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A BIOPHARMA LEADER
The acquisition of Celgene Corporation significantly advanced our strategy to create a leading biopharma company by bringing together the speed and agility of a biotech with the global scale and resources of an established pharmaceutical company. Our new company has strong commercial franchises in oncology, hematology, immunology, and cardiovascular disease, one of the most diverse and promising pipelines in the industry, and highly talented people.
Together, we are advancing our mission and our vision to transform patients’ lives through science, and you will see that reflected in our new brand.
THE POWER OF FOLLOWING THE SCIENCE
We start this next chapter at a time when unprecedented scientific breakthroughs are advancing the treatment of disease as never before. Bristol Myers Squibb is well positioned in scientific hubs of innovation in the U.S. and globally, and we collaborate with a broad network of global partners across our disease areas of focus to sustain our leadership and continue to transform patient outcomes.
We are moving to the next generation of treatment options, such as CAR T therapy, and continue to pursue innovative treatments through new scientific platforms such as biologics, cell therapy and protein homeostasis. We are leveraging technology, data and analytics to accelerate our pipeline, enhance the speed, accuracy, and efficiency of clinical trials, and better demonstrate the value of our medicines.
DELIVERING EXCEPTIONAL RESULTS
We are focused on driving enterprise performance while keeping ethics, integrity, and quality at the core of everything we do. We operate with discipline and seize opportunities to increase productivity.
In 2019, we delivered strong performance across our portfolio of marketed medicines, advanced our pipeline, and positioned our new company for a successful integration.
At every level of the company our people played an important role. I am proud of our teams for their strong focus and execution during a period of significant change.
We leveraged digital innovation to accelerate drug discovery and development, improve manufacturing, enhance our business capabilities, and ultimately advance patient care. For example, we partnered with Fitbit through our BMS-Pfizer Alliance to help bring arrhythmia detection to Fitbit’s fitness trackers, potentially helping to drive earlier diagnosis of atrial fibrillation in individuals at increased risk of stroke.
Our manufacturing network is growing to meet the needs of our evolving pipeline and portfolio. We have expanded our network to include CAR T manufacturing centers in the U.S. as well as a newly constructed biologics plant in Cruiserath, Ireland. I am excited to share this site is our first zero-waste-to-landfill and 100% green energy manufacturing facility.
We achieved several important milestones in 2019 as we prepared to integrate Celgene. We established a clear integration roadmap, designed our new operating model and named several layers of senior leaders. As we begin to implement our plans, we are on track to deliver $2.5 billion of synergies, approximately one-third of which will be achieved in 2020. To measure our success, we have added a key integration metric to our executive compensation plans.
RESPONSIBILITY AT OUR CORE
How we carry out our work is as important as the medicines we deliver. We take a holistic approach to building sustainability across our product portfolio – from developing and manufacturing our life-saving medicines to transporting them to patients around the world.
We support initiatives and organizations that help improve health, expand research opportunities, promote STEM education, and deliver basic human services to our communities. We also promote health equity globally and strive to increase access to life-saving medicines for populations disproportionately affected by serious diseases and conditions, giving new hope to some of the world’s most vulnerable people. We achieve this in part through the Bristol Myers Squibb Foundation, an independent 501(c)(3) charitable organization, which supports community-based programs to address cancer disparities in sub-Saharan Africa, China, and Brazil, and in cancer, cardiovascular disease, and immunology in the U.S.
We are focused on developing transformational medicines that improve upon the current standard of care, and benefit patients, society, and payers. We are actively engaged in the global dialogue to address the affordability of life-saving medicines and the increased burden that health-care costs may place on patients, families, and caregivers. We are playing an active role in identifying changes in healthcare systems required to enable payment models that closely match value, improve patient access and help reduce the overall cost of care to society. We are also working to advance policies that support and reward investments in the discovery and development of life-saving medicines. Every day, we are providing greater access to our medicines in global markets through tiered pricing, voluntary licensing, reimbursement support, patient assistance programs and our Bristol Myers Squibb Foundation partnerships.
Key achievements in 2019 include:
Completed acquisition
of Celgene
Strong business performance across
our portfolio
Implementation of a 10% dividend increase and
$7 billion accelerated
share repurchase
Rapid and successful divestiture of Otezla® (apremilast)
Progress on the Revlimid® (lenalidomide) intellectual property estate
The launch of Inrebic® (fedratinib) and Reblozyl® (luspatercept-aamt) in the U.S.
Two positive studies in first-line lung cancer for the Opdivo® (nivolumab) + Yervoy® (ipilimumab) combination
Continued strengthening of the profile of Eliquis® (apixaban) through multiple, robust real-world studies
Regulatory filings for Reblozyl® and ozanimod in the U.S. and Europe, and liso-cel in the U.S.
Registrational data for the launch indication for ide-cel
Strong external recognition of the excellence of our governance, environmental, and social programs
A PATIENT-FOCUSED CULTURE
Our culture is the foundation of our success and competitive advantage and is supported by three
key areas of focus.
Patients are at the center of everything we do. We are inspired by the knowledge that our efforts can make the difference for a patient who needs new options.
We embed innovation throughout our organization.
Our integrated operating model helps us efficiently advance our pipeline, successfully manufacture new medicines,
and seamlessly execute launches, delivering medicines
to patients with urgency, agility and the utmost integrity and care.
We recognize that people are our greatest asset. We have created an industry-leading workforce. We embrace passion, innovation, urgency, accountability, inclusion, and integrity to bring out the highest potential of each of our colleagues. We believe that the diverse experiences and perspectives of our colleagues help generate our best ideas, drive innovation, and achieve transformative business results.
In order to attract and retain the best people, we offer exciting work opportunities, ongoing education and training, and competitive compensation and benefit programs.
Giovanni Caforio, M.D.
Chairman of the Board and Chief Executive Officer
March 10, 2020
Evolving our Brand
To reflect the transformation of our company, we have evolved our company brand. We drew inspiration for our brand identify from our patients and our people. Our symbol, the hand, is a simple, universal expression of healing, of giving and receiving care. It is a representation of humanity, of the personal touch we bring to our work and to every treatment we pioneer. Our brand fully embodies our vision, and embraces our commitment of compassionate science and putting patients and people first.
*Figures include, among others, recent indications approved for Opdivo in the U.S. for adjuvant melanoma, metastatic colorectal cancer, and second-line liver and bladder cancers; in Japan for second-line head & neck cancer and gastric cancer; and in Europe for second-line bladder and head & neck cancer.
The patient stories shared in this Annual Report depict individual patient responses to our medicines or investigational compounds and are not representative of all patient responses. In addition, there is no guarantee that potential drugs or indications still in development will receive regulatory approval. This Annual Report contains statements about the company’s future plans and prospects that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ from those indicated as a result of various important factors, including those discussed in the company’s most recent annual report on Form 10-K and reports on Form 10-Q and Form 8-K. These documents are available from the SEC, the Bristol-Myers Squibb website or from Bristol-Myers Squibb Investor Relations. In addition, any forward-looking statements represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change. This Annual Report also contains certain non-GAAP financial measures, adjusted to include certain costs, expenses, gains and losses and other specified items. Reconciliations of these non-GAAP financial measures to the most comparable GAAP measures are available on the company’s website at www.bms.com
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