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Bristol-Myers Squibb Company
Type
Public company
Traded as
  • NYSE: BMY
  • S&P 100 Component
  • S&P 500 Component
Industry Pharmaceuticals
Founded 1887, merger 1989
Headquarters 345 Park Avenue
New York, New York, United States
Key people
Dr. Giovanni Caforio, CEO
Revenue Decrease US$16.56 billion (2015)
Net income
Decrease US$1.57 billion (2015)
Total assets Decrease US$31.75 billion (2015)
Total equity Decrease US$14.27 billion (2015)
Number of employees
25,000 (December 2015)
Website www.bms.com

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, New Jersey (formerly Squibb, near Princeton) and Wallingford, Connecticut (formerly Bristol-Myers); with other sites in East Syracuse, New York; Princeton Pike, Hopewell and New Brunswick, New Jersey; and in Swords, Ireland; Braine-l'Alleud, Belgium; Tokyo, Japan; and Bangalore, India.

The Squibb corporation 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. Squibb Corporation served as a major supplier of medical goods to the Union Army during the American 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).

In 1887, Hamilton College graduates William McLaren Bristol and John Ripley Myers purchased the Clinton Pharmaceutical company of Clinton, New York. In 1898, they decided to rename it Bristol, Myers and Company. Following Myers' death in 1899, Bristol changed the name to the Bristol-Myers Corporation. The first nationally recognized product was Sal Hepatica, a laxative mineral salt in 1903. Its second national success was Ipana toothpaste, from 1901 through the 1960s.

In 1943, Bristol-Myers acquired Cheplin Biological Laboratories, a producer of acidophilus milk in East Syracuse, New York, and converted the plant to produce penicillin for the World War II Allied forces. After the war, the company renamed the plant Bristol Laboratories in 1945 and entered the civilian antibiotics market, where it faced competition from Squibb, which had opened the world's largest penicillin plant in 1944 in New Brunswick, New Jersey. Penicillin production at the East Syracuse plant was ended in 2005, when it became less expensive to produce overseas, but the facility continues to be used for the manufacturing process development and production of other biologic medicines for clinical trials and commercial use.

Bristol-Myers and Squibb merged in 1989, with Bristol-Myers as the nominal survivor. The merged company became Bristol-Myers Squibb.

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."

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.

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" as 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.

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. 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. 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. 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.

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.

In 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. In August, BMS acquired the biotechnology firm Medarex as part of the company's "String of Pearls" strategy of alliances, partnerships and acquisitions. 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.

In October 2010, 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."

Bristol-Myers Squibb agreed to pay around $2.5 billion in cash to buy Inhibitex Inc. in attempt 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. On June 29, Bristol-Myers Squibb extended 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.

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.

In April 2014, BMS announced its acquisition of iPierian for up to $725 million. 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. In February 2015, 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. 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 authorization, and these payments have the potential to total up to $975 million.

In May 2015, Dr. Giovanni Caforio became CEO of the company; Caforio was formerly the company's COO and succeeded Andreotti upon his retirement. Andreotti subsequently succeeded James Cornelius as executive chairman upon his retirement. 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.

In March 2016, the company announced it would acquire Padlock Therapeutics for up to $600 million. In early July, the company announced it would acquire Cormorant Pharmaceuticals for $520 million, boosting BMS' onclogy offering through Cormorants monoclonal antibody targeted against interleukin-8.

In late February 2017, the Wall Street Journal and Fortune - among others - reported that activist investor, Carl Icahn, had taken a stake in the company, signalling a potential future takeover from the likes of Gilead Sciences. In August the company acquired IFM Therapeutics for $300 million upfront, with contingency payments of $1.01 billion due on certain milestones - allowing BMS to better compete against Merck & Co's cancer rival treatment, Keytruda.

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

Squibb Corporation
(Founded 1858)

Bristol-Myers
(Founded 1887)

Adnexus Therapeutics
(Acq 2007)

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

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

Kosan Biosciences
(Acq 2008)

Medarex
(Acq 2009)

Mead Johnson
(Spun off 2009)

ZymoGenetics
(Acq 2010)

Amira Pharmaceuticals
(Acq 2011)

Inhibitex Inc
(Acq 2012)

Amylin Pharmaceuticals
(Acq 2012 jointly with AstraZeneca)

iPierian
(Acq 2014)

Flexus Biosciences
(Acq 2015)

Cardioxyl
(Acq 2015)

Padlock Therapeutics
(Acq 2016)

Cormorant Pharmaceuticals
(Acq 2016)

IFM Therapeutics
(Acq 2017)

The following is a list of key pharmaceutical products:

Cardiovascular diseases

Diabetes mellitus

Infectious diseases, including HIV infection and associated conditions

Inflammatory disorders

Oncology

Psychiatry

Rheumatic disorders

Transplant rejection

(Former Bristol-Myers brands, now divested)

The following is a selective list of investigational products under development, as of 2015:

News

Bristol-Myers Squibb Company 0.65% (healthcare)

Q reports

Period Date Adjusted Actuals EPS GAAP EPS
Q4 2020 2021-02-04 Future report Set alerts
Q3 2020 2020-10-29 Future report Set alerts
Q2 2020 2020-08-06 1.63 -0.04
Q1 2020 2020-05-07 1.72 -0.34
Q4 2019 2020-02-06 1.22 -0.55
Q3 2019 2019-10-31 1.17 0.83
Q2 2019 2019-07-25 1.18 0.87
Q1 2019 2019-04-25 1.10 1.04
Q4 2018 2019-01-24 0.94 0.71
Q3 2018 2018-10-25 1.09 1.16

Ratings

2016-07-12 Reiterated Rating Berenberg Bank Buy
2016-07-06 Reiterated Rating Goldman Sachs Group Inc. Buy
2016-06-15 Reiterated Rating Deutsche Bank Hold
2016-06-15 Reiterated Rating Deutsche Bank AG Hold
2016-06-14 Boost Price Target Jefferies Group Hold $76.00 to $78.00
2016-05-23 Initiated Coverage Hilliard Lyons Neutral
2016-05-19 Reiterated Rating JPMorgan Chase & Co. Overweight
2016-05-13 Reiterated Rating Argus Buy
2016-05-09 Boost Price Target Credit Suisse Outperform $75.00 to $79.00
2016-05-09 Boost Price Target Credit Suisse Group AG Outperform $75.00 to $79.00
2016-05-05 Reiterated Rating Jefferies Group Hold $75.00
2016-04-29 Boost Price Target Barclays Equal Weight $70.00 to $75.00
2016-04-29 Boost Price Target Barclays PLC Equal Weight $70.00 to $75.00
2016-04-27 Reiterated Rating Leerink Swann Buy
2016-04-26 Reiterated Rating Credit Suisse Overweight
2016-04-22 Reiterated Rating Berenberg Bank Buy $80.00
2016-04-06 Initiated Coverage Societe Generale Sell $48.00
2016-03-28 Boost Price Target Credit Suisse Outperform $68.00 to $70.00
2016-03-15 Reiterated Rating Jefferies Group Hold $63.00 to $65.00
2016-02-29 Reiterated Rating Leerink Swann Outperform $78.00 to $80.00
2016-02-22 Lower Price Target Jefferies Group Hold $63.00
2016-02-08 Reiterated Rating Jefferies Hold $69.00 to $64.00
2016-02-08 Reiterated Rating Jefferies Group Hold $69.00 to $64.00
2016-02-05 Reiterated Rating JPMorgan Chase & Co. Buy
2016-02-05 Lower Price Target Jefferies Group Hold $69.00 to $64.00
2016-02-05 Lower Price Target Credit Suisse $81.00 to $78.00
2016-01-31 Reiterated Rating Deutsche Bank Hold
2016-01-29 Boost Price Target Sanford C. Bernstein Market Perform $67.00 to $69.00
2016-01-28 Reiterated Rating William Blair Buy
2016-01-25 Reiterated Rating Credit Suisse Outperform
2016-01-25 Downgrade BMO Capital Markets Outperform to Market Perform $74.00 to $70.00
2016-01-22 Upgrade Berenberg Bank Hold to Buy $77.00
2016-01-22 Reiterated Rating Leerink Swann Buy
2016-01-14 Lower Price Target Jefferies Group Hold $70.00 to $69.00
2016-01-13 Reiterated Rating BMO Capital Markets Outperform $72.00
2015-12-18 Initiated Coverage Atlantic Securities Underweight $57.00
2015-12-17 Boost Price Target Credit Suisse Focus List to Outperform $76.00 to $81.00
2015-12-14 Reiterated Rating Cowen and Company Outperform $75.00 to $100.00
2015-12-02 Upgrade Guggenheim Neutral to Buy $82.00
2015-12-01 Initiated Coverage Barclays Equal Weight $55.00 to $70.00
2015-11-24 Reiterated Rating William Blair Outperform
2015-11-20 Reiterated Rating Jefferies Group Hold $70.00
2015-11-03 Lower Price Target Credit Suisse $78.00 to $76.00
2015-11-02 Boost Price Target Berenberg Bank Hold $70.00 to $74.00
2015-10-28 Reiterated Rating Leerink Swann Buy $77.00
2015-10-28 Boost Price Target Sanford C. Bernstein Market-Perform $64.00 to $67.00
2015-10-21 Lower Price Target Sanford C. Bernstein $66.00 to $64.00
2015-10-09 Reiterated Rating William Blair Buy
2015-09-22 Reiterated Rating Morgan Stanley Buy
2015-09-17 Reiterated Rating BMO Capital Markets Outperform $74.00
2015-09-11 Reiterated Rating Cowen and Company Buy
2015-09-10 Boost Price Target Jefferies Group Hold $60.00
2015-09-09 Reiterated Rating BMO Capital Markets Buy
2015-08-27 Lower Price Target Jefferies Group Hold $64.00 to $59.00
2015-08-24 Upgrade Piper Jaffray Underweight to Neutral $61.00
2015-08-24 Upgrade Piper Jaffray Cos. Underweight to Neutral $61.00
2015-08-18 Reiterated Rating JPMorgan Chase & Co. Overweight $75.00
2015-08-07 Boost Price Target Jefferies Group Hold $64.00
2015-07-28 Reiterated Rating Leerink Swann Buy
2015-07-27 Boost Price Target Leerink Swann Outperform $76.00 to $77.00
2015-07-20 Reiterated Rating BMO Capital Markets Buy $75.00 to $82.00
2015-07-20 Boost Price Target Sanford C. Bernstein Market Perform $64.00 to $67.00
2015-07-13 Boost Price Target Jefferies Group Hold $66.00 to $67.00
2015-07-06 Reiterated Rating Piper Jaffray Underweight $60.00
2015-06-17 Reiterated Rating Deutsche Bank Hold $65.00
2015-06-17 Reiterated Rating Morgan Stanley Overweight
2015-06-17 Initiated Coverage Piper Jaffray Underweight $60.00
2015-05-14 Reiterated Rating Goldman Sachs Buy
2015-05-14 Initiated Coverage Berenberg Bank Hold $70.00
2015-05-14 Reiterated Rating Goldman Sachs Group Inc. Buy
2015-05-13 Reiterated Rating Deutsche Bank Hold $65.00
2015-04-29 Reiterated Rating Morgan Stanley Buy
2015-04-29 Reiterated Rating BMO Capital Markets Buy
2015-04-21 Upgrade Morgan Stanley Equal Weight to Overweight $60.00 to $80.00
2015-03-12 Boost Price Target Leerink Swann Outperform $72.00 to $73.50
2015-03-05 Boost Price Target JPMorgan Chase & Co. Overweight $70.00 to $75.00
2015-03-05 Boost Price Target Credit Suisse Outperform $68.00 to $70.00
2015-02-27 Boost Price Target Argus Buy $70.00 to $78.00
2015-02-20 Reiterated Rating Jefferies Group Hold $60.00 to $62.00
2015-01-27 Reiterated Rating William Blair Buy
2015-01-16 Boost Price Target Barclays Equal Weight $46.00 to $55.00
2015-01-15 Boost Price Target Jefferies Group Hold $54.00 to $60.00
2015-01-13 Boost Price Target Leerink Swann Outperform $66.00 to $72.00
2015-01-12 Boost Price Target Deutsche Bank $59.00
2015-01-12 Boost Price Target Argus Buy $62.00 to $70.00
2014-12-04 Boost Price Target Jefferies Group Hold $52.00 to $54.00
2014-11-28 Reiterated Rating FBR & Co. Positive
2014-11-28 Reiterated Rating FBR & Co Positive
2014-11-13 Downgrade Morgan Stanley Overweight to Equal Weight $60.00
2014-11-03 Reiterated Rating JPMorgan Chase & Co. Overweight $63.00 to $66.00
2014-10-27 Boost Price Target MKM Partners Sell $34.00 to $36.00
2014-10-16 Upgrade BMO Capital Markets Market Perform to Outperform $55.00
2014-10-13 Reiterated Rating Jefferies Group Hold $45.00 to $50.00
2014-10-02 Initiated Coverage Guggenheim Neutral $57.00
2014-08-27 Initiated Coverage Deutsche Bank Hold $52.00
2014-08-11 Boost Price Target Jefferies Group Hold $43.50 to $45.00
2014-07-25 Boost Price Target MKM Partners Sell $29.00 to $34.00
2014-07-14 Boost Price Target Jefferies Group Hold $42.00 to $43.50
2014-07-08 Lower Price Target Leerink Swann $62.00 to $55.00
2014-07-02 Downgrade Barclays Overweight to Equal Weight $65.00 to $46.00
2014-06-24 Reiterated Rating Jefferies Group Hold $47.00 to $42.00
2014-06-19 Reiterated Rating Edward Jones Hold
2014-06-05 Reiterated Rating Credit Suisse Outperform $59.00 to $46.59
2014-05-15 Reiterated Rating Morgan Stanley Outperform to Overweight $60.00
2014-05-15 Lower Price Target Citigroup Inc. Outperform to Market Perform $60.00 to $55.00
2014-05-15 Reiterated Rating Barclays Overweight $65.00
2014-05-15 Reiterated Rating Cowen and Company Outperform $59.00
2014-05-15 Reiterated Rating Leerink Swann Outperform $62.00
2014-05-15 Reiterated Rating William Blair Outperform
2014-05-15 Downgrade BMO Capital Markets Outperform to Market Perform $60.00 to $55.00
2014-05-07 Boost Price Target Jefferies Group Hold $50.00
2014-04-21 Upgrade Ned Davis Research Sell to Neutral
2014-03-19 Boost Price Target Jefferies Group Hold $48.00
2014-02-27 Boost Price Target Leerink Swann $58.00 to $62.00
2014-02-21 Downgrade Edward Jones Hold to Sell
2014-02-13 Boost Price Target Citigroup Inc. $55.00 to $60.00
2014-02-10 Upgrade BMO Capital Markets Market Perform to Outperform $56.00 to $60.00
2014-01-15 Boost Price Target Argus Buy $58.00 to $62.00
2014-01-10 Upgrade Barclays Equal Weight to Overweight $52.00 to $65.00
2014-01-09 Boost Price Target Jefferies Group Hold $48.00 to $50.00
2013-12-20 Reiterated Rating Credit Suisse Outperform $56.00 to $60.00
2013-11-06 Boost Price Target Leerink Swann $49.00 to $58.00
2013-10-28 Reiterated Rating Credit Suisse Focus List $55.00
2013-10-28 Upgrade Morgan Stanley Equal Weight to Overweight $45.00 to $60.00
2013-10-23 Boost Price Target BMO Capital Markets Market Perform $48.00 to $51.00
2013-10-11 Reiterated Rating Jefferies Group Hold
2013-10-08 Initiated Coverage Credit Suisse Outperform
2013-09-16 Upgrade Morgan Joseph Neutral to Overweight $50.00 to $52.00
2013-09-16 Upgrade JPMorgan Chase & Co. Neutral to Overweight $50.00 to $52.00
2013-07-29 Reiterated Argus Buy $54
2013-07-17 Reiterated Barclays Equal Weight $42 to $45
2013-06-04 Reiterated Argus Buy $46 to $54
2013-04-26 Reiterated MKM Partners Sell $26 to $29
2012-01-09 Reiterated Barclays Capital Overweight $34 to $36
2011-10-19 Initiated MKM Partners Sell $26
2011-06-27 Reiterated UBS Neutral $28 to $30
2011-03-31 Downgrade Jefferies Buy to Hold $28.50
2011-03-28 Reiterated Barclays Capital Overweight $28 to $30
2010-09-22 Reiterated Deutsche Bank Buy $28 to $31.50
2010-09-01 Reiterated UBS Neutral $26 to $27
2010-08-31 Upgrade Jefferies Hold to Buy $28.80 to $30
2009-10-09 Initiated Wells Fargo Outperform
2016-07-12 Reiterated Rating Berenberg Bank Buy
2016-07-06 Reiterated Rating Goldman Sachs Group Inc. Buy
2016-06-15 Reiterated Rating Deutsche Bank Hold
2016-06-15 Reiterated Rating Deutsche Bank AG Hold
2016-06-14 Boost Price Target Jefferies Group Hold $76.00 to $78.00

There is presents forecasts of rating agencies and recommendations for investors about this ticker

Major Shareholders

Name Relationship Total Shares Holding stocks
ANDREOTTI LAMBERTO Chief Executive Officer 0.06%  (935571) BMY / DD /
LEUNG SANDRA General Counsel & Secretary 0.03%  (464585) BMY /
Bancroft Charles A EVP & Chief Financial Officer 0.02%  (336121) BMY / CL /
Cuss Francis M EVP & CSO 0.02%  (321905) BMY /
Caforio Giovanni EVP & Chief Commercial Officer 0.02%  (290267) BMY /
von Autenried Paul SVP, Enterp. Services & CIO 0.01%  (125264) BMY /
DANIELS BRIAN SVP Global Dev & Med Affairs 0.01%  (94374) BMY /

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