Bristol-Myers Squibb Company (BMY): Business Model Canvas

In der dynamischen Landschaft der pharmazeutischen Innovation erweist sich die Bristol-Myers Squibb Company (BMY) als transformative Kraft, die sich strategisch durch das komplexe Terrain der biopharmazeutischen Entwicklung und patientenzentrierter Gesundheitslösungen bewegt. Mit einem messerscharfen Fokus auf Onkologie und Immunologie stellt das Geschäftsmodell von BMY einen ausgefeilten Entwurf strategischer Partnerschaften, Spitzenforschung und bahnbrechender therapeutischer Technologien dar, die die globale medizinische Landschaft neu gestalten. Ihr umfassender Ansatz verbindet nahtlos wissenschaftliche Exzellenz, innovative Arzneimittelforschung und ein starkes Engagement für die Bewältigung ungelöster medizinischer Herausforderungen und positioniert das Unternehmen an der Spitze transformativer Gesundheitslösungen.

Bristol-Myers Squibb Company (BMY) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit pharmazeutischen Forschungseinrichtungen

Bristol-Myers Squibb hat wichtige Partnerschaften mit führenden Forschungseinrichtungen aufgebaut:

Institution	Partnerschaftsfokus	Gründungsjahr
Dana-Farber-Krebsinstitut	Onkologische Forschung	2021
Memorial Sloan Kettering	Entwicklung der Immuntherapie	2019
Stanford-Universität	Präzisionsmedizin	2022

Kooperationsvereinbarungen zur Arzneimittelentwicklung mit Biotech-Unternehmen

Wichtige Biotech-Kooperationspartnerschaften:

• Nektar Therapeutics: Immunonkologische Zusammenarbeit im Wert von 1,85 Milliarden US-Dollar
• Agenus Inc.: Checkpoint-Immuntherapie-Partnerschaft
• Nkarta Therapeutics: Entwicklung der CAR-NK-Zelltherapie

Lizenzpartnerschaften für innovative Therapietechnologien

Partner	Technologie	Deal-Wert
Eisai Co., Ltd.	Lizenzierung von Onkologie-Arzneimitteln	750 Millionen US-Dollar im Voraus
Karuna Therapeutics	Schizophrenie-Behandlung	Mögliche Meilensteinzahlungen in Höhe von 1,2 Milliarden US-Dollar

Joint Ventures in globalen Pharmamärkten

Globale Markterweiterungspartnerschaften:

• Pfizer-Zusammenarbeit für Eliquis: 9,7 Milliarden US-Dollar Umsatz im Jahr 2022
• Celgene-Fusion: 74-Milliarden-Dollar-Transaktion im Jahr 2019
• Übernahme von Myokardia: 13,1 Milliarden US-Dollar im Jahr 2020

Akademische Forschungskooperationen für Onkologie und Immunologie

Forschungseinrichtung	Forschungsbereich	Finanzierungszusage
MD Anderson Krebszentrum	Immunonkologie	50 Millionen US-Dollar Forschungsinvestition
Universität von Pennsylvania	Immuntherapie	Verbundforschungsprogramm im Wert von 35 Millionen US-Dollar

Bristol-Myers Squibb Company (BMY) – Geschäftsmodell: Hauptaktivitäten

Forschung und Entwicklung innovativer biopharmazeutischer Behandlungen

F&E-Ausgaben im Jahr 2023: 7,1 Milliarden US-Dollar

F&E-Schwerpunktbereich	Investitionsbetrag
Onkologische Forschung	3,2 Milliarden US-Dollar
Immunologische Forschung	1,5 Milliarden US-Dollar
Herz-Kreislauf-Forschung	850 Millionen Dollar

Klinische Studien und Arzneimittelentwicklungsprozesse

Aktive klinische Studien im Jahr 2023: 127 laufende Studien

• Phase-I-Studien: 32
• Phase-II-Studien: 54
• Phase-III-Studien: 41

Herstellung verschreibungspflichtiger Arzneimittel

Produktionsstätte	Standort	Produktionskapazität
Princeton Manufacturing Center	New Jersey, USA	3,2 Millionen Einheiten/Jahr
Produktionsstätte Devens	Massachusetts, USA	2,8 Millionen Einheiten/Jahr

Globale Vermarktung und Kommerzialisierung therapeutischer Arzneimittel

Weltweiter Umsatz im Jahr 2023: 47,4 Milliarden US-Dollar

• Umsatz mit Onkologieprodukten: 22,6 Milliarden US-Dollar
• Umsatz mit Immunologieprodukten: 12,3 Milliarden US-Dollar
• Umsatz mit kardiovaskulären Produkten: 5,9 Milliarden US-Dollar

Einhaltung gesetzlicher Vorschriften und Zulassung von Medizinprodukten

FDA-Zulassungen im Jahr 2023: 4 neue molekulare Einheiten

Zugelassenes Medikament	Therapeutischer Bereich	Genehmigungsdatum
Opdualag	Onkologie	Januar 2023
Camzyos	Herz-Kreislauf	März 2023

Bristol-Myers Squibb Company (BMY) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Forschungs- und Entwicklungslabore

Bristol-Myers Squibb unterhält 13 globale Forschungs- und Entwicklungszentren mit Hauptstandorten in:

Standort	Forschungsschwerpunkt
Princeton, New Jersey	Onkologie und Immunologie
Cambridge, MA	Präzisionsmedizin
San Diego, Kalifornien	Biologika-Forschung

Portfolio für geistiges Eigentum

Ab 2023 hält Bristol-Myers Squibb:

• Über 23.000 aktive Patente weltweit
• Patentportfolio im Wert von etwa 12,3 Milliarden US-Dollar
• Wichtige therapeutische Bereiche: Onkologie, Hämatologie, Immunologie

Kompetente wissenschaftliche und medizinische Forschungsteams

Zusammensetzung der Belegschaft in Forschung und Entwicklung:

Kategorie	Anzahl der Mitarbeiter
Gesamtzahl der F&E-Mitarbeiter	8.700 Mitarbeiter
Doktoranden	3.200 Fachkräfte
MD-Forscher	1.100 Fachkräfte

Globale Produktionsstätten

Details zum Fertigungsnetzwerk:

• 16 globale Produktionsstandorte
• Standorte: USA, Europa, Asien
• Jährliche Produktionskapazität: 2,1 Milliarden Arzneimitteleinheiten

Finanzielles Kapital für die Arzneimittelentwicklung

Finanzielle Mittel für Forschung und Entwicklung:

Finanzkennzahl	Wert 2023
F&E-Ausgaben	7,9 Milliarden US-Dollar
Kapitalinvestitionen in neue Anlagen	1,2 Milliarden US-Dollar
Budget für klinische Studien	3,6 Milliarden US-Dollar

Bristol-Myers Squibb Company (BMY) – Geschäftsmodell: Wertversprechen

Modernste therapeutische Lösungen für die Onkologie und Immunologie

Bristol-Myers Squibb erwirtschaftete im Jahr 2022 einen Onkologieumsatz von 8,6 Milliarden US-Dollar. Zu den wichtigsten Medikamenten zählen:

Droge	Jahresumsatz	Therapeutischer Bereich
Opdivo	7,2 Milliarden US-Dollar	Immunonkologie
Yervoy	1,6 Milliarden US-Dollar	Immunonkologie

Personalisierte Behandlungsansätze für komplexe medizinische Erkrankungen

BMS investierte im Jahr 2022 7,1 Milliarden US-Dollar in Forschung und Entwicklung und konzentrierte sich dabei auf Präzisionsmedizinstrategien.

• Entwickelte 12 Präzisionsmedizin-Diagnosetests
• Gezielte Therapien für bestimmte genetische Mutationen
• Personalisierte Immuntherapieansätze

Hochwertige Arzneimittel mit nachgewiesener klinischer Wirksamkeit

Therapeutischer Bereich	Klinische Erfolgsrate	Globaler Marktanteil
Onkologie	68%	15.3%
Immunologie	62%	12.7%

Innovative Therapien für ungedeckte medizinische Bedürfnisse

Die BMS-Pipeline umfasst 50 Moleküle im klinischen Stadium aus mehreren therapeutischen Bereichen.

• 22 potenzielle First-in-Class-Therapien
• 15 Therapien gegen seltene Krankheiten
• 8 bahnbrechende Therapiebezeichnungen

Umfassende Patientenunterstützungs- und Behandlungsprogramme

Jährliche Investition in Patientenunterstützungsprogramme: 450 Millionen US-Dollar

Programmtyp	Anzahl der unterstützten Patienten	Jährliche Kosten
Finanzielle Unterstützung	126.000 Patienten	180 Millionen Dollar
Behandlungsnavigation	95.000 Patienten	135 Millionen Dollar
Einhaltungsunterstützung	85.000 Patienten	135 Millionen Dollar

Bristol-Myers Squibb Company (BMY) – Geschäftsmodell: Kundenbeziehungen

Direkter Kontakt mit medizinischem Fachpersonal

Bristol-Myers Squibb pflegt direktes Engagement durch:

Engagement-Kanal	Jährliche Interaktionen	Zielgruppe sind Profis
Medizinische Wissenschaftsverbindungen	78.500 individuelle Interaktionen	Onkologen, Hämatologen
Wissenschaftliche Konferenzen	237 globale Konferenzen besucht	Forschungsärzte
Digitale Berufsnetzwerke	52.000 registrierte medizinische Fachkräfte	Fachärzte

Patientenunterstützungs- und Aufklärungsprogramme

Zu den wichtigsten Initiativen zur Patientenunterstützung gehören:

• Das BMS-Patientenhilfsprogramm betreut jährlich 94.300 Patienten
• Finanzielle Unterstützung für den Zugang zu Medikamenten
• Krankheitsspezifische Bildungsressourcen

Digitale Gesundheitsplattformen und medizinische Informationsressourcen

Digitale Plattform	Benutzerbasis	Jährliches Engagement
Online-Portal für medizinische Informationen	168.500 registrierte medizinische Fachkräfte	2,4 Millionen Website-Besuche
Mobile klinische Ressourcen-App	42.300 aktive Benutzer	1,7 Millionen Ressourcen-Downloads

Personalisierte medizinische Beratungsdienste

Spezialisierte Beratungsleistungen:

• Engagiertes onkologisches Beratungsteam mit 1.200 spezialisierten Fachkräften
• Genomische Beratungsdienste für 23.500 Patienten jährlich
• Telemedizinische Beratungsplattform mit 87 % Patientenzufriedenheit

Laufende klinische Forschungskommunikation

Forschungskommunikationskanal	Jährliche Reichweite	Publikationsband
Informationsaustausch zu klinischen Studien	346 Forschungseinrichtungen	287 veröffentlichte klinische Studien
Forschungskooperationsplattformen	512 globale Forschungspartner	164 laufende Verbundstudien

Bristol-Myers Squibb Company (BMY) – Geschäftsmodell: Kanäle

Direktvertrieb an Gesundheitsdienstleister

Bristol-Myers Squibb unterhält ab 2023 ein engagiertes Vertriebsteam von 7.200 Pharmavertretern, das Krankenhäuser, Onkologiezentren und Arztpraxen in den gesamten Vereinigten Staaten beliefert.

Vertriebskanalsegment	Anzahl der Vertreter	Hauptschwerpunkte
Onkologie-Vertriebsteam	3,100	Spezialisten für Krebsbehandlung
Kardiovaskuläres Vertriebsteam	2,400	Kardiologische Praxen
Vertriebsteam für Immunologie	1,700	Rheumatologie- und Immunologiezentren

Pharmazeutische Vertriebsnetzwerke

BMS arbeitet mit 5 großen Pharmahändlern zusammen:

• AmerisourceBergen
• Kardinalgesundheit
• McKesson Corporation
• Morris & Dickson
• HD Smith

Online-Plattformen für medizinische Informationen

Kennzahlen zum digitalen Engagement für BMS-Onlineplattformen im Jahr 2023:

Plattform	Monatliche einzigartige Besucher	Professionelle Benutzer
BMS Professional-Website	128,500	87.300 registrierte medizinische Fachkräfte
Informationsportal für klinische Studien	76,200	42.500 registrierte Forscher

Medizinische Konferenzen und wissenschaftliche Symposien

Statistiken zur Konferenzteilnahme für 2023:

• Gesamtzahl der besuchten Konferenzen: 87
• Gehaltene wissenschaftliche Vorträge: 214
• Gesamtinvestition der Konferenz: 42,3 Millionen US-Dollar

Digitales Marketing und professionelle Kommunikationskanäle

Digitale Marketingreichweite im Jahr 2023:

Digitaler Kanal	Engagement-Kennzahlen
LinkedIn Professional Network	372.000 Follower
Twitter Professional-Konto	285.000 Follower
Professionelle E-Mail-Kommunikation	1,2 Millionen Kontakte zu medizinischem Fachpersonal

Bristol-Myers Squibb Company (BMY) – Geschäftsmodell: Kundensegmente

Onkologische Patienten

Bristol-Myers Squibb versorgt im Jahr 2024 weltweit etwa 1,5 Millionen Krebspatienten. Zu den wichtigsten Marktsegmenten gehören:

Krebstyp	Patientenpopulation	Marktanteil der Behandlung
Lungenkrebs	450,000	22%
Melanom	250,000	35%
Blutkrebs	350,000	28%

Patienten mit immunologischer Behandlung

Jährliche Patientenbasis von 750.000 mit verschiedenen immunologischen Erkrankungen:

• Rheumatoide Arthritis: 425.000 Patienten
• Psoriasis: 215.000 Patienten
• Entzündliche Darmerkrankung: 110.000 Patienten

Angehörige der Gesundheitsberufe und medizinische Einrichtungen

Der professionelle Kundenstamm umfasst:

Professionelle Kategorie	Anzahl der gezielten Fachkräfte
Onkologen	45,000
Immunologen	22,000
Hämatologen	18,000

Krankenhaussysteme und Gesundheitsnetzwerke

Wir bedienen 3.750 Gesundheitsnetzwerke in 68 Ländern mit einem jährlichen Arzneimittelbeschaffungsvolumen von 12,4 Milliarden US-Dollar.

Pharmazeutische Forscher und klinische Praktiker

Recherchieren Sie die Details des Kundensegments:

• Teilnehmer an klinischen Studien: 85.000 jährlich
• Mitwirkende Forschungseinrichtungen: 210
• Jährliche Forschungsinvestitionen: 6,9 Milliarden US-Dollar

Bristol-Myers Squibb Company (BMY) – Geschäftsmodell: Kostenstruktur

Umfangreiche Forschungs- und Entwicklungsinvestitionen

Im Jahr 2023 investierte Bristol-Myers Squibb 8,1 Milliarden US-Dollar in Forschungs- und Entwicklungskosten, was 24,3 % des Gesamtumsatzes entspricht.

Jahr	F&E-Investitionen	Prozentsatz des Umsatzes
2023	8,1 Milliarden US-Dollar	24.3%
2022	7,9 Milliarden US-Dollar	23.8%

Kosten für klinische Studien

Die jährlichen Kosten für klinische Studien bei Bristol-Myers Squibb liegen zwischen 1,5 und 2,2 Milliarden US-Dollar und decken mehrere Therapiebereiche ab.

• Klinische Studien zur Onkologie: 750 Millionen US-Dollar
• Klinische Studien zur Immunologie: 450 Millionen US-Dollar
• Kardiovaskuläre klinische Studien: 300 Millionen US-Dollar

Herstellungs- und Produktionskosten

Die gesamten Herstellungskosten beliefen sich im Jahr 2023 auf etwa 5,6 Milliarden US-Dollar, wobei die globalen Produktionsstätten in mehreren Ländern verteilt waren.

Produktionsstandort	Jährliche Produktionskosten
Vereinigte Staaten	2,3 Milliarden US-Dollar
Europa	1,8 Milliarden US-Dollar
Asien-Pazifik	1,5 Milliarden US-Dollar

Globale Marketing- und Vertriebsausgaben

Die Marketing- und Vertriebsausgaben beliefen sich im Jahr 2023 auf insgesamt 6,3 Milliarden US-Dollar, was 18,9 % des Gesamtumsatzes entspricht.

• Nordamerika-Marketing: 3,5 Milliarden US-Dollar
• Europäisches Marketing: 1,8 Milliarden US-Dollar
• Internationales Marketing: 1 Milliarde US-Dollar

Einhaltung gesetzlicher Vorschriften und Rechtskosten

Die regulatorischen und rechtlichen Kosten beliefen sich im Jahr 2023 auf 480 Millionen US-Dollar und deckten globale Compliance-Anforderungen ab.

Ausgabenkategorie	Jährliche Kosten
Einhaltung gesetzlicher Vorschriften	280 Millionen Dollar
Rechtskosten	200 Millionen Dollar

Bristol-Myers Squibb Company (BMY) – Geschäftsmodell: Einnahmequellen

Verkauf verschreibungspflichtiger Medikamente

Gesamtumsatz für 2023: 47,4 Milliarden US-Dollar

Die meistverkauften Medikamente	Umsatz 2023
Eliquis	10,1 Milliarden US-Dollar
Opdivo	5,4 Milliarden US-Dollar
Yervoy	1,6 Milliarden US-Dollar

Lizenz- und Partnerschaftsvereinbarungen

Jährlicher Lizenzumsatz im Jahr 2023: 2,3 Milliarden US-Dollar

• Zusammenarbeit mit Eisai für Lenvatinib
• Partnerschaft mit Nektar Therapeutics
• Strategische Allianz mit Immatics

Lizenzeinnahmen aus pharmazeutischen Technologien

Lizenzeinnahmen für 2023: 687 Millionen US-Dollar

Technologiebereich	Lizenzgebührenprozentsatz
Onkologische Technologien	3.5%
Immunologieplattformen	2.8%

Pharmazeutischer Vertrieb auf dem globalen Markt

Geografische Umsatzaufschlüsselung für 2023:

Region	Umsatzerlöse
Vereinigte Staaten	33,2 Milliarden US-Dollar
Europa	8,6 Milliarden US-Dollar
Asien-Pazifik	5,1 Milliarden US-Dollar

Finanzielle Vereinbarungen zur Forschungskooperation

Gesamtfinanzierung der Forschungskooperation im Jahr 2023: 1,2 Milliarden US-Dollar

• Zusammenarbeit mit dem National Cancer Institute: 350 Millionen US-Dollar
• Akademische Forschungspartnerschaften: 450 Millionen US-Dollar
• Finanzierung durch ein privates Forschungskonsortium: 400 Millionen US-Dollar

Bristol-Myers Squibb Company (BMY) - Canvas Business Model: Value Propositions

You're looking at the core offerings that Bristol-Myers Squibb Company is putting in front of the market right now, late in 2025. It's all about delivering transformational medicines where the need is highest, backed by some serious growth numbers.

Transformational Medicines for Serious Diseases

Bristol-Myers Squibb Company is focused on bringing forward therapies for serious diseases, particularly in oncology and cardiovascular health. The company's strategic pivot is showing up clearly in the financials; the Growth Portfolio, which houses these newer assets, saw revenues increase 18% year-over-year in the third quarter of 2025, reaching $6.9 billion. Management raised the full-year 2025 revenue guidance to a range of approximately $47.5 billion to $48.0 billion.

Leadership in Immuno-Oncology (IO)

Bristol-Myers Squibb Company claims leadership in Immuno-Oncology, stating they are the only company that has launched and commercialized three IO assets. This focus is supported by ongoing development, including a partnership with BioNTech for a bispecific antibody candidate, BNT327, with potential milestone payments reaching up to $7.6 billion.

First-in-Class CAR T Cell Therapy (Breyanzi)

The cell therapy Breyanzi (lisocabtagene maraleucel; liso-cel) is a major value driver, showing growth of 60%. It is now the first and only CAR T cell therapy approved by the FDA for five different cancer types in the US: marginal zone lymphoma (MZL), large B-cell lymphoma (LBCL), follicular lymphoma (FL), chronic lymphocytic leukemia (CLL), and mantle cell lymphoma (MCL). Sales for Breyanzi doubled in the first nine months of 2025 to hit $966 million. The latest approval for MZL showed a 95.5% overall response rate in a trial cohort of 66 patients.

Bristol-Myers Squibb Company's CAR T cell therapy portfolio is expanding its reach:

• Breyanzi is the first CAR-T approved for relapsed or refractory Marginal Zone Lymphoma.
• It is the most widely approved CD19-directed CAR T therapy in cancer.
• The company is a pioneer in harnessing the immune system to fight cancer.

Novel Mechanism of Action for Cobenfy

Cobenfy (xanomeline and trospium chloride) offers a new approach for schizophrenia, being the first antipsychotic with a novel mechanism of action in over 50 years. It works by targeting $\text{M}_1$ and $\text{M}_4$ muscarinic receptors in the central nervous system, unlike older drugs that block dopamine $\text{D}_2$ receptors. The drug was approved for schizophrenia in adults in September 2024. Bristol-Myers Squibb Company is also testing Cobenfy for psychosis and cognitive decline in Alzheimer's disease, with results from the ADEPT-2 trial expected by the end of 2026. Weekly total prescriptions (TRx) for Cobenfy have surpassed 2,700, exceeding any other schizophrenia launch in recent years.

Patient Access Programs for Cardiovascular Health

For its cardiovascular portfolio, Bristol-Myers Squibb Company, through the BMS-Pfizer Alliance, is directly addressing patient out-of-pocket costs for Eliquis (apixaban), the nation's number one prescribed oral anticoagulant.

Here are the specifics on the Eliquis 360 Support direct-to-patient program:

Metric	Value/Detail
Program Launch Date	September 8, 2025
Discount Offered	More than 40% off the current list price
Discounted Monthly Price (30-day supply)	$346
Original List Price (30-day supply)	$606
Geographic Coverage	All 50 states and Puerto Rico
Global Sales (Last Year)	$13.3 billion

This program is specifically designed to help uninsured, underinsured, or self-pay patients manage costs for this critical medicine.

Bristol-Myers Squibb Company (BMY) - Canvas Business Model: Customer Relationships

You're looking at how Bristol-Myers Squibb Company manages its relationships with the specialists and patients who use its high-value medicines, which is crucial given the complexity and cost of their portfolio.

High-touch, specialized support for complex cell therapies (Cell Therapy 360 platform)

Bristol-Myers Squibb Company supports the treatment journey for its cell therapies, such as Breyanzi, through the Cell Therapy 360 digital service platform. This platform is designed to optimize access to relevant information, manufacturing updates, and direct support for patients and care partners. For instance, real-world data captured on the Cell Therapy 360 portal for Abecma showed a manufacturing success rate (MSR) of 96.8% across 4,117 patients who underwent leukapheresis between February 23, 2021, and May 1, 2024. The MSR rate improved to 98.0% in 2024. The platform also offers logistical support, potentially covering transportation, lodging, and meal assistance for eligible patients and a caregiver throughout the treatment journey by calling 1-888-805-4555 (Press 2 then option 3 for patient support programs).

Dedicated Medical Science Liaisons (MSLs) for scientific exchange with specialists

Scientific exchange with specialists is managed by a dedicated field force. The financial commitment to this function is reflected in compensation figures. The average salary for a Medical Science Liaison at Bristol-Myers Squibb Company in 2025 is approximately $166,549. The typical salary range for this role falls between $162k and $171k for the 25th to 75th percentile of earners in 2025.

Patient assistance programs to manage out-of-pocket costs for high-value drugs

Bristol-Myers Squibb Company maintains Patient Assistance Programs (PAPs) to offer free or low-cost drugs to individuals unable to pay, though eligibility criteria, especially for commercially-insured patients, has been subject to change starting in 2025. The company offers co-pay assistance for eligible, commercially-insured patients prescribed certain products like YERVOY, SPRYCEL, REVLIMID, and IDHIFA through the BMS Access Support line at 1-800-861-0048. The Cell Therapy 360 program includes a Copay Assistance Program that can cover out-of-pocket expenses for commercially insured patients receiving a Bristol-Myers Squibb CAR T cell therapy product. Industry-wide estimates suggest companies spend about $4 billion annually to keep these financial assistance programs running, covering steep discounts for more than 300 drugs overall.

Here's a look at some of the specific support mechanisms and associated data points:

Support Mechanism	Program/Drug Example	Relevant Metric/Value	Year/Period
Cell Therapy Logistics Support	Cell Therapy 360	Transportation, lodging, and meal assistance	Ongoing
CAR T Cell Copay Assistance	Commercially-insured patients for CAR T	Covers out-of-pocket expenses for the product only	2025
Cell Therapy Manufacturing Success	Abecma (via Cell Therapy 360 portal)	98.0% MSR	2024
General PAP Drug Coverage	Industry-wide PAPs	More than 300 drugs	Recent Estimate

Direct-to-consumer (DTC) advertising to drive patient demand for key brands

Direct-to-consumer advertising remains a key driver for demand for certain brands. In September 2025, Bristol Myers Squibb Company began TV ads for the schizophrenia medication Cobenfy, with an estimated national TV ad spend of $11.4 million for that month, up from $0 in August 2025. Separately, the drug Eliquis, which Bristol-Myers Squibb co-promotes with Pfizer, has seen over $1 billion in DTC advertising since 2013. The total US national linear TV ad spend for the top 10 pharma brands in Q3 2025 was approximately $544.8 million.

The company's 2025 forecasted sales are around $45.5 billion.

• The estimated national TV ad spend for Cobenfy in September 2025 was $11.4 million.
• The total estimated national linear TV ad spend for the top 10 pharma brands in Q3 2025 was $544.8 million.
• Bristol-Myers Squibb Company forecasted 2025 adjusted EPS in the range of $6.55 to $6.85.

Finance: draft 13-week cash view by Friday.

Bristol-Myers Squibb Company (BMY) - Canvas Business Model: Channels

Bristol-Myers Squibb Company employs a multi-faceted channel strategy to ensure its portfolio of biopharmaceutical products reaches healthcare providers and patients across the globe. The company sells products to a diverse set of entities, including wholesalers, distributors, pharmacies, retailers, hospitals, clinics, and government agencies. This network is supported by a sophisticated global supply chain designed for timely and reliable delivery.

The foundation of product movement relies on a global network of pharmaceutical wholesalers and distributors. This traditional channel moves the bulk of prescription medicines from Bristol-Myers Squibb manufacturing and storage sites to the point of dispensing. While the exact count of global partners isn't public, this network is crucial for supporting the company's total revenues, which had a full-year 2025 guidance range set between $47.5 billion and $48.0 billion.

For specialized and high-value medicines, Bristol-Myers Squibb utilizes a direct sales force targeting oncologists, cardiologists, and specialists. This team engages directly with prescribers to support the launch and adoption of innovative therapies. The company has established an experienced sales and medical team engaged with payers to secure access for new launches. This focus supports the Growth Portfolio, which saw net sales of $6.6 billion in Q2 2025, an increase of 18% year-over-year.

For advanced treatments, especially cell and infusion-based therapies like Breyanzi, distribution channels involve hospitals and specialized treatment centers. The removal of REMS (Risk Evaluation and Mitigation Strategy) programs for all cell therapies by the FDA in mid-2025 is expected to broaden patient access through these specialized sites. Bristol-Myers Squibb reported Q3 2025 revenues of $12.2 billion, reflecting strong performance across the portfolio.

Bristol-Myers Squibb is actively building out a direct-to-patient channel for certain products, focusing on enhancing affordability and access for self-pay patients. This model was significantly expanded in late 2025. For the blockbuster anticoagulant Eliquis (marketed with Pfizer), a direct option via Eliquis 360 Support began on September 8, 2025, offering eligible cash-pay patients a price more than 40% off the list price of $606 for a 30-day supply. Eliquis global sales in Q3 2025 were $3.7 billion. Furthermore, the new BMS Patient Connect platform is set to launch in January 2026, featuring the psoriasis drug Sotyktu, which will be offered at $950 per 30-day supply, an 86% discount from its $6,868 list price. Both DTP programs provide direct shipping across all 50 states and Puerto Rico.

Here are some figures illustrating the scale of the products utilizing these channels:

Metric	Value/Amount	Context/Product
Q3 2025 Global Sales	$3.7 billion	Eliquis
Eliquis 30-Day List Price (Pre-DTP)	$606	Eliquis
Eliquis DTP Discount	Over 40%	Eliquis for cash-pay patients
Sotyktu H1 2025 Revenue	$126 million	Sotyktu
Sotyktu 30-Day List Price	$6,868	Sotyktu
Sotyktu DTP Price (Jan 2026)	$950	Sotyktu for cash-pay patients
Cash, Cash Equivalents, Marketable Securities (Sep 30)	Nearly $17 billion	Overall Financial Position

The company's ability to execute on these channels is supported by its financial strength; cash generated from operations in Q3 2025 was about $6.3 billion. The DTP strategy, especially for products like Eliquis, is a direct response to market dynamics, including the negotiated Medicare Part D price for Eliquis set to go into effect in January 2026.

Finance: draft 13-week cash view by Friday.

Bristol-Myers Squibb Company (BMY) - Canvas Business Model: Customer Segments

The customer segments for Bristol-Myers Squibb Company are defined by the serious diseases their portfolio addresses and the entities involved in the prescription, dispensing, and reimbursement of their biopharmaceutical products.

Oncologists and Hematologists treating multiple myeloma, lung cancer, and lymphoma.

• These specialists are the prescribers for key products like Opdivo, which generated $2.53 billion in Q3 2025 revenue.
• The hematology segment includes treatments for multiple myeloma, where Revlimid sales were projected at the top end of the $2 billion to $2.5 billion range for the full year 2025.
• CAR-T therapy Breyanzi, for large B-cell lymphoma, had sales of $747 million in 2024 and is on track to more than double its sales again in 2025.
• Research platforms are targeting this segment, with the protein degradation platform positioning itself in a market valued at over $10 billion.
• Data presented at ASH 2025 covered multiple myeloma with Iberdomide and lymphomas with golcadomide.
• Lung cancer treatment includes Iza-Bren, which received FDA Breakthrough Therapy Designation for EGFR-mutated NSCLC.

Patients with serious diseases in oncology, hematology, and cardiovascular areas.

Bristol-Myers Squibb Company focuses on these therapeutic areas globally.

Therapeutic Area	Key Product Examples	Relevant 2025 Sales/Metric
Cardiovascular	Eliquis	Projected 2025 annual revenue of $18.7 billion
Oncology/Immuno-Oncology	Opdivo	Q3 2025 revenue of $2.53 billion
Hematology (Multiple Myeloma)	Revlimid, Pomalyst/Imnovid	Revlimid H1 2025 sales of $1.77 billion
Cardiovascular (HCM)	Camzyos	H1 2025 sales of $419 million

Healthcare institutions, including hospitals and specialized infusion centers.

Bristol-Myers Squibb Company sells products to hospitals and clinics. The company has two approved CAR T cell therapies, Breyanzi and Abecma, which require specialized infrastructure for administration. For Breyanzi, about 70% of its use is now in the community setting.

Payers and government agencies (Medicare/Medicaid) managing formulary access.

Bristol-Myers Squibb Company sells products to government agencies. The company noted impacts from the U.S. Medicare Part D redesign on its Legacy Portfolio revenues. The company derives close to 70% of total sales from the US market. The full-year 2025 revenue guidance is in the range of $46.5 billion to $47.5 billion.

Bristol-Myers Squibb Company (BMY) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Bristol-Myers Squibb Company's operational expenses, which is key to understanding their financial levers, especially with major patent cliffs approaching.

The Research & Development (R&D) spend remains a massive cost center, reflecting the company's commitment to pipeline replenishment. For the first half of 2025, the combined GAAP R&D spend from the first and second quarters totaled approximately $4.9 billion, derived from $2.3 billion in Q1 2025 and $2.6 billion in Q2 2025. This is part of a larger strategic commitment, as Bristol-Myers Squibb announced plans to invest $40 billion in the US over five years, bolstering research and manufacturing capabilities.

Selling, General, and Administrative (SG&A) expenses are significant due to the global commercialization footprint required for their portfolio. For the twelve months ending September 30, 2025, SG&A expenses were reported at $7.222 billion. Looking at quarterly snapshots, GAAP SG&A was $1.6 billion in Q1 2025 and $1.7 billion in Q2 2025, showing the impact of efficiency drives.

A notable, non-recurring cost element is the charges related to acquired In-Process R&D (IPRD) from strategic deals. The second quarter of 2025 saw a substantial Acquired IPRD charge of $1.5 billion, which followed a charge of $188 million in the first quarter of 2025. The Q2 charge of $1,508 million was primarily driven by the execution of a strategic partnership with BioNTech in June 2025. The estimated full-year 2025 non-GAAP EPS impact from Acquired IPRD charges and licensing income was projected to be $(0.60) per share.

Manufacturing costs are inherently high given the complexity of the product mix. Bristol-Myers Squibb is specifically focused on enhancing domestic manufacturing capacity, including ramping up radiopharmaceutical manufacturing as part of its five-year investment plan. The cost structure also includes the amortization of acquired intangible assets, which was $830 million in Q2 2025 on a GAAP basis.

To counteract these high fixed and variable costs, the company is aggressively pursuing efficiency. Bristol-Myers Squibb has a cost optimization initiative targeting $1.5 billion in annual savings by the end of 2025. Furthermore, the company announced an additional productivity initiative targeting $2 billion in costs to be saved by the end of 2027, on top of the original goal. The company expected to capture $1 billion of this additional $2 billion in savings during 2025.

Here's a quick look at the key operating expense components for the first half of 2025:

Cost Category	Period/Date	Amount (GAAP)
R&D Expenses (Sum of Q1 & Q2)	First Half 2025	$4.9 billion
SG&A Expenses	TTM ending Sep 30, 2025	$7.222 billion
Acquired IPRD Charge	Q2 2025	$1.5 billion
Acquired IPRD Charge	Q1 2025	$188 million
Amortization of Acquired Intangible Assets	Q2 2025	$830 million

The strategic productivity initiatives are clearly impacting the Selling, General, and Administrative (SG&A) line, which saw a 33% GAAP decrease in Q1 2025 compared to Q1 2024, and an 11% GAAP decrease in Q2 2025 compared to Q2 2024. The R&D spend also saw a decrease in Q1 2025 (16% GAAP decrease) primarily due to lower IPRD charges compared to prior year acquisition expenses.

You should track the reinvestment of these savings, as management stated they would be channeled into high return growth initiatives.

Finance: draft 13-week cash view by Friday.

Bristol-Myers Squibb Company (BMY) - Canvas Business Model: Revenue Streams

You're looking at how Bristol-Myers Squibb Company brings in the money, which is definitely shifting as the newer drugs take over. The latest numbers from the third quarter update for fiscal year 2025 show the company is guiding its total revenue for the full year to be in the range of approximately $47.5 billion to $48.0 billion.

The core of the revenue generation is split between the newer Growth Portfolio and the established Legacy Portfolio. For the second quarter of 2025, the company reported total revenues of approximately $12.3 billion. Here's how that broke down between the two main product groups:

Revenue Stream Segment	Q2 2025 Revenue (in billions)	Year-over-Year Change (Q2 2025 vs Q2 2024)
Growth Portfolio Net Sales	$6.6 billion	+18%
Legacy Portfolio Revenues	$5.7 billion	-14%

The Growth Portfolio is clearly gaining traction, showing an 18% increase year-over-year for the quarter. This growth is being powered by several key assets, including:

• Immuno-oncology (IO) portfolio, with Opdivo global sales at approximately $2.56 billion in Q2 2025.
• Breyanzi, which is a cell therapy product.
• Reblozyl and Camzyos, which is seeing robust demand.
• Cobenfy, which had sales of $35 million in the quarter.

The Legacy Portfolio, despite facing generic erosion and the impact of the U.S. Medicare Part D redesign, is declining less severely than previously modeled, now expected to decline between 15% and 17% for the full year 2025. Eliquis demand is still helping to offset some of the decline in the rest of the Legacy Portfolio.

Beyond product sales, Bristol-Myers Squibb Company pulls in revenue from strategic arrangements. For the second quarter of 2025, alliance and collaboration revenue was reported as $360 million. Furthermore, the projection for royalties and licensing income for the full year 2025, which is part of the Other Income and Expense outlook, is expected to contribute approximately $500 million of income. That OI&E expectation was recently raised due to higher-than-anticipated royalties and favorable interest income.