Careers at Bristol-Myers Squibb
Bristol Myers Squibb develops, produces and sells pharmaceutical products with a view to increasing the quality of life for patients of various diseases and conditions.
Bristol Myers Squibb has its foundations in two 19th Century pharmaceutical operations: E R Squibb MD and Bristol Myers Company.
Bristol Myers Squibb traces its history back to Edward Robinson Squibb’s (“Squibb”) establishment of a pharmaceutical laboratory in 1858. Squibb had been a US Navy doctor during the Mexican War and, having been unimpressed by the quality of medicines he had been provided during his service, decided that he would begin producing medicines himself.
He soon established himself as a reliable provider of medicines and health products, and became the preferred source of medicines for the Union Army during the Civil War. In 1887 William McLaren Bristol and John Ripley Myers invested $5,000 in failing pharmaceutical company Clinton Pharmaceutical, which would later be renamed Bristol Myers Company.
Both companies established themselves as considerable players on the US pharmaceutical market in during the 20th Century, each developing a broad range of products and expanding their networks of facilities. The two companies merged in 1989, forming what is now Bristol Myers Squibb. Since this merger, the Company has grown substantially, largely through a number of significant acquisitions, now boasting operations across numerous countries worldwide and a global workforce of around 25,000.
Bristol Myers Squibb trades shares in the New York Stock Exchange. It has a current market capitalisation of $95.64 billion.
Benefits at Bristol-Myers Squibb
Business model of Bristol-Myers Squibb
Bristol Myers Squibb sells its various pharmaceutical products to customers operating within the healthcare sector. The Company markets its products directly to healthcare professionals and providers – including doctors, nurse practitioners, physician assistants, pharmacists, technologists, pharmacy benefit managers and managed care organisations – but principally sells its products to wholesalers, retail pharmacies, hospitals, and government entities. In 2015 the Company’s three largest customers were distributors McKesson, AmerisourceBergen and Cardinal Health.
Bristol Myers Squibb serves customers worldwide. It largest market is its native US, which accounted for around 49% of the Company’s business in 2015. The Company also does considerable business across Europe, Japan, and China, which accounted for 21%, 10% and 4% of the Company’s 2015 business.
Bristol Myers Squibb provides value to its customers in the following ways:
- Its industry standing and reputation, with the Company one of the most recognisable names in its industry, having an established track record of providing quality and reliable products;
- Its proprietary technologies and unique products, with the Company utilising protected intellectual properties in its products to provide unique and innovative products;
- Its international marketing reach, accessing customers worldwide, including across the Americas, Europe and Asia Pacific;
- The technical expertise of its staff, with the Company employing specialist technical, personnel, physicians and scientists with graduate or post-graduate degrees; and
- Its commitment to innovations, with the Company committing substantial resources to the development of innovative products.
Bristol Myers Squibb operates a website at www.bms.com, through which it disseminates information pertaining to its operations, products and facilities. The Company, however, does not operate an online sales channel.
Bristol Myers Squibb operates several marketing and sales organisations, with each product marketing organisation being supported by a direct sales force, which may be responsible for selling one or more products. The Company also operates specialist marketing teams that focus on certain classes of customers, such as managed care entities, as well as on certain types of marketing tools, such as digital or consumer communications.
In a small number of jurisdictions outside the US, Bristol Myers Squibb has established a full scale distributor model, collaborating with a network of distributors and sales agents to provide local distribution and logistics, regulatory assistance, and sales and advertising for certain products.
Bristol Myers Squibb does not offer any of its products to customers on a self-service basis. Instead, customers must deal directly with one of the Company’s direct sales organisations, in order to accurately outline the details of a sales agreement, with each customer receiving a personalised service.
Bristol Myers Squibb seeks to establish long-term relationships with its customers. The Company’s US business has Inventory Management Agreements with all of its direct wholesaler and distributor customers, enabling it to monitor US wholesaler inventory levels. The Company’s existing Inventory Management Agreements are due to expire at the end of 2017.
Customers are able to stay up to date with Bristol Myers Squibb’s operations through the Company’s news portal and press releases. They are also able to contact the Company over the phone or through an online contact form, as well as through the Company’s social media accounts with Facebook, Twitter, LinkedIn and YouTube.
Bristol Myers Squibb is engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of biopharmaceutical products, operating through a single business segment.
The Company's products portfolio includes chemically synthesised drugs- largely in pill and tablet form – and products produced from biological processes named biologics, which are administered to patients through injections or by infusion.
This includes products such as Azactam, Eliquis, Droxia, Megace, Opdivo, and Zerit. The Company focuses its research and development activities on products for a range of therapeutic classes, including virology, oncology, immunoscience; cardiovascular, and neuroscience.
Bristol Myers Squibb collaborates with a range of partner companies throughout the development, production and sale of its products. These partners include:
- Licensing and Co-Development Partners, comprising intellectual property owners and pharmaceutical companies, with which the Company jointly produces or licenses the rights to produce pharmaceutical products;
- Joint-Marketing and Promotion Partners, comprising pharmaceutical companies with which the Company jointly markets and promotes certain products, often on a regional basis;
- Channel Partners, comprising distributors and sales agents that extend the Company’s sales reach in its less well-represented countries; and
- Research and Development Partners, comprising research organisations and pharmaceutical companies, with which the Company collaborates on the development of new products.
Bristol Myers Squibb has recently launched a licensing partnerships with Novo Nordisk and Innate Pharma; research partnerships with UniQure, Lexicon Pharmaceuticals, and Tsinghua University; and clinical collaborations with Eli Lilly, Novartis, and Seattle Genetics.
Bristol Myers Squibb’s key resources are its technologies and intellectual properties, its research and development facilities, its production facilities, its sales and marketing channels, its partnerships, and its personnel.
Bristol Myers Squibb owns or licenses a number of patents in the US and abroad, and has developed a number of brand names and trademarks for its products. The Company considers the overall protection of its patents, trademarks, and licenses to be of material importance to the Company’s ongoing operations.
Searches of records published by the US Patent and Trademark Office identified a number of patent applications filed in the name of Bristol Myers Squibb, including applications entitled ‘Pyrimidinone carboxamide inhibitors of endothelial lipase’, Compounds for the treatment of hepatitis C’ and ‘Fibronectin binding domains with reduced immunogenicity’.
Bristol Myers Squibb incurs costs in relation to the development of its products, the operation of its production facilities – including the management of its supply chain, the operation of its sales and marketing channels, the management of its partnerships, and the retention of its personnel.
Bristol Myers Squibb invests heavily in research and development, operating facilities the US, Belgium, the UK, India, and Japan. In 2015 the Company’s research and development spending amounted to $5.9 billion. The Company accrued Marketing, selling and administrative costs – including the payment of salaries and benefits to its workforce of 25,000 employees – in the amount of $4.84 billion for the year.
Bristol Myers Squibb generates revenue through the production and sale of various pharmaceutical products. This principally includes:
- Virology Products, such as Baraclude, Reyatoz, and Sustiva;
- Oncology Products, such as Empliciti, Erbitux, and Opdivo;
- Neuroscience Products, such as Abilify;
- Immunoscience Products, such as Orencia; and
- Cardiovascular Products, such as Eliquis.
In 2015, Bristol Myers Squibb generated total revenue for the year of $16.56 billion, up on the $15.88 billion recorded by the Company in 2014. The Company attributed this 4% increase to a number of its recently launched products, notably its Hepatitis C Franchise and Opdivo, as well as continued sales growth in Eliquis.
Bristol Myers Squibb’s virology products are its largest revenue generators, accounting for close to 33% of the Company’s total revenue for 2015. This was followed by oncology products which accounted for approximately 25% of the Company’s revenue for the year.
info: Giovanni (“Caforio”) was appointed Chief Executive Officer at Bristol Myers Squibb in 2015. He has served as a member of the Company’s board of directors since 2014. Caforio joined Bristol Myers Squibb in 2000 as Vice President and General Manager for Italy in the Company’s Worldwide Medicines Group. He took on additional responsibility for Greece and Israel in 2001, and for all of South East Europe in 2003. He went on to hold a number of senior leaderships roles within the Company, including spells as Senior Vice President for US Oncology. Senior Vice President for Global Commercialisation, Oncology and Immunology, and Chief Operating Officer. Prior to joining Bristol Myers Squibb, Caforio worked for Abbott Laboratories for more than ten years, holding a number of positions, including General Manager for Portugal and Director of International Marketing.
info: Charles (“Bancroft”) has served as Chief Financial Officer at Bristol Myers Squibb since 2010, and as Executive Vice President since 2011. He oversees the Company’s worldwide finance operations, including the Tax, Treasury, and Internal Audit departments. Prior to his appointment as Chief Financial Officer, Bancroft served briefly as Acting Chief Financial Officer. Bancroft is a long-serving Bristol Myers Squibb employee, having first joined the Company in 1984. He has held numerous positions within the Company, with a particular focus on its financial operations. Bancroft has served in roles of increasing responsibility, including a spell as Vice President of Finance, as well as a number of international management assignments, taking on responsibility for the commercial operational for the Company’s activities in Latin American, the Middle East, Africa, Canada, Japan and several other countries in the Pacific Rim.
info: Murdo (“Gordon”) has served as Chief Commercial Officer at Bristol Myers Squibb since 2016, taking on responsibility for executing global commercial strategies Gordon joined Bristol-Myers Squibb in 1989, working for his first 14 years with the Company in various sales and marketing roles in Canada. He moved to the US in 2003 when he was appointed Executive Director of Plavix Marketing. Gordon went on to hold commercial leadership positions of increasing responsibility across the Company’s cardiovascular, neuroscience, oncology and immunology departments, including spells as Senior Vice President of Market Access, Senior Vice President of Neuroscience, Senior Vice President of US Oncology and Immunoscience, and Head of Worldwide Markets.
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