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Bristol-Myers Squibb Company (BMS) is a global biopharmaceutical company dedicated to discovering, developing, licensing, manufacturing, marketing, distributing, and selling innovative medicines that help patients overcome serious diseases . The company operates in a single business segment, focusing on therapeutic areas such as oncology, hematology, immunology, cardiovascular, and neuroscience . BMS's product portfolio includes in-line products, a new product portfolio, and recent loss of exclusivity (LOE) products .
- In-line Products - Comprises well-established brands like Eliquis and Opdivo, contributing significantly to the company's revenue.
- New Product Portfolio - Includes rapidly growing drugs such as Reblozyl, Opdualag, and Camzyos, showing substantial growth in recent years.
- Recent Loss of Exclusivity (LOE) Products - Consists of products like Revlimid, which have experienced revenue decline due to generic competition.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Christopher Boerner ExecutiveBoard | Chair of the Board and Chief Executive Officer | Board Member of PhRMA | Joined BMY in 2015; held roles including Chief Commercialization Officer and COO; became CEO in Nov 2023 and Chair in Apr 2024. | View Report → |
Adam Lenkowsky Executive | Executive Vice President, Chief Commercialization Officer | None | Joined BMY over 20 years ago; previously led U.S. Oncology and Major Markets; now oversees global commercialization efforts. | |
Amanda Poole Executive | Executive Vice President, Chief People Officer | None | Joined BMY in 2017; held HR leadership roles, including Head of BMS/Celgene Integration and People Strategy. | |
Benjamin Hickey Executive | President, RayzeBio Organization | None | Rejoined BMY in 2024; previously led commercial and oncology roles at BMY and other organizations. | |
Cari Gallman Executive | Executive Vice President, Corporate Affairs | None | Joined BMY in 2015; previously held legal and compliance roles, including Chief Compliance Officer. | |
David V. Elkins Executive | Executive Vice President, Chief Financial Officer | None | Joined BMY in 2019; oversees global finance, procurement, and business operations. Previously CFO at Celgene and held senior roles at Johnson & Johnson. | |
Greg Meyers Executive | Executive Vice President, Chief Digital and Technology Officer | None | Joined BMY in 2022; previously held senior digital and technology roles at Syngenta and Motorola Solutions. | |
Karin Shanahan Executive | Executive Vice President, Global Product Development & Supply | None | Joined BMY in 2022; previously held senior operations roles at Merck and Teva Pharmaceuticals. | |
Lynelle Hoch Executive | President, Cell Therapy Organization | None | Joined BMY through a DuPont acquisition; has held senior roles in immuno-oncology marketing and general management. | |
Phil Holzer Executive | Senior Vice President and Controller | None | Joined BMY in 2001; held various finance leadership roles, including SVP of Treasury and Tax Operations. | |
Samit Hirawat, M.D. Executive | Executive Vice President, Chief Medical Officer, Head of Development | None | Joined BMY in 2019; leads global drug development; instrumental in advancing oncology pipeline and launching new medicines. | |
Sandra Leung Executive | Executive Vice President, General Counsel | None | Joined BMY in 1992; serves as General Counsel, overseeing legal and compliance functions. | |
Deepak L. Bhatt, M.D. Board | Director | Director of Mount Sinai Heart, Dr. Valentin Fuster Professor of Cardiovascular Medicine | Joined BMY Board in 2022; renowned cardiologist and academic leader at Mount Sinai Heart. | |
Derica W. Rice Board | Director | Board Member of Target Corporation, The Walt Disney Company, The Carlyle Group | Joined BMY Board in 2020; former CFO of Eli Lilly and CVS Health; serves on several corporate boards. | |
Michael R. McMullen Board | Director | Board Member of KLA Corporation | Joined BMY Board in 2024; former CEO of Agilent Technologies; led significant growth and transformation at Agilent. | |
Paula A. Price Board | Director | Board Member of Accenture, Warner Brothers Discovery, Blue Cross Blue Shield of Massachusetts, Reddit | Joined BMY Board in 2020; former CFO of Macy's and Ahold USA; serves on multiple corporate and non-profit boards. | |
Peter J. Arduini Board | Director | President and CEO of GE Healthcare; Board Member of GE Healthcare, AdvaMed, National Italian American Foundation | Joined BMY Board in 2016; also leads GE Healthcare and serves on multiple boards. | |
Phyllis R. Yale Board | Director | Advisory Partner at Bain & Company, Chair of Blue Cross Blue Shield of Massachusetts, Director at DaVita and Aledade | Joined BMY Board in 2019; healthcare expert with extensive advisory and board experience. | |
Theodore R. Samuels Board | Lead Independent Director | Board Member of Centene Corporation, Iron Mountain Incorporated | Joined BMY Board in 2017; became Lead Independent Director in 2021; has extensive experience in financial and strategic leadership. |
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Given the challenges you've faced with Sotyktu and Zeposia in the immunology space, particularly regarding market access and competition from IL-23 inhibitors, can you explain what specific actions you're taking to improve performance and overcome these hurdles?
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With the upcoming impact of the Inflation Reduction Act on Eliquis and potential price pressures on non-rebated drugs like Opdivo, how are you strategically preparing for these changes, and what can you share about the negotiations and their implications for your portfolio?
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As you've become more aggressive in business development while prioritizing programs to control costs, what is your current capacity for further deals, and are you considering expanding into new areas such as obesity treatments?
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Competitors are advancing therapies that claim superior efficacy to your growth drivers like Sotyktu and Opdualag, some even conducting head-to-head trials; how are you positioning your products to maintain market share amid this increasing competition?
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With several clinical readouts expected in multiple myeloma by 2026, including your CELMoD agents Iberdomide and Mezigdomide, how do you plan to position these therapies in an increasingly crowded market to ensure they stand out both clinically and commercially?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
McKesson Corporation | Major Wholesaler | US | 34% of US gross revenues in 2024 ; collectively 74% of total trade receivables (together with other top customers) in 2024 |
Cencora, Inc. (formerly AmerisourceBergen) | Major Wholesaler | US | 29% of US gross revenues in 2024 ; collectively 74% of total trade receivables (together with other top customers) in 2024 |
Cardinal Health, Inc. | Major Wholesaler | US | 22% of US gross revenues in 2024 ; collectively 74% of total trade receivables (together with other top customers) in 2024 |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Karuna Therapeutics | 2024 | BMS acquired Karuna Therapeutics in an all‐cash transaction at $330.00 per share for a total of $14.0 billion (or $12.9 billion net of cash), obtaining the lead asset KarXT, an antipsychotic under FDA review for schizophrenia and with potential in other indications; the deal involved a $12.1 billion IPRD expense and was funded primarily through debt proceeds. |
RayzeBio | 2024 | BMS acquired RayzeBio for $62.50 per share in an all‐cash deal totaling $4.1 billion (or $3.6 billion net of cash), securing its actinium‐based radiopharmaceutical platform and lead asset RYZ101 (in Phase III for gastroenteropancreatic neuroendocrine tumors), with the acquisition funded by cash and debt and meeting regulatory and tender offer conditions. |
Mirati Therapeutics | 2024 | BMS completed the acquisition of Mirati Therapeutics in January 2024, gaining rights to Krazati (adagrasib)—an FDA-approved treatment for KRAS G12C mutated NSCLC—and MRTX1719 in Phase I development, thereby strengthening its oncology portfolio. |
Turning Point Therapeutics, Inc. | 2022 | BMS acquired Turning Point Therapeutics for $76.00 per share in cash (approximately $4.1 billion) to expand its precision oncology portfolio with assets like repotrectinib, a next-generation TKI with three FDA Breakthrough Therapy Designations, with the deal closing in August 2022 after regulatory and tender offer milestones were met. |
Recent press releases and 8-K filings for BMY.
- Total Q1 revenues reached $11.2 billion (a 6% decline vs Q1 2024) while Growth Portfolio revenues increased by 16% (18% Ex-FX) .
- Raised full-year guidance to $45.8–$46.8 billion and boosted non-GAAP EPS guidance to $6.70–$7.00 .
- Reported GAAP EPS of $1.20 and non-GAAP EPS of $1.80 in Q1 2025 .
- Achieved operational efficiencies with over $500 million in lower operating expenses YoY and maintained a strong cash position of $12.1 billion in cash equivalents .
- Strengthened pipeline and strategic milestones with multiple planned Phase III trials for Cobenfy, initiatives such as reducing echo monitoring for Camzyos to accelerate uptake, and a continued focus on capital allocation with robust free cash flow .
- Pipeline Highlights: The company is advancing a robust pipeline with several pivotal Phase III trials planned over the next few years in areas such as cardiovascular, neuroscience, and immunology, including key readouts for Camzyos, Cobenfy, and Milperon.
- Cardiovascular Focus: Significant attention is on milvexian, a novel oral Factor XIa inhibitor being studied in atrial fibrillation (Librexia AF) and secondary stroke prevention, designed to match the efficacy of Eliquis with a better bleeding profile, supported by extensive Phase II data.
- Strategic Development Decisions: The development approach emphasizes investing in areas with high unmet needs and competitive advantages, as seen in the decision to continue with assets like SOTYKTU for psoriatic arthritis and lupus despite challenges in the dermatology segment.