Bristol-Myers Squibb

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"Squibb" redirects here. It is not to be confused with Squib (disambiguation).
Bristol-Myers Squibb Company
Public company
Traded as NYSE: BMY
S&P 500 Component
Industry Pharmaceuticals
Founded 1887
Headquarters 345 Park Avenue
New York City, United States
Key people
 Dr. Giovanni Caforio, CEO
Revenue Increase US$18.8 Billion (FY 2009)[1]
Increase US$5.34 Billion (FY 2009)[1]
Increase US$10.6 Billion (FY 2009)[1]
Total assets Increase US$31.0 Billion (FY 2009)[2]
Total equity Increase US$14.8 Billion (FY 2009)[2]
Number of employees
 28,000 (2010)
Website www.bms.com
A Bristol-Myers Squibb R&D facility Lawrenceville Rd, Lawrence Township, United States

Bristol-Myers Squibb, often referred to as BMS, is an American pharmaceutical company, headquartered in New York City.

Bristol-Myers Squibb manufactures prescription pharmaceuticals in several therapeutic areas, including cancer, HIV/AIDS, cardiovascular disease, diabetes, hepatitis, rheumatoid arthritis and psychiatric disorders. Its mission is to "discover, develop and deliver innovative medicines that help patients prevail over serious diseases."

BMS' primary R&D sites are located in Lawrence Township (formerly Squibb, near Princeton) and Wallingford, Connecticut (formerly Bristol-Myers), with other sites in Hopewell and New Brunswick, New Jersey, and in Braine-l'Alleud, Belgium, Tokyo, Japan and Bangalore, India.[3]

History

Squibb was founded in 1858 by Edward Robinson Squibb in Brooklyn, New York. Squibb was known as a vigorous advocate of quality control and high purity standards within the fledgling pharmaceutical industry of his time, at one point self-publishing an alternative to the U.S. Pharmacopeia (Squibb's Ephemeris of Materia Medica) after failing to convince the American Medical Association to incorporate higher purity standards. Mentions of the Materia Medica, Squibb products, and Edward Squibb's opinion on the utility and best method of preparation for various medicants are found in many medical papers of the late 1800s.[4][5][6][7][8][9] Squibb Corporation served as a major supplier of medical goods to the Union Army during the United States Civil War, providing portable medical kits containing morphine, surgical anesthetics, and quinine for the treatment of malaria (which was endemic in most of the eastern United States at that time).[10]

The Bristol-Myers-Squibb was formed in 1989, following the merger of its predecessors Bristol-Myers and the Squibb Corporation. Bristol-Myers was founded in 1887 by William McLaren Bristol and John Ripley Myers in Clinton, New York (both were graduates of Hamilton College).

In 1999, President Clinton awarded Bristol-Myers Squibb the National Medal of Technology, the nation's highest recognition for technological achievement, "for extending and enhancing human life through innovative pharmaceutical research and development and for redefining the science of clinical study through groundbreaking and hugely complex clinical trials that are recognized models in the industry."

The company was involved in an accounting scandal in 2002 that resulted in a significant restatement of revenues from 1999 to 2001. The restatement was the result of an improper booking of sales related to "channel stuffing", or the practice of offering excess inventory to customers to create higher sales numbers. The company has since settled with the United States Department of Justice and Securities and Exchange Commission, agreeing to pay $150 million while neither admitting nor denying guilt.[11]

In 2002, the company was involved in a lawsuit of maintaining illegally a monopoly on Taxol, its cancer treatment, and it was again sued for the antitrust lawsuit 5 years later, which cost the company $125 million for settlement.[12] On October 24, 2002, Bristol-Myers Squibb Co. restated earnings downward for parts of 2000 and 2001 while revising this year's earnings upward because of its massive inventory backlog imbroglio that spurred two government investigations.[13]

On March 15, 2004, Bristol-Myers Squibb Co. adjusted upward its fourth-quarter and full-year 2003 results after reversing an earlier decision about how to deal with accounting errors made in prior years.[14]

As part of a Deferred Prosecution Agreement, the company was placed under the oversight of a monitor appointed by the U.S. Attorney in New Jersey. In addition, the former head of the Pharma group, Richard Lane, and the ex-CFO, Fred Schiff, were indicted for federal securities violations.

An investigation of the company was made public in July 2006, and the FBI raided the company's corporate offices. The investigation centered on the distribution of Plavix and charges of collusion.[15]

On September 12, 2006, the monitor, former Federal Judge Frederick B. Lacey, urged the company to remove then CEO Peter Dolan over the Plavix dispute. Later that day, BMS announced that Dolan would indeed step down.[16]

The Deferred Prosecution Agreement expired in June 2007 and the Department of Justice did not take any further legal action against the company for matters covered by the DPA. Under CEO Jim Cornelius, who was CEO following Dolan until May 2010, all executives involved in the "channel-stuffing" and generic competition scandals have since left the company.

2009

A major restructuring involves focusing on the pharmaceutical business and biologic products, along with productivity initiatives and cost-cutting and streamlining business operations through a multi-year program of on-going layoffs. As another cost-cutting measure Bristol-Myers also reduced subsidies for health-care to retirees and plans to freeze their pension plan at the end of 2009.[citation needed] In August, BMS acquired the biotechnology firm Medarex as part of the company's "String of Pearls" strategy of alliances, partnerships and acquisitions.[17] In November, Bristol-Myers Squibb announced that it was "splitting off" Mead Johnson Nutrition by offering BMY shareholders the opportunity to exchange their stock for shares in Mead Johnson. According to Bristol-Myers Squibb, this move was expected to further sharpen the company's focus on biopharmaceuticals. BMS is a Fortune 500 Company (#114 in 2010 list). Newsweek's 2009 Green Ranking recognized Bristol-Myers Squibb as 8th among 500 of the largest United States corporations. Also, BMS was included in the 2009 Dow Jones Sustainability North America Index of leading sustainability-driven companies.

2010

In October, the company acquired ZymoGenetics, securing an existing product as well as pipeline assets in hepatitis C, cancer and other therapeutic areas. Lamberto Andreotti was named CEO this year; he had previously served as "president and COO responsible for all pharmaceutical operations worldwide."[18]

2012

Bristol-Myers Squibb Co. agreed to pay around $2.5 billion in cash to buy Inhibitex Inc. in concern to compete with Gilead/Pharmasset to produce Hepatitis C drugs. The settlement will be finished in 2 months for its Inhibitex's shareholders acceptance of 126 percent premium price of its price over the previous 20 trading days ended at January 6.[19] On June 29, Bristol-Myers Squibb Co (BMS) extend its portfolio of diabetes treatments when it agreed to buy Amylin Pharmaceuticals Inc for around $5.3 billion in cash and will pay $1.7 billion to Eli Lilly to cover Amylin's debt and its obligations to Eli Lilly from ending the collaboration with Amylin. Astra Zeneca, who already collaborates on several diabetes treatments with BMS, will pay $3.4 billion in cash for the rights to develop Amylin's products.[20]

In 2012, the company donated $6.9 million to the HealthWell Foundation, which provides financial assistance to eligible people for covering co-insurance, co-payments, healthcare premiums and deductibles for certain treatments.

2013

Citing major developments and a market capitalization of US$87 billion and stock appreciation of 61.4%, Bristol-Myers Squibb was ranked as the best drug company of 2013 by Forbes Magazine.[21]

2014

In April BMS announced its acquisition of iPierian for up to $725 million.[22] In December the company received FDA approval for the use of the PD-1 inhibitor nivolumab (Opdivo) in treating patients whose skin cancer cannot be removed or have not responded to previous drug therapies.[23]

2015

In February the company acquired Flexus Biosciences for $1.25 billion as well as initiating a research partnership with Rigel Pharmaceuticals which could generate more than $339 million. As part of the deal with Flexus, BMS will gain full rights to Flexus' lead small molecule IDO1-inhibitor, F001287.[24] In March, the company obtained an exclusive opportunity to both licence and commercialise PROSTVAC, Bavarian Nordic's Phase III prostate specific antigen targeting cancer immunotherapy. Bavarian Nordic will receive an upfront payment of $60 million as well as incremental payments up to $230 million, if the overall survival of test patients exceeds that seen in Phase II tests. Bavarian could also receive milestone payments of between $110 million and $495 million, dependent on regulatory authorisation, and these payments have the potential to total up to $975 million.[25] In May, Dr. Giovanni Caforio became CEO of the company;[26] Caforio was formerly the company's COO and succeeded Andreotti upon his retirement.[18] Andreotti subsequently succeeded James Cornelius as executive chairman upon his retirement.[18] In November, the company acquired the cardiovascular disease drug developer Cardioxyl for up to $2.075 billion. The deal strengthens the BMS' critical pipelines with the Phase II candidate for acute decompensated heart failure, CXL-1427.[27]

Acquisition history

The following is an illustration of the company's major mergers and acquisitions and historical predecessors (this is not a comprehensive list):

Bristol-Myers Squibb


















Bristol-Myers Squibb

Squibb Corporation
(Founded 1898)


Bristol-Myers
(Founded 1887)








Adnexus Therapeutics[28]
(Acq 2007)





Bristol-Myers Squibb Medical Imaging[29]
(Sold to Avista Capital Partners 2007)





ConvaTec[30]
(Sold to Avista Capital Partners & Nordic Capital Fund VII 2008)





Kosan Biosciences[31]
(Acq 2008)





ImClone Systems[32]
(Acq 2008)





Medarex
(Acq 2009)





Mead Johnson
(Spun off 2009)





ZymoGenetics
(Acq 2010)





Amira Pharmaceuticals[33]
(Acq 2011)





Inhibitex Inc
(Acq 2012)





Amylin Pharmaceuticals
(Acq 2012 jointly with AstraZeneca)





iPierian
(Acq 2014)





Flexus Biosciences
(Acq 2015)





Cardioxyl
(Acq 2015)




Pharmaceuticals

Lua error in package.lua at line 80: module 'strict' not found. The following is a list of key pharmaceutical products:[34]

Cardiovascular diseases

Diabetes mellitus

Infectious diseases, including HIV infection and associated conditions

Inflammatory disorders

Oncology

Psychiatry

Rheumatic disorders

Transplant rejection

Out of production

Products under development

Lua error in package.lua at line 80: module 'strict' not found. The following is a selective list of investigational products under development:[37]

Notes and references

  1. ↑ 1.0 1.1 1.2 Bristol-Myers Squibb (BMY) annual SEC income statement filing via Wikinvest
  2. ↑ 2.0 2.1 Bristol-Myers Squibb (BMY) annual SEC balance sheet filing via Wikinvest
  3. ↑ Lua error in package.lua at line 80: module 'strict' not found.
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  13. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  14. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  15. ↑ Business Report, July 31, 2006. Retrieved September 7, 2006. Archived at Archive.org Archived 23 September 2006 at the Wayback Machine
  16. ↑ CNN.com, September 12, 2006. Retrieved September 12, 2006
  17. ↑ http://finance.yahoo.com/news/BristolMyers-Squibb-to-bw-571310065.html?x=0&.v=1
  18. ↑ 18.0 18.1 18.2 Lua error in package.lua at line 80: module 'strict' not found.
  19. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  20. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  21. ↑ Lua error in package.lua at line 80: module 'strict' not found.
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  25. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  26. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  27. ↑ http://www.genengnews.com/gen-news-highlights/bms-to-buy-cardioxyl-for-up-to-2-075b/81251924/
  28. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  29. ↑ Lua error in package.lua at line 80: module 'strict' not found.
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  37. ↑ Lua error in package.lua at line 80: module 'strict' not found.

External links

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