Bristol-Myers Squibb Company (BMY): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la innovación farmacéutica, Bristol-Myers Squibb Company (BMY) emerge como una fuerza transformadora, navegando estratégicamente el complejo terreno del desarrollo biofarmacéutico y las soluciones de salud centradas en el paciente. Con un enfoque de afeitadora en oncología e inmunología, el modelo de negocio de BMY representa un sofisticado plan de asociaciones estratégicas, investigación de vanguardia y tecnologías terapéuticas innovadoras que están reestructurando el panorama médico global. Su enfoque integral combina perfectamente la excelencia científica, el descubrimiento innovador de medicamentos y un profundo compromiso para abordar los desafíos médicos no satisfechos, posicionando a la compañía a la vanguardia de las soluciones transformadoras de salud.

Bristol -Myers Squibb Company (BMY) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con instituciones de investigación farmacéutica

Bristol-Myers Squibb ha establecido asociaciones críticas con las principales instituciones de investigación:

Institución	Enfoque de asociación	Año establecido
Instituto del Cáncer Dana-Farber	Investigación oncológica	2021
Memorial Sloan Kettering	Desarrollo de inmunoterapia	2019
Universidad de Stanford	Medicina de precisión	2022

Acuerdos de desarrollo de fármacos colaborativos con compañías de biotecnología

Asociaciones clave de colaboración de biotecnología:

• Terapéutica de Nektar: colaboración inmuno-oncología valorada en $ 1.85 mil millones
• Agenus Inc.: Asociación de inmunoterapia con punto de control
• Terapéutica de Nkarta: desarrollo de la terapia con células CAR-NK

Asociaciones de licencia para tecnologías terapéuticas innovadoras

Pareja	Tecnología	Valor de la oferta
Eisai Co., Ltd.	Licencias de drogas oncológicas	$ 750 millones por adelantado
Terapéutica de Karuna	Tratamiento de esquizofrenia	Pagos potenciales de $ 1.2 mil millones

Empresas conjuntas en mercados farmacéuticos globales

Asociaciones de expansión del mercado global:

• Colaboración de Pfizer para Eliquis: $ 9.7 mil millones en ingresos de 2022
• Fusión de Celgene: transacción de $ 74 mil millones en 2019
• Adquisición de Myokardia: $ 13.1 mil millones en 2020

Colaboraciones de investigación académica para oncología e inmunología

Institución de investigación	Área de investigación	Compromiso de financiación
Centro de cáncer de MD Anderson	Inmuno-oncología	Inversión de investigación de $ 50 millones
Universidad de Pensilvania	Inmunoterapia	Programa de investigación colaborativa de $ 35 millones

Bristol -Myers Squibb Company (BMY) - Modelo de negocio: actividades clave

Investigación y desarrollo de tratamientos biofarmacéuticos innovadores

Gastos de I + D en 2023: $ 7.1 mil millones

Área de enfoque de I + D	Monto de la inversión
Investigación oncológica	$ 3.2 mil millones
Investigación de inmunología	$ 1.5 mil millones
Investigación cardiovascular	$ 850 millones

Ensayos clínicos y procesos de descubrimiento de fármacos

Ensayos clínicos activos en 2023: 127 ensayos en curso

• Pruebas de fase I: 32
• Pruebas de fase II: 54
• Ensayos de fase III: 41

Fabricación de productos farmacéuticos recetados

Instalación de fabricación	Ubicación	Capacidad de producción
Centro de fabricación de Princeton	Nueva Jersey, EE. UU.	3.2 millones de unidades/año
Instalaciones de fabricación de Devens	Massachusetts, EE. UU.	2.8 millones de unidades/año

Marketing global y comercialización de drogas terapéuticas

Ingresos de ventas globales en 2023: $ 47.4 mil millones

• Ventas de productos oncológicos: $ 22.6 mil millones
• Ventas de productos de inmunología: $ 12.3 mil millones
• Ventas de productos cardiovasculares: $ 5.9 mil millones

Cumplimiento regulatorio y aprobaciones de productos médicos

Aprobaciones de la FDA en 2023: 4 nuevas entidades moleculares

Droga aprobada	Área terapéutica	Fecha de aprobación
Opdualag	Oncología	Enero de 2023
Camzones	Cardiovascular	Marzo de 2023

Bristol -Myers Squibb Company (BMY) - Modelo de negocios: recursos clave

Laboratorios avanzados de investigación y desarrollo

Bristol-Myers Squibb mantiene 13 centros mundiales de investigación y desarrollo, con ubicaciones principales en:

Ubicación	Enfoque de investigación
Princeton, NJ	Oncología e inmunología
Cambridge, MA	Medicina de precisión
San Diego, CA	Investigación biológica

Cartera de propiedades intelectuales

A partir de 2023, Bristol-Myers Squibb sostiene:

• Más de 23,000 patentes activas a nivel mundial
• Portafolio de patentes valorada en aproximadamente $ 12.3 mil millones
• Áreas terapéuticas clave: oncología, hematología, inmunología

Equipos de investigación científica y médica calificadas

Composición de la fuerza laboral en investigación y desarrollo:

Categoría	Número de empleados
Fuerza laboral total de I + D	8.700 empleados
Investigadores de doctorado	3.200 profesionales
Investigadores de MD	1.100 profesionales

Instalaciones de fabricación global

Detalles de la red de fabricación:

• 16 sitios de fabricación global
• Ubicaciones: Estados Unidos, Europa, Asia
• Capacidad de producción anual: 2.100 millones de unidades farmacéuticas

Capital financiero para el desarrollo de medicamentos

Recursos financieros para la investigación y el desarrollo:

Métrica financiera	Valor 2023
Gasto de I + D	$ 7.9 mil millones
Inversión de capital en nuevas instalaciones	$ 1.2 mil millones
Presupuesto de ensayo clínico	$ 3.6 mil millones

Bristol -Myers Squibb Company (BMY) - Modelo de negocio: propuestas de valor

Soluciones terapéuticas de oncología e inmunología de vanguardia

Bristol-Myers Squibb generó $ 8.6 mil millones en ingresos oncológicos en 2022, con medicamentos clave que incluyen:

Droga	Ingresos anuales	Área terapéutica
Opdivo	$ 7.2 mil millones	Inmuno-oncología
Yervoy	$ 1.6 mil millones	Inmuno-oncología

Enfoques de tratamiento personalizados para afecciones médicas complejas

BMS invirtió $ 7.1 mil millones en I + D en 2022, centrándose en estrategias de medicina de precisión.

• Desarrolló 12 pruebas de diagnóstico de medicina de precisión
• Terapias dirigidas para mutaciones genéticas específicas
• Enfoques de inmunoterapia personalizados

Productos farmacéuticos de alta calidad con eficacia clínica probada

Área terapéutica	Tasa de éxito clínico	Cuota de mercado global
Oncología	68%	15.3%
Inmunología	62%	12.7%

Terapias innovadoras que abordan las necesidades médicas no satisfechas

La tubería de BMS incluye 50 moléculas de etapa clínica en múltiples áreas terapéuticas.

• 22 Terapias potenciales de primera clase
• 15 terapias dirigidas a enfermedades raras
• 8 designaciones de terapia innovadora

Programas integrales de apoyo y tratamiento del paciente

Inversión anual en programas de apoyo al paciente: $ 450 millones

Tipo de programa	Número de pacientes apoyados	Costo anual
Asistencia financiera	126,000 pacientes	$ 180 millones
Navegación de tratamiento	95,000 pacientes	$ 135 millones
Soporte de adherencia	85,000 pacientes	$ 135 millones

Bristol -Myers Squibb Company (BMY) - Modelo de negocios: relaciones con los clientes

Compromiso directo con profesionales de la salud

Bristol-Myers Squibb mantiene la participación directa a través de:

Canal de compromiso	Interacciones anuales	Profesionales objetivo
Enlaces de ciencias médicas	78,500 interacciones individuales	Oncólogos, hematólogos
Conferencias científicas	237 conferencias globales asistidas	Médicos de investigación
Redes profesionales digitales	52,000 profesionales de la salud registrados	Doctores especializados

Programas de apoyo y educación del paciente

Las iniciativas clave de apoyo al paciente incluyen:

• Programa de asistencia para pacientes de BMS que atiende a 94.300 pacientes anualmente
• Apoyo financiero para el acceso a la medicación
• Recursos educativos específicos de la enfermedad

Plataformas de salud digital y recursos de información médica

Plataforma digital	Base de usuarios	Compromiso anual
Portal de información médica en línea	168,500 profesionales de la salud registrados	2,4 millones de visitas al sitio web
Aplicación de recursos clínicos móviles	42,300 usuarios activos	1.7 millones de descargas de recursos

Servicios de consulta médica personalizada

Servicios de consulta especializados:

• Equipo de consulta de oncología dedicado con 1.200 profesionales especializados
• Servicios de asesoramiento genómico para 23,500 pacientes anualmente
• Plataforma de consulta de telemedicina con 87% de tasa de satisfacción del paciente

Comunicación de investigación clínica en curso

Investigación del canal de comunicación	Alcance anual	Volumen de publicación
Información de información sobre el ensayo clínico	346 instituciones de investigación	287 Estudios clínicos publicados
Plataformas de colaboración de investigación	512 Global Research Partners	164 Estudios de colaboración en curso

Bristol -Myers Squibb Company (BMY) - Modelo de negocios: canales

Fuerza de ventas directa a proveedores de atención médica

Bristol-Myers Squibb mantiene una fuerza de ventas dedicada de 7.200 representantes farmacéuticos a partir de 2023, dirigidos a hospitales, centros de oncología y prácticas médicas en los Estados Unidos.

Segmento de canales de ventas	Número de representantes	Áreas de enfoque primario
Equipo de ventas de oncología	3,100	Especialistas en tratamiento contra el cáncer
Equipo de ventas cardiovasculares	2,400	Prácticas de cardiología
Equipo de ventas de inmunología	1,700	Centros de reumatología e inmunología

Redes de distribuidores farmacéuticos

BMS colabora con 5 principales distribuidores farmacéuticos:

• AmerisourceBergen
• Salud cardinal
• McKesson Corporation
• Morris & Polla
• HD Smith

Plataformas de información médica en línea

Métricas de participación digital para plataformas en línea BMS en 2023:

Plataforma	Visitantes únicos mensuales	Usuarios profesionales
Sitio web de BMS Professional	128,500	87,300 profesionales de salud registrados
Portal de información de ensayos clínicos	76,200	42,500 investigadores registrados

Conferencias médicas y simposios científicos

Estadísticas de participación de la conferencia para 2023:

• CONFERENCIAS TOTALES CONTENIDAS: 87
• Presentaciones científicas entregadas: 214
• Inversión total de la conferencia: $ 42.3 millones

Marketing digital y canales de comunicación profesional

Alcance de marketing digital en 2023:

Canal digital	Métricas de compromiso
Red profesional de LinkedIn	372,000 seguidores
Cuenta profesional de Twitter	285,000 seguidores
Comunicaciones profesionales por correo electrónico	1.2 millones de contactos profesionales de atención médica

Bristol -Myers Squibb Company (BMY) - Modelo de negocio: segmentos de clientes

Pacientes oncológicos

Bristol-Myers Squibb atiende a aproximadamente 1,5 millones de pacientes con cáncer en todo el mundo en 2024. Los segmentos clave del mercado incluyen:

Tipo de cáncer	Población de pacientes	Cuota de mercado de tratamiento
Cáncer de pulmón	450,000	22%
Melanoma	250,000	35%
Cáncer de sangre	350,000	28%

Pacientes de tratamiento de inmunología

Base anual de pacientes de 750,000 en trastornos inmunológicos:

• Artritis reumatoide: 425,000 pacientes
• Psoriasis: 215,000 pacientes
• Enfermedad inflamatoria intestinal: 110,000 pacientes

Profesionales de la salud e instituciones médicas

La base de clientes profesionales objetivo incluye:

Categoría profesional	Número de profesionales específicos
Oncólogos	45,000
Inmunólogos	22,000
Hematólogos	18,000

Sistemas hospitalarios y redes de atención médica

Sirviendo a 3.750 redes de salud en 68 países con volumen anual de adquisiciones farmacéuticas de $ 12.4 mil millones.

Investigadores farmacéuticos y profesionales clínicos

Detalles del segmento de clientes de investigación:

• Participantes de ensayos clínicos: 85,000 anuales
• Las instituciones de investigación colaboraron: 210
• Inversión de investigación anual: $ 6.9 mil millones

Bristol -Myers Squibb Company (BMY) - Modelo de negocio: Estructura de costos

Extensas inversiones de investigación y desarrollo

En 2023, Bristol-Myers Squibb invirtió $ 8.1 mil millones en gastos de investigación y desarrollo, lo que representa el 24.3% de los ingresos totales.

Año	Inversión de I + D	Porcentaje de ingresos
2023	$ 8.1 mil millones	24.3%
2022	$ 7.9 mil millones	23.8%

Gastos de ensayo clínico

Los costos anuales de ensayos clínicos para Bristol-Myers Squibb oscilan entre $ 1.5 mil millones y $ 2.2 mil millones, cubriendo múltiples áreas terapéuticas.

• Ensayos clínicos de oncología: $ 750 millones
• Ensayos clínicos de inmunología: $ 450 millones
• Ensayos clínicos cardiovasculares: $ 300 millones

Costos de fabricación y producción

Los gastos de fabricación totales en 2023 fueron de aproximadamente $ 5.6 mil millones, con instalaciones de producción globales en múltiples países.

Ubicación de producción	Costo de producción anual
Estados Unidos	$ 2.3 mil millones
Europa	$ 1.8 mil millones
Asia-Pacífico	$ 1.5 mil millones

Gastos globales de marketing y ventas

Los gastos de marketing y ventas para 2023 totalizaron $ 6.3 mil millones, lo que representa el 18.9% de los ingresos totales.

• Marketing de América del Norte: $ 3.5 mil millones
• Marketing europeo: $ 1.8 mil millones
• Marketing internacional: $ 1 mil millones

Cumplimiento regulatorio y gastos legales

Los costos regulatorios y legales en 2023 ascendieron a $ 480 millones, lo que cubre los requisitos de cumplimiento global.

Categoría de gastos	Costo anual
Cumplimiento regulatorio	$ 280 millones
Gastos legales	$ 200 millones

Bristol -Myers Squibb Company (BMY) - Modelo de negocios: flujos de ingresos

Venta de medicamentos recetados

Ingresos totales para 2023: $ 47.4 mil millones

Drogas más vendidas	2023 ingresos
Eliquis	$ 10.1 mil millones
Opdivo	$ 5.4 mil millones
Yervoy	$ 1.6 mil millones

Acuerdos de licencia y asociación

Ingresos anuales de licencia en 2023: $ 2.3 mil millones

• Colaboración con Eisai para Lenvatinib
• Asociación con Nektar Therapeutics
• Alianza estratégica con inmática

Ingresos de regalías de tecnologías farmacéuticas

Ingresos de regalías para 2023: $ 687 millones

Área tecnológica	Porcentaje de regalías
Tecnologías oncológicas	3.5%
Plataformas de inmunología	2.8%

Ventas farmacéuticas del mercado global

Desglose de ingresos geográficos para 2023:

Región	Ingresos por ventas
Estados Unidos	$ 33.2 mil millones
Europa	$ 8.6 mil millones
Asia-Pacífico	$ 5.1 mil millones

Arreglos financieros de colaboración de investigación

Financiación total de colaboración de investigación en 2023: $ 1.2 mil millones

• Colaboración del Instituto Nacional del Cáncer: $ 350 millones
• Asociaciones de investigación académica: $ 450 millones
• Financiación del Consorcio de Investigación Privada: $ 400 millones

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.