Letter from the Chairman and CEO

At Bristol Myers Squibb, we are inspired by our mission – to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. Every day, we focus on innovations that drive meaningful breakthroughs so we can bring life-saving medicines to people around the world.

2019 was a transformative year for us.


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.


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.


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.


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


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. 

A COMPANY FOR THE FUTURE Today, we are well-positioned as a company because of the strength of our current business. We have an unprecedented opportunity with eight potential commercial launches and significant lifecycle management opportunities for each of those medicines. In the medium and long term, we have a deep and diverse pipeline that will drive future innovative medicines. In oncology, our scientists are targeting different immune system pathways to address interactions between tumors, the microenvironment, and the immune system to help more patients respond to treatment. Combining these approaches is key to delivering new options for cancer treatment and addressing the growing issue of resistance to immunotherapy. At the 2019 American Society of Hematology (ASH) Annual Meeting, our first medical congress as a new company, we demonstrated the strength of our hematology pipeline with data across 85 abstracts, including 26 oral presentations and one of only six late-breaking presentations. This shows how much we can accomplish for blood cancer patients. We continue to make significant progress in advancing our pipeline, which also includes clinical programs in immunology, fibrosis, and cardiovascular disease. Registrational trials for our selective TYK2 inhibitor for the treatment of moderate to severe plaque psoriasis are well underway. Our Phase 2b trial for our lead fibrosis compound, FGF21, for the treatment of nonalcoholic steatohepatitis (NASH), is also progressing. We are enrolling patients in Phase 2 trials of our Factor XIa inhibitor for secondary stroke prevention and VTE prevention, in collaboration with Janssen Pharmaceuticals, and our research in heart failure is progressing. With the acquisition of Celgene we have added early discovery capabilities in neuroscience to our research teams and look forward to advancing this science. Tomorrow’s medicines will come from our internal innovations as well as the rich ecosystem of scientific innovation that exists outside our company. We have the financial flexibility to continue to invest in our internal capabilities as well as to support investment in external innovation. These are exciting times for us, and our achievements in 2019 have set the stage for sustained success. I am honored to lead such a great company and work with brilliant, passionate, and dedicated colleagues. Our patients remind us every day of the urgency of our mission. Thank you.

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.