it agreed to acquire Forbius along with its TGF-beta inhibitor portfolio. Subsequently, in October 2020, BMS purchased cardiology-focused MyoKardia for $13.1 billion, gaining access to mavacamten and two additional cardiovascular candidates.

June 2022 marked the acquisition of Turning Point Therapeutics for $4.1 billion, enhancing BMS’s oncology pipeline with repotrectinib. Simultaneously, BMS invested $180 million into French AI company Owkin to improve clinical trial methodologies initially centered on cardiovascular diseases.

In August 2023, BMS entered a partnership with Cellares to develop robotic manufacturing platforms for CAR-T therapies. The next month, it secured a strategic license agreement from Zenas BioPharma for obexelimab—an innovative autoimmune antibody—with a $50 million upfront payment.

October 2023 saw BMS agreeing to acquire Mirati Therapeutics in an all-cash transaction valued at $4.8 billion plus up to $1 billion in milestones; this deal was finalized in January 2024.

In December 2023, BMS announced plans to acquire Karuna Therapeutics for approximately $14 billion, including Karuna’s leading schizophrenia treatment candidate KarXT; notably, the FDA accepted KarXT’s new drug application that same month. The acquisition was completed in March 2024.

Also during December 2023, BMS revealed its intention to purchase RayzeBio for about $4.1 billion.

On September 26, 2024, the FDA approved BMS’s schizophrenia medication Cobenfy—the first novel treatment class introduced in over seven decades—underscoring the company’s commitment to advancing neuroscience therapeutics.

Notable mergers and acquisitions

Key mergers and acquisitions undertaken by the company consist of:

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


Financial overview

For the fiscal year ending in 2018, Bristol Myers Squibb posted a net income of US$1.007 billion alongside revenues totaling US$20.776 billion, reflecting a growth of approximately 6.9% compared to the prior year. Stock prices surpassed $55 per share, with market capitalization reaching over US$81.6 billion by October of that year. Approximately 85% of total revenue was generated from five principal products, while research and development expenditures represented about 36% of overall revenue, underscoring the company's commitment to innovation. In the Fortune 500 rankings by revenue for 2018, Bristol-Myers Squibb was positioned at number 145.

Year Revenue
(billion US$) 		Net income
(billion US$) 		Total assets
(billion US$) 		Share price
(US$) 		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
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

Environmental impact: Carbon footprint

For the year ending December 31, 2020, Bristol Myers Squibb reported combined direct and indirect CO2 equivalent emissions totaling 278 kilotonnes, representing a reduction of approximately 2.1% compared to the previous year’s figures. The organization has set a goal to reach net-zero carbon emissions by the year 2040.

Annual Total CO2e Emissions - Location-Based Scope 1 + Scope 2 at Bristol Myers Squibb (in kilotonnes)
Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020
328 323 316 284 278


Pharmaceuticals

The company's pharmaceutical offerings encompass essential medications spanning diverse therapeutic categories:

Cardiovascular conditions

  • Avalide (irbesartan/hydrochlorothiazide) – jointly marketed with Sanofi
  • Avapro (irbesartan) – co-promoted alongside Sanofi
  • Camzyos (Mavacamten)
  • Coumadin (warfarin)
  • Eliquis (apixaban) – co-promoted with Pfizer
  • Plavix (clopidogrel) – in partnership with Sanofi for marketing
  • Pravachol (pravastatin)

Diabetes mellitus

  • Bydureon (exenatide extended-release) – selectively marketed by BMS
  • Byetta (exenatide) – selectively marketed by BMS
  • Farxiga/Forxiga (dapagliflozin)
  • Glucophage and Glucophage XR (metformin) – marketed within the USA
  • Glucovance (Glyburide/metformin) – available in the US market
  • Kombiglyze XR/Komboglyze (saxagliptin/metformin extended release) – co-marketed with AstraZeneca
  • Onglyza (saxagliptin) – co-promoted with AstraZeneca

Infectious diseases, including HIV/AIDS

  • Atripla (efavirenz/emtricitabine/tenofovir disoproxil fumarate) – marketed jointly with Gilead Sciences
  • Azactam (aztreonam)
  • Baraclude (entecavir)
  • Daklinza (daclatasvir)
  • Evotaz (atazanavir/cobicistat)
  • Megace (megestrol acetate)
  • Reyataz (atazanavir)
  • Sustiva/Stocrin (efavirenz)
  • Videx and Videx EC (didanosine)
  • Zerit (stavudine)

Inflammatory disorders

  • Kenalog-10 and Kenalog-40 (triamcinolone acetonide)

Oncology

  • Abecma (idecabtagene vicleucel)
  • BiCNU (carmustine)
  • Breyanzi (lisocabtagene maraleucel)
  • CeeNU (lomustine)
  • Droxia/Hydrea (hydroxycarbamide)
  • Empliciti (Elotuzumab)
  • Erbitux (cetuximab)
  • Etopophos (etoposide)
  • Ixempra (ixabepilone)
  • Lysodren (mitotane)
  • Megace (megestrol acetate)
  • Opdivo (nivolumab), a PD-1 inhibitor that enhances immune activity against tumors, utilized for melanoma and non-small-cell lung cancer
  • Sprycel (dasatinib)
  • Taxol (paclitaxel), initially derived from yew bark but now manufactured from sustainable sources with numerous generic producers
  • Vumon (teniposide)
  • Yervoy (ipilimumab)

Psychiatry

  • Abilify (aripiprazole) – co-promoted with Otsuka Pharmaceutical
  • Cobenfy (xanomeline/trospium chloride)

Rheumatic disorders

  • Orencia (abatacept)

Transplant rejection

  • Nulojix (belatacept)


Discontinued products

Brands sold off

(Previously Bristol-Myers products now divested)

Products in development

As of 2023, notable investigational compounds include:

  • Luspatercept – phase III: On August 28, 2023, FDA expanded Reblozyl's labeling to include first-line therapy for anemia in adults with low- to intermediate-risk myelodysplastic syndromes requiring transfusions. Supported by Phase III COMMANDS trial results, this approval positions Reblozyl ahead of ESAs in treating MDS-related anemia, targeting $4 billion in annual sales by 2030.
  • Beclabuvir (BMS-791325) – phase III
  • BMS-906024 – phase I
  • BMS-955176 – phase II
  • Elotuzumab (BMS-901608) – phase III
  • Fostemsavir (BMS-663068) – approved in the United States as of July 2020
  • Lirilumab (BMS-986015)
  • Lulizumab pegol (BMS-931699) – phase II

Development on Brivanib alaninate (BMS-582664) has been discontinued.

Public-private collaboration

Bristol-Myers Squibb engages with both public institutions and private entities through initiatives such as supporting research and development, providing academic grants, sponsoring events, engaging in philanthropy, and participating in political lobbying activities.

Academic partnerships and educational support

Sponsorship of conferences and events

  • Women in Medicine Summit - Provides sponsorship.
  • World Neuroscience Innovation Forum - Acts as a sponsor.

Contributions to healthcare organizations

Media support

Involvement with medical societies

Political advocacy

Professional association partnerships

  • Canadian Association of Emergency Physicians (CAEP) - Corporate partner engagement.
  • Canadian Rheumatology Association (CRA) - Acts as corporate sponsor.
  • CARE Faculty - Sponsored the 2021 Winter Hematology Update; CARE represents a coalition of Canadian medical specialists headquartered in Oakville, Ontario.
  • Colorectal Cancer Canada (CRC) - Provides sponsorship support.
  • Health Products Stewardship Association - Holds membership.

Research and development collaborations

  • Lung Health Foundation – Partnership established.
  • Multiple Sclerosis International Federation – Partner organization.
  • Pinnacle Research Group – Supports as sponsor.
  • Radcliffe Cardiology – Industry collaborator.

Controversies

Bristol-Myers Squibb, alongside Johns Hopkins University and the Rockefeller Foundation, is subject to a $1 billion lawsuit filed by Guatemala. This legal action concerns involvement in U.S. government experiments during the 1940s that resulted in hundreds being infected with syphilis. A previous lawsuit against the U.S. government was dismissed in 2011, with courts ruling out liability for actions conducted outside U.S. jurisdiction.

See also

External links

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