Bristol-Myers Squibb Company (BMS) is a global biopharmaceutical company focused on discovering, developing, and delivering innovative medicines for serious diseases in oncology, hematology, immunology, cardiovascular, and neuroscience. The company operates in one segment, engaging in research, development, licensing, manufacturing, marketing, and sales of biopharmaceutical products worldwide. BMS emphasizes combining the resources of a large pharmaceutical company with the innovation of the biotech industry. The company's products are sold globally, primarily to wholesalers, distributors, specialty pharmacies, and, to a lesser extent, directly to retailers, hospitals, clinics, and government agencies. BMS has significant manufacturing operations in the U.S., Puerto Rico, Switzerland, Ireland, and the Netherlands.

BMS competes with other global research-based drug companies, smaller research companies, and generic drug manufacturers. Key therapeutic areas include hematology, oncology, cardiovascular, and immunology. In 2023, BMS announced plans to acquire Karuna and RayzeBio and completed the acquisition of Mirati, further expanding its portfolio, particularly in oncology and neuroscience.

• Employees: 34,100 (as of December 31, 2023)
• Geographic Footprint: 43 countries
• Headquarters: Princeton, New Jersey
• Founded: 1887
• Number of locations/facilities: ~130
• Revenue: $45.0 billion (FY2023)
• Key Subsidiaries/Brands: See Products and Services and Key Business Segments sections

• CEO: Christopher Boerner, Ph.D.
• CFO: David V. Elkins
• Board Chair: Giovanni Caforio, M.D.
• Other Key Executives: Cari Gallman (Executive Vice President, Corporate Affairs), Sharon Greenlees (Senior Vice President, Corporate Controller), Samit Hirawat, M.D. (Executive Vice President, Chief Medical Officer, Head of Development), Lynelle Hoch (President, Cell Therapy Organization), Adam Lenkowsky (Executive Vice President, Chief Commercialization Officer), Sandra Leung (Executive Vice President, General Counsel), Greg Meyers (Executive Vice President, Chief Digital and Technology Officer), Robert Plenge, M.D., Ph.D. (Executive Vice President, Chief Research Officer, Head of Research), Amanda Poole (Executive Vice President, Chief Human Resources Officer), Karin Shanahan (Executive Vice President, Global Product Development & Supply)

• Annual Revenue: $45.0 billion (FY2023)
• Net Income: $8.0 billion (FY2023)
• Total Assets: $95.2 billion (FY2023)
• Key Financial Highlights: Revenue decreased by 2% in FY2023, primarily due to lower Revlimid sales. Non-GAAP EPS decreased $0.19, primarily due to lower revenue and product mix.

BMS develops and commercializes a diverse range of biopharmaceutical products, including chemically synthesized drugs, biologics, and CAR-T cell therapies. Key products and brands include:

• Eliquis (apixaban)
• Opdivo (nivolumab)
• Orencia (abatacept)
• Pomalyst/Imnovid (pomalidomide)
• Yervoy (ipilimumab)
• Sprycel (dasatinib)
• Reblozyl (luspatercept-aamt)
• Opdualag (nivolumab and relatlimab-rmbw)
• Abecma (idecabtagene vicleucel)
• Zeposia (ozanimod)
• Breyanzi (lisocabtagene maraleucel)
• Camzyos (mavacamten)
• Sotyktu (deucravacitinib)
• Onureg (azacitidine)
• Inrebic (fedratinib)
• Augtyro (repotrectinib)
• Revlimid (lenalidomide)
• Abraxane (paclitaxel albumin-bound particles for injectable suspension)

BMS operates in one business segment engaged in the discovery, development, licensing, manufacturing, marketing, distribution, and sale of biopharmaceutical products. Revenue breakdown by geographic region for FY2023:

• United States: 70%
• International: 28%
• Other: 2%

BMS's strategy focuses on combining the resources and scale of a large pharmaceutical company with the speed and innovation of the biotech industry. Key strategic priorities include:

• Renewing and diversifying the product portfolio through internal R&D and business development activities like acquisitions, in-licensing, and strategic collaborations.
• Advancing a robust pipeline of early-, mid-, and late-stage drug candidates across core therapeutic areas.
• Disciplined business development and strategic collaborations to complement internal R&D efforts.
• Driving near-term growth while minimizing the impact of a transition period and delivering growth in the late 2020s.
• Enhancing productivity and efficiency, advancing the pipeline, and driving strong commercial execution.
• Maintaining a strong investment-grade credit rating, growing the dividend, and reducing debt.

BMS operates in the highly competitive biopharmaceutical industry. The company faces competition from large research-based pharmaceutical companies, smaller biotech firms, and generic drug manufacturers. Key market trends affecting the business include:

• Rapid advancements in immuno-oncology (IO) therapies, creating a competitive landscape for BMS's IO products, particularly Opdivo.
• Increasing competition from existing and new IO products and combination therapies.
• Generic and biosimilar competition, particularly for mature products like Revlimid and Eliquis.
• Pricing pressures and market access challenges due to cost-containment efforts by payers and governments.
• Growth and consolidation of managed care organizations (MCOs) and pharmacy benefit managers (PBMs) in the U.S., increasing their purchasing power and influence on formularies.

• Increased pricing pressure and other restrictions: Government regulations, payer pressures, and market access challenges in the U.S. and abroad continue to negatively affect revenues and profit margins, particularly due to the Inflation Reduction Act (IRA).
• Difficulties or delays in development and commercialization of new products: The biopharmaceutical industry has a high rate of failure in R&D, and BMS faces risks related to clinical trial outcomes, regulatory approvals, manufacturing scale-up, intellectual property disputes, and competition.
• Loss of market exclusivity: Generic and biosimilar competition can lead to substantial revenue declines for products losing market exclusivity. Patent challenges and regulatory changes can also impact market exclusivity.
• Supply chain disruptions: BMS faces risks related to product seizures or recalls, manufacturing issues, supplier failures, regulatory delays, and disruptions in supply chain continuity due to market forces, natural disasters, or geopolitical events.
• Adverse outcomes in legal matters: Ongoing and future litigation, including patent disputes, product liability claims, and government investigations, could negatively affect BMS's business.