|Headquarters||New York, New York|
|Key people||James Cornelius, CEO|
|Revenue||▲ US$ 19.98 billion (2008)|
|Net income||▲ US$ 2.165 billion (2008)|
Bristol-Myers Squibb (NYSE: BMY), colloquially referred to as BMS, is a pharmaceutical company. Founded in 1887 by William McLaren Bristol and John Ripley Myers in Clinton, NY (both were graduates of Hamilton College), Bristol-Myers merged with Squibb Corporation in 1989. James M. Cornelius is the New York City-based company's Chairman and CEO and was granted $25.0 million in compensation in 2008 according to Forbes.
Bristol-Myers Squibb manufactures prescription pharmaceuticals in several therapeutic areas, including cancer, HIV/AIDS, cardiovascular disease, diabetes, hepatitis, rheumatoid arthritis and psychiatric disorders. It is also the parent company of Mead Johnson Nutrition, which manufactures nutritional products such as Enfamil baby formulas and infant vitamin supplements like Tri-Vi-Sol. Bristol-Myers Squibb has a mission to "Extend and Enhance Human Life" and works to discover and develop medicines in areas of serious unmet medical need.
BMS' primary R&D sites are located in Lawrenceville, New Jersey (formerly Squibb) and Wallingford, Connecticut (formerly Bristol-Myers), with other sites around the US, in Ireland, and in other countries.
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 drastically reduced subsidies for health-care to retirees and plans to freeze their pension plan at the end of 2009.
In November 2009, 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 is expected to further sharpen the company's focus on biopharmaceuticals.
BMS is a Fortune 500 Company (#129 in 2007 list). Newsweek's 2009 Green Ranking recognized Bristol-Myers Squibb as 8th among 500 of the largest U.S. corporations. Also, BMS was included in the 2009 Dow Jones Sustainability North America Index of leading sustainability-driven companies.
The following is a list of key pharmaceutical products:
At one time, BMS held the solitary contract to harvest the bark of endangered yew trees on United States territory for the manufacture of chemotherapy drug paclitaxel (Taxol). Current paclitaxel production comes from renewable sources. BMS also held the original paclitaxel license, but there are now multiple generic producers.
The following is a selective list of investigational products under development:
The company was involved in an accounting scandal in 2002 that resulted in a significant restatement of revenues from 1999–2001. 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.
The company has also been sued in this matter by state attorneys general to recover monetary damages.
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 around 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 Cornelius's reign, all executives involved in the "channel-stuffing" and generic competition scandals have since left the company.