Bristol-Myers Squibb

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Bristol-Myers Squibb Company
Type Public company
Traded as NYSEBMY
S&P 500 Component
Industry Pharmaceuticals
Founded 1887
Headquarters 345 Park Avenue
New York City, United States
Key people Lamberto Andreotti, CEO
Revenue Increase US$18.8 Billion (FY 2009)[1]
Operating income Increase US$5.34 Billion (FY 2009)[1]
Net income 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]
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, and Bangalore, India.[3]

History[edit]

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, as 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."

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 2009, BMS acquired the biotechnology firm Medarex as part of the company's "String of Pearls" strategy of alliances, partnerships and acquisitions.[11]

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 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.

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, 2012.[12]

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.

On June 29, 2012 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.[13]

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.[14]

In April 2014 BMS announced its acquisition of iPierian for up to $725 million.[15]

In December 2014 the company received FDA approval for the use of the PD-1 inhibitor nivolumab (Opvido) in treating patients whose skin cancer cannot be removed or have not responded to previous drug therapies.[16]

Pharmaceuticals[edit]

The following is a list of key pharmaceutical products:[17]

Taxol[edit]

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.[18]

Out of production[edit]

Bristol-Myers[edit]

Products under development[edit]

The following is a selective list of investigational products under development:[19]

Scandals and allegations[edit]

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.[20] 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.[21] 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.[22]

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.[23]

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.[24]

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.[25]

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.

Notes and references[edit]

  1. ^ a b c Bristol-Myers Squibb (BMY) annual SEC income statement filing via Wikinvest
  2. ^ a b Bristol-Myers Squibb (BMY) annual SEC balance sheet filing via Wikinvest
  3. ^ "Bristol-Myers Squibb and Biocon’s Syngene open new R&D Facility at Biocon Park". Retrieved May 16, 2012. 
  4. ^ Hollopeter, W.C. (January 8, 1885). "Inverse Type of Temperature in Typhoid Fever, with a Report of Two Cases — Temperature Peculiarities in Epidemics, with a Report of Seven Cases in One Family". Boston Medical and Surgical Journal (Later, NEJM) 112: 28–32. doi:10.1056/NEJM188308301090903. Retrieved 2014-11-25. The writer noticed (in December, 1882) the important fact that when common or Japan camphor and crystallized carbolic acid are mixed together and subjected to heat, a colorless liquid would be the result. The only reference he finds so far with regard to this reaction occurs in the very excellent and valuable scientific publication of Dr. E. R. Squibb, " Ephemeris of Materia Medica," etc., on page 673, vol. ii., No. 5, where a brief allusion appears under the appellation of Compound Alum Powder. Dr. F. R. Squibb, however, in a letter to the writer states that he has " several times before heard of this reaction between phenol and camphor. 
  5. ^ Bolles, William (August 30, 1883). "REPORT ON MATERIA MEDICA AND PHARMACY.". Boston Medical and Surgical Journal (Later, NEJM) 109: 195. doi:10.1056/NEJM188308301090903. Retrieved 2014-11-25. Dr. Squibb is publishing in his Ephemeris a long and careful criticism upon the new Pharmacopoeia, four installments of which have already appeared, and are full of sound observation, and rich in practical pharmaceutical knowledge. 
  6. ^ Worthen, Dennis (2003). "Edward Robinson Squibb (1819–1900): Advocate of Product Standards". Journal of the American Pharmacists Association 46: 754–758. doi:10.1331/1544-3191.46.6.754. Retrieved 2014-11-25. 
  7. ^ Blake, J.B. (1899). "Administration of Ether at the Boston City Hospital". Boston Med Surg J (Now NEJM) 141: 312–314. doi:10.1056/NEJM189909281411303. Until within six months Squibb's other has been exclusively used at the Boston City Hospital. Recently .MeliiHTéift's ether has been tried, ¡uni has given fair satisfaction ; Squibb's is still preferred by most of the house officers. 
  8. ^ Brown, W.S. (1885). "Forty Year's Experience in Midwifery". Boston Medical and Surgical Journal (Later, NEJM) 112: 241. One reason why ergot has fallen into disrepute is the poor quality of many specimens offered for sale. Dr. Squibb's aqueous extract rarely disappoints me. 
  9. ^ Blodgett, Albert (October 27, 1887). "Reports of Societies: Massachusetts Medical Society. Suffolk District. Section for Clinical Medicine, Pathology and Hygiene.". Boston Medical and Surgical Journal (Later, NEJM) 117: 408. doi:10.1056/NEJM188710271171706. Retrieved 2014-11-25. Dr. Farlow replied that he has had no trouble with any of the standard preparations of this drug, as manufactured by responsible firms. He mentioned Parke, Davis, & Co., Squibb, Metcalf, and a few others, whose preparations he had found to be reliable, and of uniform character. 
  10. ^ Smith. Medicines for the Union Army: the United States Army laboratories during the Civil War. 
  11. ^ http://finance.yahoo.com/news/BristolMyers-Squibb-to-bw-571310065.html?x=0&.v=1
  12. ^ "Bristol Buys Inhibitex for $2.5 Billion to Compete in Hepatitis". January 8, 2012. 
  13. ^ "Bristol-Myers to buy Amylin for about USD 5.3 billion". Reuters. June 30, 2012. 
  14. ^ Herper, Matthew (December 31, 2013). "Grading Pharma in 2013". Forbes. 
  15. ^ "Bristol-Myers to buy iPierian". Genetic ngineering & biotechnology news. April 29, 2014. 
  16. ^ http://www.bloomberg.com/news/2014-12-22/bristol-myers-drug-wins-u-s-approval-to-treat-advanced-melanoma.html
  17. ^ Bristol-Myers Squibb: Products. Retrieved August 18, 2009.
  18. ^ Generic Taxol Availability at Drugs.com
  19. ^ Bristol-Myers Squibb: Pipeline. Retrieved August 18, 2009.
  20. ^ SEC News Digest, August 9, 2004.
  21. ^ "Bristol hit with antitrust suit". CNN. June 4, 2002. Retrieved Jul 10, 2013. 
  22. ^ "Bristol-Myers to restate earnings as third quarter profits plunge". 
  23. ^ "Bristol-Myers restates results upward due to accounting errors". 
  24. ^ Business Report[dead link], July 31, 2006. Retrieved September 7, 2006. Archived at Archive.org
  25. ^ CNN.com, September 12, 2006. Retrieved September 12, 2006

External links[edit]