|Traded as||NYSE: BMY|
S&P 100 component
S&P 500 component
|Headquarters||345 Park Avenue|
New York, New York, United States
|Giovanni Caforio, M.D.|
(Chairman & CEO)
|Revenue||US$ 20.78 billion (2017)|
|US$ 5.13 billion (2017)|
|US$ 975 million (2017)|
|Total assets||US$ 33.55 billion (2017)|
|Total equity||US$ 11.85 billion (2017)|
Number of employees
|Footnotes / references|
Bristol-Myers Squibb manufactures prescription pharmaceuticals and biologics in several therapeutic areas, including cancer, HIV/AIDS, cardiovascular disease, diabetes, hepatitis, rheumatoid arthritis and psychiatric disorders.
BMS' primary R&D sites are located in Lawrence, New Jersey (formerly Squibb, near Princeton), Hopewell Township and New Brunswick, New Jersey; with other sites in East Syracuse, New York, Cambridge, Massachusetts, Swords, Ireland, Braine-l'Alleud, Belgium, Tokyo, Japan, and Bangalore, India. BMS previously had an R&D site in Wallingford, Connecticut (formerly Bristol-Myers).
The Squibb corporation was founded in 1858 by Edward Robinson Squibb in Brooklyn, New York. Squibb was known as a vigorous advocate of quality control and high purity standards within the fledgling pharmaceutical industry of his time, at one point self-publishing an alternative to the U.S. Pharmacopeia (Squibb's Ephemeris of Materia Medica) after failing to convince the American Medical Association to incorporate higher purity standards. Mentions of the Materia Medica, Squibb products, and Edward Squibb's opinion on the utility and best method of preparation for various medicants are found in many medical papers of the late 1800s. 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).
In 1887, Hamilton College graduates William McLaren Bristol and John Ripley Myers purchased the Clinton Pharmaceutical company of Clinton, New York. In 1898, they decided to rename it Bristol, Myers and Company. Following Myers' death in 1899, Bristol changed the name to the Bristol-Myers Corporation. The first nationally recognized product was Sal Hepatica, a laxative mineral salt in 1903. Its second national success was Ipana toothpaste, from 1901 through the 1960s. Other divisions were Clairol (hair colors and haircare) and Drackett (household products such as Windex and Drano).
In 1943, Bristol-Myers acquired Cheplin Biological Laboratories, a producer of acidophilus milk in East Syracuse, New York, and converted the plant to produce penicillin for the World War II Allied forces. After the war, the company renamed the plant Bristol Laboratories in 1945 and entered the civilian antibiotics market, where it faced competition from Squibb, which had opened the world's largest penicillin plant in 1944 in New Brunswick, New Jersey. Penicillin production at the East Syracuse plant was ended in 2005, when it became less expensive to produce overseas, but the facility continues to be used for the manufacturing process development and production of other biologic medicines for clinical trials and commercial use.
Bristol-Myers and Squibb merged in 1989, with Bristol-Myers as the nominal survivor. The merged company became Bristol-Myers Squibb.
In 1999, President 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."
2000 to 2010Edit
In 2002, the company was involved in a lawsuit of maintaining illegally a monopoly on Taxol, its cancer treatment, and it was again sued for the antitrust lawsuit 5 years later, which cost the company $125 million for settlement.
The company was involved in an accounting scandal in 2002 that resulted in a significant restatement of revenues from 1999 to 2001. 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. The company has since settled with the United States Department of Justice and Securities and Exchange Commission, agreeing to pay $150 million while neither admitting nor denying guilt.
On October 24, 2002, Bristol-Myers Squibb Co. restated earnings downward for parts of 2000 and 2001 while revising this year's earnings upward because of its massive inventory backlog imbroglio that spurred two government investigations. On March 15, 2004, Bristol-Myers Squibb Co. adjusted upward its fourth-quarter and full-year 2003 results after reversing an earlier decision about how to deal with accounting errors made in prior years. 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.
An investigation of the company was made public in July 2006, and the FBI raided the company's corporate offices. The investigation centered on the distribution of Plavix and charges of collusion. On September 12, 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.
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, a major restructuring began focusing on the pharmaceutical business and biologic products, along with productivity initiatives and cost-cutting and streamlining business operations through a multi-year program of on-going layoffs. This was part of a business strategy launched in 2007 to transform the company from a large diversified pharma company to a specialty biopharma company, which also included the closure of half of their manufacturing facilities.:19 As another cost-cutting measure Bristol-Myers also reduced subsidies for health-care to retirees and plans to freeze their pension plan at the end of 2009. In August, BMS acquired the biotechnology firm Medarex as part of the company's "String of Pearls" strategy of alliances, partnerships and acquisitions. In November, 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. According to Bristol-Myers Squibb, this move was expected to further sharpen the company's focus on biopharmaceuticals.
BMS is a Fortune 500 Company (#114 in 2010 list). Newsweek's 2009 Green Ranking recognized Bristol-Myers Squibb as 8th among 500 of the largest United States corporations. Also, BMS was included in the 2009 Dow Jones Sustainability North America Index of leading sustainability-driven companies.
In October 2010, the company acquired ZymoGenetics, securing an existing product as well as pipeline assets in hepatitis C, cancer and other therapeutic areas. Lamberto Andreotti was named CEO this year; he had previously served as "president and COO responsible for all pharmaceutical operations worldwide."
In 2011, Lou Schmukler joined the company as the president of global product development and design; Schmukler led the team that completed the company's strategic transformation to a specialty biopharmaceutical company that had begun in 2007.:19 As of 2011, the company had a dozen manufacturing facilities and six product development sites.:19
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 percent premium price of its price over the previous 20 trading days ended on January 6. On June 29, Bristol-Myers Squibb extended its portfolio of diabetes treatments when it agreed to buy Amylin Pharmaceuticals for around US$5.3 billion in cash and pay US$1.7 billion to Eli Lilly to cover Amylin's debt and its outstanding collaboration-related obligations. AstraZeneca, who already collaborated on several diabetes treatments with Bristol-Myers Squibb, agreed to pay US$3.4 billion in cash for the right to continue development of Amylin's products. Two years later, in 2014, the company divested Amylin to AstraZeneca.:19
In April 2014, BMS announced its acquisition of iPierian for up to $725 million. In December 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. In February 2015, the company acquired Flexus Biosciences for $1.25 billion as well as initiating a research partnership with Rigel Pharmaceuticals which could generate more than $339 million. As part of the deal with Flexus, BMS will gain full rights to Flexus' lead small molecule IDO1-inhibitor, F001287. 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 will receive an upfront payment of $60 million as well as 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.
In May 2015, Dr. Giovanni Caforio became CEO of the company; Caforio was formerly the company's COO and succeeded Andreotti upon his retirement. Andreotti subsequently succeeded James Cornelius as executive chairman upon his retirement. 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.
In March 2016, the company announced it would acquire Padlock Therapeutics for up to $600 million. In early July, the company announced it would acquire Cormorant Pharmaceuticals for $520 million, boosting BMS' onclogy offering through Cormorants monoclonal antibody targeted against interleukin-8.
In late February 2017, the Wall Street Journal and Fortune - among others - reported that activist investor, Carl Icahn, had taken a stake in the company, signalling a potential future takeover from the likes of Gilead Sciences. In August 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.
Acquisition of CelgeneEdit
In early January 2019, the company announced it would acquire Celgene (NASDAQ:CELG) for $74 billion ($95 billion including debt), in a deal that would become the largest pharmaceutical-company acquisition ever. 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. Under the terms of the deal, Celgene shareholders would receive one BMS share as well as $50 in cash for each Celgene share held, valuing Celgene at $102.43 a share; representing a 54% premium to the previous days closing price. Investor opposition to this acquisition, leading into an April 12 shareholder vote, appeared when BMS's second-largest investor, Wellington Management, voiced its opposition, followed by investor Starboard Value. In April 2019 BMS announced that 75% of its shareholders voted to approve the pending merger with Celgene. Transaction to close in the third quarter of 2019, subject to regulatory approvals.
The following is an illustration of the company's major mergers and acquisitions and historical predecessors (this is not a comprehensive list):
For the fiscal year 2017, Bristol-Myers Squibb reported earnings of US$1.007 billion, with an annual revenue of US$20.776 billion, an increase of 6.9% over the previous fiscal cycle. Bristol-Myers Squibb's shares traded at over $55 per share, and its market capitalization was valued at over US$81.6 billion in October 2018. Bristol-Myers Squibb ranked 145th on the Fortune 500 list of the largest United States corporations by revenue in 2018.
in mil. USD$
in mil. USD$
in mil. USD$
|Price per Share
The following is a list of key pharmaceutical products:
- Avalide (irbesartan/hydrochlorothiazide) — comarketed with Sanofi
- Avapro (irbesartan) — comarketed with Sanofi
- Coumadin (warfarin)
- Eliquis (apixaban) — comarketed with Pfizer
- Plavix (clopidogrel) — comarketed with Sanofi
- Pravachol (pravastatin)
- Bydureon (exenatide extended-release) — marketed by BMS only in some countries
- Byetta (exenatide) — marketed by BMS only in some countries, such as Russian Federation
- Farxiga/Forxiga (dapagliflozin)
- Glucophage (metformin) — marketed by BMS only in USA
- Glucophage XR (metformin extended release) — marketed by BMS only in USA
- Glucovance (Glyburide/metformin)— marketed by BMS only in USA
- Kombiglyze XR/Komboglyze (saxagliptin/metformin extended release) — comarketed with AstraZeneca
- Onglyza (saxagliptin) — comarketed with AstraZeneca
Infectious diseases, including HIV infection and associated conditions
- Atripla (efavirenz/emtricitabine/tenofovir disoproxil fumarate) — comarketed with Gilead Sciences
- Azactam (aztreonam)
- Baraclude (entecavir)
- Daklinza (daclatasvir)
- Evotaz (atazanavir/cobicistat)
- Megace (megestrol acetate)
- Reyataz (atazanavir)
- Sustiva/Stocrin (efavirenz)
- Videx (didanosine)
- Videx EC (didanosine delayed-release)
- Zerit (stavudine)
- Kenalog-10 (triamcinolone acetonide)
- Kenalog-40 (triamcinolone acetonide)
- BiCNU (carmustine)
- CeeNU (lomustine)
- Droxia/Hydrea (hydroxycarbamide)
- Empliciti (Elotuzumab)
- Erbitux (cetuximab)
- Etopophos (etoposide)
- Ixempra (ixabepilone)
- Lysodren (mitotane)
- Megace (megestrol acetate)
- Opdivo (nivolumab) is a programmed death receptor blocking antibody used for the treatment of unresectable or metastatic melanoma and metastatic squamous non-small-cell lung carcinoma. In contrast to traditional chemotherapies and targeted anti-cancer therapies, which exert their effects by direct cytotoxic or tumor growth inhibition, nivolumab acts by inducing the immune system to attack the tumor.
- Sprycel (dasatinib)
- Taxol (paclitaxel). At one time, BMS held the solitary contract to harvest the bark of endangered yew trees on United States territory for the manufacture of chemotherapy drug paclitaxel (Taxol). Current paclitaxel production comes from renewable sources. BMS also held the original paclitaxel license, but there are now multiple generic producers.
- Vumon (teniposide)
- Yervoy (ipilimumab)
- Orencia (abatacept)
- Nulojix (belatacept)
Out of productionEdit
(Former Bristol-Myers brands, now divested)
Products under developmentEdit
The following is a selective list of investigational products under development, as of 2015:
Notes and referencesEdit
- "US SEC: Form 10-K Bristol-Myers Squibb Company". U.S. Securities and Exchange Commission. Retrieved 17 February 2018.
- "Bristol-Myers Squibb and Biocon's Syngene open new R&D Facility at Biocon Park". Archived from the original on 29 September 2012. Retrieved 16 May 2012.
- "Bristol-Myers Squibb to lay off 149 as Wallingford, Connecticut, site nears closure". Fiercepharma.com. Retrieved 3 February 2019.
- Hollopeter, W.C. (8 January 1885). "Inverse Type of Temperature in Typhoid Fever, with a Report of Two Cases — Temperature Peculiarities in Epidemics, with a Report of Seven Cases in One Family". Boston Medical and Surgical Journal. 112: 28–32. doi:10.1056/NEJM188308301090903. Retrieved 25 November 2014.
The writer noticed (in December, 1882) the important fact that when common or Japan camphor and crystallized carbolic acid are mixed together and subjected to heat, a colorless liquid would be the result. The only reference he finds so far with regard to this reaction occurs in the very excellent and valuable scientific publication of Dr. E. R. Squibb, " Ephemeris of Materia Medica", etc., on page 673, vol. ii., No. 5, where a brief allusion appears under the appellation of Compound Alum Powder. Dr. F. R. Squibb, however, in a letter to the writer states that he has " several times before heard of this reaction between phenol and camphor.
- Bolles, William (30 August 1883). "REPORT ON MATERIA MEDICA AND PHARMACY". Boston Medical and Surgical Journal. 109: 195–196. doi:10.1056/NEJM188308301090903. Retrieved 25 November 2014.
Dr. Squibb is publishing in his Ephemeris a long and careful criticism upon the new Pharmacopoeia, four installments of which have already appeared, and are full of sound observation, and rich in practical pharmaceutical knowledge.
- Worthen, Dennis (2003). "Edward Robinson Squibb (1819–1900): Advocate of Product Standards". Journal of the American Pharmacists Association. 46: 754–758. doi:10.1331/1544-322.214.171.1244. Archived from the original on 18 April 2014. Retrieved 25 November 2014.
- Blake, J.B. (1899). "Administration of Ether at the Boston City Hospital". Boston Med Surg J. 141: 312–314. doi:10.1056/NEJM189909281411303.
Until within six months Squibb's other has been exclusively used at the Boston City Hospital. Recently .MeliiHTéift's ether has been tried, ¡uni has given fair satisfaction ; Squibb's is still preferred by most of the house officers.
- Brown, W.S. (1885). "Forty Year's Experience in Midwifery". Boston Medical and Surgical Journal. 112: 241. doi:10.1056/nejm188503121121101.
One reason why ergot has fallen into disrepute is the poor quality of many specimens offered for sale. Dr. Squibb's aqueous extract rarely disappoints me.
- Blodgett, Albert (27 October 1887). "Reports of Societies: Massachusetts Medical Society. Suffolk District. Section for Clinical Medicine, Pathology and Hygiene". Boston Medical and Surgical Journal. 117: 408–413. doi:10.1056/NEJM188710271171706. Retrieved 25 November 2014.
Dr. Farlow replied that he has had no trouble with any of the standard preparations of this drug, as manufactured by responsible firms. He mentioned Parke, Davis, & Co., Squibb, Metcalf, and a few others, whose preparations he had found to be reliable, and of uniform character.
- Smith. Medicines for the Union Army: the United States Army laboratories during the Civil War. Accessed 2014-11-25.
- Bert Rosenbloom, Marketing Channels, Bristol-Myers Squibb, 2011, page 609
- Bristol-Meyers Squibb, Syracuse, New York
- "Bristol hit with antitrust suit". CNN. 4 June 2002. Retrieved 10 July 2013.
- "Bristol-Myers Squibb Company : Lit. Rel. No. 18822" (Press release). US Securities and Exchange Commission. 6 August 2004. Retrieved 9 May 2015.
Bristol-Myers inflated its results primarily by: (1) stuffing its distribution channels with excess inventory near the end of every quarter in amounts sufficient to meet sales and earnings targets set by officers ("channel-stuffing")
- "Bristol-Myers to restate earnings as third quarter profits plunge". Archived from the original on 5 November 2013.
- "Bristol-Myers restates results upward due to accounting errors". Archived from the original on 24 September 2015.
- Business Report Archived 17 August 2007 at the Wayback Machine, July 31, 2006. Retrieved September 7, 2006. Archived at
- CNN.com, September 12, 2006. Retrieved September 12, 2006
- Wright, Rob (October 2018). "From Big to Specialty—The Operational Transformation of Bristol-Myers Squibb". Life Science Leader. 10 (10). Erie, Pennsylvania: VertMarkets. Retrieved 17 October 2018.
- https://finance.yahoo.com/news/BristolMyers-Squibb-to-bw-571310065.html?x=0&.v=1[permanent dead link]
- Staff (15 February 2015). "BMS CEO Andreotti to Retire; COO named as Successor". Genetic Engineering & Biotechnology News (paper). 35 (4). p. 6.
- "Bristol Buys Inhibitex for $2.5 Billion to Compete in Hepatitis". 8 January 2012.[permanent dead link]
- Gershberg, Michele (30 June 2012). "Bristol-Myers to buy Amylin for about USD 5.3 billion". Reuters.
- Herper, Matthew (31 December 2013). "Grading Pharma in 2013". Forbes.
- "Bristol-Myers to buy iPierian". Genetic Engineering & biotechnology news. 29 April 2014.
- Anna Edney (22 December 2014). "Bristol-Myers Drug Wins U.S. Approval to Treat Advanced Melanoma". Bloomberg.com.
- "GEN – News Highlights:BMS Deals Add to its Immuno-Oncology Portfolio". GEN.
- "Bavarian Nordic Could Tally up to $975 Million in Prostate Cancer Deal with BMS – GEN News Highlights – GEN". GEN.
- Johnson, Linda A. "New CEO Takes Over Evolving Drugmaker Bristol-Myers Squibb". ABC News. Retrieved 6 May 2015.
- "BMS to Buy Cardioxyl for Up to $2.075B". GEN.
- "BMS to Acquire Padlock Therapeutics for Up to $600M". GEN.
- "BMS Snags Cormorant Pharmaceuticals for Up to $520M (online title: BMS Acquires Cormorant Pharmaceuticals for Up to $520M)". News: Industry Watch (online: GEN News Highlights). Genetic Engineering & Biotechnology News. 36 (14): 10. August 2016.
- "Bristol-Myers Squibb Shares Just Spiked on Reports of a Carl Icahn Stake". Fortune. Retrieved 23 May 2017.
- Benoit, David; Rockoff, Jonathan D. (22 February 2017). "Carl Icahn Takes Stake in Bristol-Myers Squibb". Retrieved 23 May 2017 – via www.wsj.com.
- "Making (good) deals is hard to do, Gilead CEO says, but he's working on it – FiercePharma". www.fiercepharma.com. Retrieved 23 May 2017.
- Editorial, Reuters. "Bristol-Myers to buy IFM Therapeutics to strengthen cancer pipeline".
- Herbst-Bayliss, Svea; Erman, Michael (28 February 2019). "Starboard joins opposition to Bristol-Myers' $74 billion Celgene deal". Reuters. Retrieved 3 March 2019.
Starboard reported on Thursday that it now owns 4.4 million shares, or 0.3 percent of Bristol’s outstanding shares, while Wellington owns an 8 percent stake.
- Bristol-Myers Squibb Shareholders Approve Celgene Acquisition, PM BMS April 12, 2019, retrieved May 13, 2019
- "Bristol-Myers Squibb to Acquire Adnexus Therapeutics". bms.com.
- "Avista Capital Partners Agrees to Acquire Bristol-Myers Squibb Medical Imaging for Approximately $525 Million". bms.com.
- "Nordic Capital Fund VII and Avista Capital Partners Agree to Acquire ConvaTec Business for approximately $4.1 Billion". bms.com.
- "Bristol-Myers Squibb to Acquire Kosan Biosciences". bms.com.
- "Bristol-Myers Squibb to Acquire Amira Pharmaceuticals". bms.com.
- "Bristol-Myers Squibb Revenue 2006-2018 | BMY". www.macrotrends.net. Retrieved 31 October 2018.
- "Bristol-Myers Squibb". Fortune. Retrieved 20 November 2018.
- "Selected Products of Bristol-Myers Squibb". © 2015 Bristol-Myers Squibb Company. Retrieved 30 May 2015.
- Johnson DB, Peng C, Sosman JA (2015). "Nivolumab in melanoma: latest evidence and clinical potential". Ther Adv Med Oncol. 7 (2): 97–106. doi:10.1177/1758834014567469. PMC 4346215. PMID 25755682.
- "Generic Taxol Availability". drugs.com.
- "Bristol-Myers puts U.S. consumer brands on block – Jan. 12, 2005".
- "Bristol-Myers Squibb to Divest Three Consumer Brands". Bristol-Myers Squibb Company. 21 September 1998.
- "Bristol-Myers Squibb Plans To Divest U.S. And Canadian Consumer Medicines Business – Business Wire". 12 January 2005.
- "Bristol-Myers Squibb: the Pipeline". © 2015 Bristol-Myers Squibb Company. Retrieved 30 May 2015.