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Bristol Myers Squibb

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Bristol Myers Squibb
Bristol Myers Squibb
source
NameBristol Myers Squibb
TypePublic
Traded asNYSE: BMY, S&P 500 component
Foundation0 1887 (as Bristol-Myers), 1989 (merger with Squibb)
FounderWilliam McLaren Bristol and John Ripley Myers (Bristol-Myers), Edward Robinson Squibb (Squibb)
Location cityNew York City
Location countryUnited States
Key peopleGiovanni Caforio (Chairman), Christopher Boerner (CEO)
IndustryPharmaceuticals
ProductsPrescription drugs

Bristol Myers Squibb is a global biopharmaceutical company headquartered in New York City, with a significant operational presence in Princeton, New Jersey. It is a constituent of the S&P 500 and trades on the New York Stock Exchange under the symbol BMY. The company is focused on discovering, developing, and delivering innovative medicines for patients with serious diseases in areas such as oncology, hematology, immunology, and cardiovascular disease.

History

The company's origins trace back to two 19th-century enterprises. In 1887, William McLaren Bristol and John Ripley Myers invested $5,000 in a struggling drug manufacturing firm in Clinton, New York, which became the Bristol-Myers Company. Separately, in 1858, naval surgeon Edward Robinson Squibb founded a pharmaceutical laboratory in Brooklyn, New York, which evolved into E. R. Squibb & Sons. Bristol-Myers grew through acquisitions, including Clairol and Drackett, before merging with Squibb Corporation in 1989 in one of the largest mergers in pharmaceutical history, creating Bristol-Myers Squibb. Key later acquisitions include the purchase of DuPont Pharmaceuticals in 2001 and the landmark $74 billion acquisition of Celgene Corporation in 2019, significantly expanding its oncology and immunology portfolios.

Products and research

The company's portfolio includes several blockbuster drugs and pioneering therapies. Major products include the anticoagulant Eliquis (developed with Pfizer), the immunotherapy drugs Opdivo and Yervoy for various cancers, and the multiple myeloma treatment Revlimid (acquired via Celgene Corporation). Its research and development efforts are concentrated on transformative modalities such as cell therapy, exemplified by Abecma and Breyanzi, and targeted protein degradation. The company maintains extensive collaborations with academic institutions, biotechnology firms like Exelixis, and research organizations such as the Fred Hutchinson Cancer Center to advance its pipeline.

Corporate affairs

Bristol Myers Squibb is led by Chief Executive Officer Christopher Boerner, with former CEO Giovanni Caforio serving as Chairman of the board of directors. Its global operations span over 50 countries, with major research facilities in locations like Summit, New Jersey, and Cambridge, Massachusetts. The company engages in significant political lobbying, particularly on issues related to drug pricing and intellectual property law. It is a regular participant in major industry events like the American Society of Clinical Oncology annual meeting and the J.P. Morgan Healthcare Conference.

The company has faced numerous legal and regulatory challenges. It has settled several major cases with the U.S. Department of Justice, including a $515 million settlement in 2007 over allegations of illegal off-label marketing practices for the antipsychotic Abilify. It has also been involved in significant patent litigation, such as defending the patents for Eliquis against generic drug manufacturers. Furthermore, Bristol Myers Squibb has been scrutinized by the U.S. Securities and Exchange Commission and the Federal Trade Commission, the latter in relation to the Celgene Corporation acquisition. Investigations have also been conducted by the European Commission regarding potential anticompetitive practices.

Environmental, social, and governance (ESG)

The company publishes an annual sustainability report outlining its ESG goals. Its environmental targets include achieving carbon neutrality for its operations by 2040. Social initiatives focus on improving health equity and expanding patient access to medicines through programs like the Bristol Myers Squibb Foundation. In governance, the company has faced shareholder proposals related to executive compensation and has policies on board diversity. It is a signatory to the United Nations Global Compact and its efforts are assessed by ratings agencies like MSCI and Sustainalytics.

Category:Pharmaceutical companies of the United States Category:Companies listed on the New York Stock Exchange Category:Companies based in New York City Category:1887 establishments in New York (state)