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.
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| 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?
Research analysts who have asked questions during BRISTOL MYERS SQUIBB earnings calls.
Courtney Breen
AllianceBernstein
4 questions for BMY
David Risinger
Leerink Partners
4 questions for BMY
Evan Seigerman
BMO Capital Markets
4 questions for BMY
James Shin
Analyst
4 questions for BMY
Luisa Hector
Berenberg
4 questions for BMY
Seamus Fernandez
Guggenheim Partners
4 questions for BMY
Akash Tewari
Jefferies
3 questions for BMY
Carter L. Gould
Barclays
3 questions for BMY
Christopher Schott
JPMorgan Chase & Co.
3 questions for BMY
Matthew Phipps
William Blair
3 questions for BMY
Mohit Bansal
Wells Fargo & Company
3 questions for BMY
Steve Scala
Cowen
3 questions for BMY
Asad Haider
Goldman Sachs
2 questions for BMY
Chris Shibutani
Goldman Sachs Group, Inc.
2 questions for BMY
Geoffrey Meacham
Citi
2 questions for BMY
Olivia Brayer
Cantor
2 questions for BMY
Sean McCutcheon
Raymond James
2 questions for BMY
Terence Flynn
Morgan Stanley
2 questions for BMY
Timothy Anderson
BofA Securities
2 questions for BMY
Alexandra Hammond
Wolfe Research
1 question for BMY
Chris Schott
JPMorgan Chase & Co.
1 question for BMY
Chun Chen
UBS
1 question for BMY
Crypta Devarakonda
Truist Securities
1 question for BMY
David Amsellem
Piper Sandler Companies
1 question for BMY
Geoff Meacham
Citigroup Inc.
1 question for BMY
Kripa Devarakonda
Truist Securities
1 question for BMY
Sean McCutchen
Raymond James
1 question for BMY
Srikripa Devarakonda
Truist Financial Corporation
1 question for BMY
Steven Scala
TD Cowen
1 question for BMY
Trang Han
UBS
1 question for BMY
Trung Huynh
UBS Group AG
1 question for BMY
| 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.
- SystImmune and Bristol Myers Squibb disclosed initial safety and efficacy data from the global Phase I BL-B01D1-LUNG-101 study of iza-bren at ESMO 2025, marking the first global presentation of these results.
- Iza-bren demonstrated a 55% confirmed response rate at the 2.5 mg/kg dose (Days 1 and 8 every 3 weeks) with a median progression-free survival of 5.4 months, and exhibited a manageable safety profile with no interstitial lung disease observed.
- A total of 107 patients with advanced solid tumors—including EGFR-mutated and wildtype NSCLC—were treated, and global registrational studies in metastatic TNBC, EGFR-mutant NSCLC, and urothelial cancer are underway.
- Bristol Myers Squibb paid $250 million to SystImmune after the first patient was treated in the IZABRIGHT-Breast01 study, under their 2023 collaboration and exclusive license agreement.
- SystImmune is eligible for an additional $250 million in near-term contingent payments and up to $7.1 billion upon the achievement of further development, regulatory, and sales milestones.
- Iza-bren is a first-in-class bispecific Topo I inhibitor-based ADC targeting EGFR and HER3, co-developed outside China by SystImmune and BMS, with Biokin leading the program in China.
- The program includes multiple ongoing global trials (lung, bladder, breast) and has received Breakthrough Therapy Designation from the FDA for advanced EGFR-mutated NSCLC.
- Bristol Myers Squibb announced a $1.5 billion cash acquisition of Orbital Therapeutics, a biotech pioneering in vivo CAR T-cell therapies using RNA technology.
- Orbital’s lead candidate, OTX-201, is designed to treat autoimmune diseases by reprogramming the patient’s own T cells via engineered circular RNA delivered through lipid nanoparticles.
- The acquisition expands BMS’s cell therapy portfolio beyond oncology into autoimmune diseases and supports its strategic initiative to cut $2 billion in costs by the end of 2027.
- The deal is expected to close by late 2025 or early 2026, pending regulatory approvals, with both companies operating independently until then.
- Bristol Myers Squibb (NYSE: BMY) has signed an agreement to acquire privately held Orbital Therapeutics, enhancing its cell therapy research platform.
- The deal includes OTX-201, a next-generation in vivo CAR T-cell therapy targeting autoimmune diseases.
- Bristol Myers Squibb will pay $1.5 billion in cash at closing, pending customary regulatory approvals under the Hart-Scott-Rodino Act.
- Orbital’s integrated RNA platform—combining circular and linear RNA engineering, targeted LNP delivery, and AI-driven design—will broaden BMS’s in vivo cell therapy capabilities.
- FDA has granted Fast Track Designation to BMS-986446, an anti-MTBR-tau antibody for early Alzheimer’s, to accelerate its development and review.
- Preclinical data showed significant reductions in tau uptake and spread and protection against behavioral deficits; Phase 1 trials confirmed safety and tolerability.
- The fully enrolled Phase 2 study incorporates multiple tau and amyloid-β biomarkers and clinical outcome measures to evaluate disease-modifying effects.
- Bristol Myers Squibb generates approximately 70% of its revenue from the U.S. market and maintains a robust financial profile, evidenced by a high Piotroski F-Score.
- Bristol Myers Squibb’s anti-MTBR-tau antibody BMS-986446 granted Fast Track designation by FDA for early Alzheimer’s disease.
- BMS-986446 showed safety and tolerability in Phase 1 and reduced tau uptake and spread in preclinical models.
- The antibody targets the microtubule-binding region of pathological tau to neutralize and clear tau deposits.
- The Phase 2 TargetTau-1 trial is fully enrolled and evaluates multiple doses with comprehensive tau and amyloid-β biomarkers and clinical outcomes.
- Significant functional benefits: Danicamtiv achieved +8.8% (MYH7; p=0.001) and +5.9% (TTN; p=0.005) absolute increases in LVEF, with parallel improvements in LVGLS and LAFI in genetic DCM cohorts.
- Favorable safety: No drug-related discontinuations, serious adverse events, deaths or severe treatment-emergent AEs were reported.
- Next steps: The pivotal KINSHIP-DCM trial is slated to begin later this year to further assess danicamtiv in familial and genetic DCM.
- Beginning January 2026, Bristol Myers Squibb will offer its plaque psoriasis treatment Sotyktu at over 80% off list price to eligible cash-paying U.S. patients via its new direct-to-patient platform.
- The BMS Patient Connect platform provides full cost transparency, patient support resources and ships across all 50 states and Puerto Rico.
- This initiative expands on a discounted program for the blood-clot medication Eliquis launched in July amid regulatory pressure to lower drug prices.
- Bristol Myers Squibb has treated 13,000 patients over four years and now leads with best-in-class CAR T assets including Orva-cel (GPRC5D), a dual BCMA/GPRC5D CAR T, and Breyanzi (CD19).
- Breyanzi overcame initial manufacturing constraints to become the #1 CD19 CAR T in the U.S., Germany, Japan and France, driven by its efficacy, safety profile and expanded indications (including pending MZL) and growing outpatient use.
- Access remains limited by center type—only 30% of eligible patients receive CAR T—so a recent REMS update reducing monitoring from four weeks to two weeks is expected to ease patient and center burden.
- Beyond autologous CAR T, Bristol Myers Squibb is advancing its first allogeneic CD19 program (autoimmune focus) and exploring in vivo CAR T approaches to broaden off-the-shelf options.
- In immunology, the company is deploying a next-generation CD19 construct (shorter manufacturing) in parallel “Break Free” basket trials across SLE, MS, scleroderma and myositis, supported by an “Action Network” of global physicians to build deployment ecosystems.
- Biocartis’s Idylla™ CDx MSI Test received FDA Premarket Approval, marking the first fully automated, cartridge-based companion diagnostic for colorectal cancer in the US.
- The test identifies microsatellite instability-high (MSI-H) colorectal cancer patients eligible for OPDIVO® (nivolumab) alone or with YERVOY® (ipilimumab), as demonstrated in the CheckMate-8HW trial.
- Designed for ease of use, it requires under three minutes of hands-on time and delivers results in under three hours on the Idylla™ Platform.
- US launch is imminent, with availability in additional non-US markets expected to follow.