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Bristol-Myers Squibb 2019 Annual Report

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Bristol-Myers Squibb 2019 Annual Report We’re inspired by a single vision: 2019 ANNUAL REPORT Our Mission To discover, develop and deliver innovative medicines that help patients prevail over serious diseases Our Vision To be the world's leading biopharma company that transforms patients' lives through science 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. Bristol Myers Squibb 2019 Annual Report Myers Bristol Made Strong® is a registered mark of the Made Strong organization. Used with permission. 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. A BIOPHARMA LEADER THE POWER OF FOLLOWING THE SCIENCE The acquisition of Celgene Corporation significantly We start this next chapter at a time when unprecedented advanced our strategy to create a leading biopharma scientific breakthroughs are advancing the treatment company by bringing together the speed and agility of disease as never before. Bristol Myers Squibb is well of a biotech with the global scale and resources of an positioned in scientific hubs of innovation in the U.S. and established pharmaceutical company. Our new company globally, and we collaborate with a broad network of global has strong commercial franchises in oncology, hematology, partners across our disease areas of focus to sustain our immunology and cardiovascular disease, one of the most leadership and continue to transform patient outcomes. diverse and promising pipelines in the industry, and highly We are moving to the next generation of treatment options, talented people. such as CAR T therapy, and continue to pursue innovative treatments through new scientific platforms such as Together, we are advancing our mission and our vision biologics, cell therapy and protein homeostasis. We are to transform patients’ lives through science, and you will leveraging technology, data and analytics to accelerate see that reflected in our new brand. our pipeline, enhance the speed, accuracy, and efficiency of clinical trials, and better demonstrate the value of our medicines. 2019 Full Year Revenues $2 6 .1B 16 % $39.8 B 10 % GAAP Full Year* Pro Forma Full Year** GAAP Full Year Change* Pro Forma Full Year Change** Bristol Myers Squibb 2019 Annual Report Myers Bristol * Full Year GAAP: *Includes Celgene product revenues from November 20, 2019, which was the date of the closing of the acquisition, through December 31, 2019. See “Quarterly Package of Financial Information,” available on bms.com/investors. 2 ** Pro Forma Full Year: Reflects product revenues for the period prior to November 20, 2019, which was the date of the Celgene acquisition. All product revenues prior to November 20, 2019 have been recast to exclude foreign currency hedge gains and losses. See “Quarterly Package of Financial Information” available on bms.com/investors. DELIVERING RESPONSIBILITY KEY ACHIEVEMENTS EXCEPTIONAL RESULTS AT OUR CORE IN 2019 INCLUDE: We are focused on driving enterprise How we carry out our work is as important as the medicines we deliver. performance while keeping ethics, Completed acquisition integrity and quality at the core of We take a holistic approach to building of Celgene everything we do. We operate with sustainability across our product portfolio discipline and seize opportunities to – from developing and manufacturing Strong business increase productivity. our life-saving medicines to transporting them to patients around the world. performance across In 2019, we delivered strong our portfolio performance across our portfolio of We support initiatives and organizations marketed medicines, advanced our that help improve health, expand Implementation of a 10% pipeline, and positioned our new research opportunities, promote STEM dividend increase and company for a successful integration. education, and deliver basic human $7 billion accelerated At every level of the company our services to our communities. We share repurchase people played an important role. also promote health equity globally and strive to increase access to life- I am proud of our teams for their Rapid and successful strong focus and execution during saving medicines for populations divestiture of Otezla® a period of significant change. disproportionately affected by serious (apremilast) diseases and conditions, giving new hope We leveraged digital innovation to some of the world’s most vulnerable ® to accelerate drug discovery and people. We achieve this in part through Progress on the Revlimid (lenalidomide) intellectual development, improve manufacturing, the Bristol Myers Squibb Foundation, property estate enhance our business capabilities, and an independent 501(c)(3) charitable ultimately advance patient care. For organization, which supports community- example, we partnered with Fitbit based programs to address cancer The launch of Inrebic ® ® through our BMS-Pfizer Alliance to help disparities in sub-Saharan Africa, China (fedratinib) and Reblozyl bring arrhythmia detection to Fitbit’s and Brazil, and in cancer, cardiovascular (luspatercept-aamt) in fitness trackers, potentially helping to disease and immunology in the U.S. the U.S. drive earlier diagnosis of atrial fibrillation We are focused on developing in individuals at increased risk of stroke. Two positive studies in transformational medicines that first-line lung cancer for Our manufacturing network is growing improve upon the current standard the Opdivo® (nivolumab) to meet the needs of our evolving of care, and benefit patients, society + Yer voy ® (ipilimumab) pipeline and portfolio. We have and payers. We are actively engaged combination expanded our network to include CAR in the global dialogue to address the T manufacturing centers in the U.S. as affordability of life-saving medicines and Continued strengthening the increased burden that healthcare well as a newly constructed biologics of the profile ofEliquis ® plant in Cruiserath, Ireland. I am excited costs may place on patients, families (apixaban) through to share that this site is our first zero- and caregivers. We are playing an active multiple, robust real-world waste-to-landfill and 100% green energy role in identifying changes in healthcare studies manufacturing facility. systems required to enable payment models that closely match value, improve Regulatory filings for patient access and help reduce the We achieved several important Reblozyl ® and ozanimod overall cost of care to society. We are milestones in 2019 as we prepared in the U.S. and Europe, also working to advance policies that to integrate Celgene. We established and liso-cel in the U.S. a clear integration roadmap, designed support and reward investments in the our new operating model and named discovery and development of life-saving medicines. Every day, we are providing Registrational data for the Squibb 2019 Annual Report Myers Bristol several layers of senior leaders. launch indication for ide-cel As we begin to implement our plans, greater access to our medicines in global we are on track to deliver $2.5 billion markets through tiered pricing, voluntary of synergies, approximately one-third licensing, reimbursement support, patient Strong external recognition of the excellence of our of which will be achieved in 2020. assistance programs and our Bristol environmental, social and To measure our success, we have added Myers Squibb Foundation partnerships. governance programs a key integration metric to our executive compensation plans. *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. 3 A PATIENT-FOCUSED CULTURE (NASH), is also progressing. We are enrolling patients in Phase 2 trials of our Factor XIa inhibitor for secondary Our culture is the foundation of our success and stroke prevention and VTE prevention, in collaboration with competitive advantage and is supported by three Janssen Pharmaceuticals, and our research in heart failure is key areas of focus. progressing. With the acquisition of Celgene we have added Patients are at the center of everything we do. We are early discovery capabilities in neuroscience to our research inspired by the knowledge that our efforts can make the teams and look forward to advancing this science. difference for a patient who needs new options. Tomorrow’s medicines will come from our internal We embed innovation throughout our organization. innovations as well as the rich ecosystem of scientific Our integrated operating model helps us efficiently advance innovation that exists outside our company. We have the our pipeline, successfully manufacture new medicines, financial flexibility to continue to invest in our internal and seamlessly execute launches, delivering medicines capabilities as well as to support investment in external to patients with urgency, agility and the utmost integrity innovation. and care. These are exciting
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