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    Bristol-Myers Squibb Co (BMY)

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    Business Description

    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 .

    1. In-line Products - Comprises well-established brands like Eliquis and Opdivo, contributing significantly to the company's revenue.
    2. New Product Portfolio - Includes rapidly growing drugs such as Reblozyl, Opdualag, and Camzyos, showing substantial growth in recent years.
    3. Recent Loss of Exclusivity (LOE) Products - Consists of products like Revlimid, which have experienced revenue decline due to generic competition.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Christopher BoernerChief Executive OfficerNovember 1, 2023Christopher Boerner, Ph.D., has been serving as the CEO since November 1, 2023. He was previously the Executive Vice President and Chief Operating Officer from April 2023 to October 2023 .
    Giovanni CaforioExecutive Chairman of the BoardNovember 1, 2023Giovanni Caforio, M.D., has been the Executive Chairman since November 1, 2023. He was the CEO from May 2015 to October 2023 and has been a director since 2014 .
    David V. ElkinsExecutive Vice President and Chief Financial Officer2019David V. Elkins has served as EVP and CFO since 2019. He was previously the CFO at Celgene Corporation from 2018 to 2019 .
    Cari GallmanExecutive Vice President, Corporate Affairs2023Cari Gallman has been EVP, Corporate Affairs since 2023. She was previously the Senior Vice President, Chief Compliance Officer from 2021 to 2023 .
    Sharon GreenleesSenior Vice President, Corporate Controller2022Sharon Greenlees has served as SVP, Corporate Controller since 2022. She was previously at AbbVie Inc. as Vice President and Controller, R&D Finance and Operations from 2021 to 2022 .
    Samit HirawatExecutive Vice President, Chief Medical Officer, Head of Development2023Samit Hirawat, M.D., has been EVP, Chief Medical Officer, and Head of Development since 2023. He was previously EVP, Chief Medical Officer, Head of Global Drug Development from 2019 to 2023 .
    Lynelle HochPresident, Cell Therapy Organization2023Lynelle Hoch has been President, Cell Therapy Organization since 2023. She was previously the Senior Vice President, Global Cell Therapy Franchise Lead from 2021 to 2023 .
    Adam LenkowskyExecutive Vice President, Chief Commercialization Officer2023Adam Lenkowsky has served as EVP, Chief Commercialization Officer since 2023. He was previously the Senior Vice President, Head of Major Markets from 2022 to 2023 .
    Sandra LeungExecutive Vice President, General Counsel2015Sandra Leung has been EVP and General Counsel since 2015. She is a member of the Leadership Team .
    Greg MeyersExecutive Vice President, Chief Digital and Technology Officer2022Greg Meyers has served as EVP, Chief Digital and Technology Officer since 2022. He was previously the Group Chief Information and Digital Officer at Syngenta Group from 2018 to 2022 .
    Robert PlengeExecutive Vice President, Chief Research Officer, Head of Research2023Robert Plenge, M.D., Ph.D., has been EVP, Chief Research Officer, and Head of Research since 2023. He joined BMY as part of the acquisition of Celgene Corporation in November 2019 .
    Amanda PooleExecutive Vice President, Chief Human Resources Officer2024 (expected)Amanda Poole has been EVP, Chief Human Resources Officer since 2024. She was previously the Senior Vice President, People Strategy, Solutions & Services from 2022 to 2024 .
    Karin ShanahanExecutive Vice President, Global Product Development & Supply2022Karin Shanahan has served as EVP, Global Product Development & Supply since 2022. She was previously the Senior Vice President of Global Biologics and Sterile Operations at Merck & Co., Inc. from 2018 to 2022 .
    Michael R. McMullenIndependent DirectorJuly 1, 2024Michael R. McMullen has served as an Independent Director since July 1, 2024. There is no specific information available regarding his membership in the Audit Committee .
    Phil HolzerSenior Vice President and ControllerN/APhil Holzer serves as the Senior Vice President and Controller. He is listed as an officer in the company's SEC filings, specifically in a Form 3 document filed on February 23, 2024 .

    Questions to Ask Management

    1. 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?

    2. 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?

    3. 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?

    4. 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?

    5. 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?

    Share Repurchase Program

    Program DetailsProgram 1Program 2Program 3Program 4Program 5
    Approval DateMay 2010 February 2020 January 2021 December 2021 December 2023
    End Date/DurationN/AN/AN/AN/AN/A
    Total Additional Amount$3.0 billion $5.0 billion $2.0 billion $15.0 billion $3.0 billion
    Remaining AuthorizationN/AN/AN/AN/A$5.0 billion
    DetailsN/AN/AN/AN/AN/A

    Debt Maturity Schedule

    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
    2026$500Floating Rate NotesSOFR + 0.491.0% = (500 / 49,547) * 100
    2026$1,0004.950% Notes4.9502.0% = (1,000 / 49,547) * 100
    2027$1,0004.900% Notes4.9002.0% = (1,000 / 49,547) * 100
    2029$1,7504.900% Notes4.9003.5% = (1,750 / 49,547) * 100
    2031$1,2505.100% Notes5.1002.5% = (1,250 / 49,547) * 100
    2034$2,5005.200% Notes5.2005.0% = (2,500 / 49,547) * 100
    2044$5005.500% Notes5.5001.0% = (500 / 49,547) * 100
    2054$2,7505.550% Notes5.5505.5% = (2,750 / 49,547) * 100
    2064$1,7505.650% Notes5.6503.5% = (1,750 / 49,547) * 100

    Customer Concentration

    CustomerRelationshipSegmentDetails
    McKesson Corporation
    Major U.S. pharmaceutical wholesaler billed at contractual list prices, 30-90 day terms.
    All
    33% of 2023 U.S. gross revenues, 32% in 2022, 32% in 2021.
    Cencora, Inc. (formerly AmerisourceBergen)
    Major U.S. pharmaceutical wholesaler billed at contractual list prices, 30-90 day terms.
    All
    29% of 2023 U.S. gross revenues, 25% in 2022, 25% in 2021.
    Cardinal Health, Inc.
    Major U.S. pharmaceutical wholesaler billed at contractual list prices, 30-90 day terms.
    All
    23% of 2023 U.S. gross revenues, 21% in 2022, 20% in 2021.

    Auditor

    NameStart DateEnd DateReason for Change
    Deloitte & Touche LLP2006 PresentCurrent auditor