Bristol-Myers Squibb Company (BMY): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de l'innovation pharmaceutique, Bristol-Myers Squibb Company (BMY) apparaît comme une force transformatrice, naviguant stratégiquement sur le terrain complexe du développement biopharmaceutique et des solutions de soins de santé centrées sur le patient. Avec un accent accéléré sur l'oncologie et l'immunologie, le modèle commercial de BMY représente un plan sophistiqué de partenariats stratégiques, de recherche de pointe et de technologies thérapeutiques révolutionnaires qui rehaussent le paysage médical mondial. Leur approche complète mélange parfaitement l'excellence scientifique, la découverte innovante de médicaments et un engagement profond à résoudre les défis médicaux non satisfaits, positionnant l'entreprise à l'avant-garde des solutions de soins de santé transformatrices.

Bristol-Myers Squibb Company (BMY) - Modèle commercial: partenariats clés

Alliances stratégiques avec des institutions de recherche pharmaceutique

Bristol-Myers Squibb a établi des partenariats critiques avec les principaux institutions de recherche:

Institution	Focus de partenariat	Année établie
Dana-Farber Cancer Institute	Recherche en oncologie	2021
Memorial Sloan Kettering	Développement d'immunothérapie	2019
Université de Stanford	Médecine de précision	2022

Accords de développement de médicaments collaboratifs avec des entreprises biotechnologiques

Partenariats clés de collaboration biotechnologique:

• Nektar Therapeutics: Collaboration immuno-oncologue d'une valeur de 1,85 milliard de dollars
• Agenus Inc .: Partenariat d'immunothérapie de point de contrôle
• NKARTA Therapeutics: Carothérapie Car-NK Développement de la thérapie cellulaire

Licence des partenariats pour les technologies thérapeutiques innovantes

Partenaire	Technologie	Valeur de l'accord
Eisai Co., Ltd.	Licence de médicament en oncologie	750 millions de dollars d'avance
Karuna Therapeutics	Traitement de la schizophrénie	1,2 milliard de dollars de paiement potentiels

Coentreprises sur les marchés pharmaceutiques mondiaux

Partenariats d'expansion du marché mondial:

• Pfizer Collaboration pour Elimisis: 9,7 milliards de dollars en 2022 Revenus
• Fusion Celgene: transaction de 74 milliards de dollars en 2019
• Acquisition de Myokardia: 13,1 milliards de dollars en 2020

Collaborations de recherche universitaire pour l'oncologie et l'immunologie

Institution de recherche	Domaine de recherche	Engagement de financement
MD Anderson Cancer Center	Immuno-oncologie	Investissement de recherche de 50 millions de dollars
Université de Pennsylvanie	Immunothérapie	Programme de recherche collaboratif de 35 millions de dollars

Bristol-Myers Squibb Company (BMY) - Modèle commercial: activités clés

Recherche et développement de traitements biopharmaceutiques innovants

Dépenses de R&D en 2023: 7,1 milliards de dollars

Zone de focus R&D	Montant d'investissement
Recherche en oncologie	3,2 milliards de dollars
Recherche d'immunologie	1,5 milliard de dollars
Recherche cardiovasculaire	850 millions de dollars

Essais cliniques et processus de découverte de médicaments

Essais cliniques actifs en 2023: 127 essais en cours

• Essais de phase I: 32
• Essais de phase II: 54
• Essais de phase III: 41

Fabrication de produits pharmaceutiques sur ordonnance

Usine de fabrication	Emplacement	Capacité de production
Centre de fabrication de Princeton	New Jersey, USA	3,2 millions d'unités / an
Facilité de fabrication de Devens	Massachusetts, États-Unis	2,8 millions d'unités / an

Marketing mondial et commercialisation de médicaments thérapeutiques

Revenus de vente mondiaux en 2023: 47,4 milliards de dollars

• Ventes de produits en oncologie: 22,6 milliards de dollars
• Ventes de produits immunologiques: 12,3 milliards de dollars
• Ventes de produits cardiovasculaires: 5,9 milliards de dollars

Conformité réglementaire et approbations de produits médicaux

Approbations de la FDA en 2023: 4 nouvelles entités moléculaires

Médicament approuvé	Zone thérapeutique	Date d'approbation
Opdialag	Oncologie	Janvier 2023
Camzyos	Cardiovasculaire	Mars 2023

Bristol-Myers Squibb Company (BMY) - Modèle d'entreprise: Ressources clés

Laboratoires avancés de recherche et développement

Bristol-Myers Squibb conserve 13 centres mondiaux de recherche et développement, avec des emplacements principaux dans:

Emplacement	Focus de recherche
Princeton, NJ	Oncologie et immunologie
Cambridge, MA	Médecine de précision
San Diego, CA	Recherche biologique

Portefeuille de propriété intellectuelle

En 2023, Bristol-Myers Squibb détient:

• Plus de 23 000 brevets actifs dans le monde
• Portefeuille de brevets évalué à environ 12,3 milliards de dollars
• Zones thérapeutiques clés: oncologie, hématologie, immunologie

Équipes de recherche scientifique et médicale qualifiées

Composition de la main-d'œuvre dans la recherche et le développement:

Catégorie	Nombre d'employés
Total de main-d'œuvre de R&D	8 700 employés
Chercheurs de doctorat	3 200 professionnels
Chercheurs MD	1 100 professionnels

Installations de fabrication mondiale

Détails du réseau de fabrication:

• 16 sites de fabrication mondiaux
• Emplacements: États-Unis, Europe, Asie
• Capacité de production annuelle: 2,1 milliards d'unités pharmaceutiques

Capital financier pour le développement de médicaments

Ressources financières pour la recherche et le développement:

Métrique financière	Valeur 2023
Dépenses de R&D	7,9 milliards de dollars
Investissement en capital dans de nouvelles installations	1,2 milliard de dollars
Budget des essais cliniques	3,6 milliards de dollars

Bristol-Myers Squibb Company (BMY) - Modèle d'entreprise: propositions de valeur

Solutions thérapeutiques en oncologie et immunologie de pointe

Bristol-Myers Squibb a généré 8,6 milliards de dollars de revenus en oncologie en 2022, avec des médicaments clés, notamment:

Médicament	Revenus annuels	Zone thérapeutique
Opdivo	7,2 milliards de dollars	Immuno-oncologie
Yervoy	1,6 milliard de dollars	Immuno-oncologie

Approches de traitement personnalisées pour des conditions médicales complexes

BMS a investi 7,1 milliards de dollars en R&D en 2022, en se concentrant sur les stratégies de médecine de précision.

• Développé 12 tests de diagnostic de médecine de précision
• Thérapies ciblées pour des mutations génétiques spécifiques
• Approches d'immunothérapie personnalisées

Produits pharmaceutiques de haute qualité avec une efficacité clinique éprouvée

Zone thérapeutique	Taux de réussite clinique	Part de marché mondial
Oncologie	68%	15.3%
Immunologie	62%	12.7%

Thérapies innovantes répondant aux besoins médicaux non satisfaits

Le pipeline BMS comprend 50 molécules de stade clinique dans plusieurs zones thérapeutiques.

• 22 thérapies potentielles en classe
• 15 thérapies ciblant les maladies rares
• 8 désignations de thérapie révolutionnaire

Programmes complets de soutien et de traitement aux patients

Investissement annuel dans les programmes de soutien aux patients: 450 millions de dollars

Type de programme	Nombre de patients soutenus	Coût annuel
Aide financière	126 000 patients	180 millions de dollars
Navigation de traitement	95 000 patients	135 millions de dollars
Support d'adhésion	85 000 patients	135 millions de dollars

Bristol-Myers Squibb Company (BMY) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les professionnels de la santé

Bristol-Myers Squibb maintient un engagement direct à travers:

Canal de fiançailles	Interactions annuelles	Cibler les professionnels
Liaisons de science médicale	78 500 interactions individuelles	Oncologues, hématologues
Conférences scientifiques	237 conférences mondiales ont assisté	Médecins de la recherche
Réseaux professionnels numériques	52 000 professionnels de la santé enregistrés	Médecins spécialisés

Programmes de soutien aux patients et d'éducation

Les principales initiatives de soutien aux patients comprennent:

• Programme d'assistance aux patients BMS desservant 94 300 patients par an
• Support financier pour l'accès aux médicaments
• Ressources éducatives spécifiques à la maladie

Plateformes de santé numérique et ressources d'information médicale

Plate-forme numérique	Base d'utilisateurs	Engagement annuel
Portail d'informations médicales en ligne	168 500 professionnels de la santé enregistrés	2,4 millions de visites de sites Web
Application de ressources cliniques mobiles	42 300 utilisateurs actifs	1,7 million de téléchargements de ressources

Services de consultation médicale personnalisés

Services de consultation spécialisés:

• Équipe de consultation en oncologie dédiée avec 1 200 professionnels spécialisés
• Services de conseil génomique pour 23 500 patients par an
• Plateforme de consultation de télémédecine avec 87% de taux de satisfaction des patients

Communication de recherche clinique en cours

Canal de communication de recherche	Portée annuelle	Volume de publication
Partage d'informations sur les essais cliniques	346 institutions de recherche	287 études cliniques publiées
Plateformes de collaboration de recherche	512 partenaires de recherche mondiaux	164 études collaboratives en cours

Bristol-Myers Squibb Company (BMY) - Modèle d'entreprise: canaux

Force de vente directe aux prestataires de soins de santé

Bristol-Myers Squibb maintient une force de vente dédiée de 7 200 représentants pharmaceutiques à partir de 2023, ciblant les hôpitaux, les centres d'oncologie et les pratiques médicales aux États-Unis.

Segment du canal de vente	Nombre de représentants	Domaines d'intervention primaire
Équipe de vente en oncologie	3,100	Spécialistes du traitement du cancer
Équipe de vente cardiovasculaire	2,400	Pratiques de cardiologie
Équipe de vente d'immunologie	1,700	Centres de rhumatologie et d'immunologie

Réseaux de distributeurs pharmaceutiques

BMS collabore avec 5 grands distributeurs pharmaceutiques:

• Amerisourcebergen
• Santé cardinale
• McKesson Corporation
• Morris & Dickson
• HD Smith

Plateformes d'information médicale en ligne

Métriques d'engagement numérique pour les plates-formes en ligne BMS en 2023:

Plate-forme	Visiteurs uniques mensuels	Utilisateurs professionnels
Site Web professionnel BMS	128,500	87 300 professionnels de la santé enregistrés
Portail d'information des essais cliniques	76,200	42 500 chercheurs enregistrés

Conférences médicales et symposiums scientifiques

Statistiques de la participation de la conférence pour 2023:

• Conférences totales présentes: 87
• Présentations scientifiques livrées: 214
• Investissement total de conférence: 42,3 millions de dollars

Marketing numérique et canaux de communication professionnels

Diguct marketing REACH en 2023:

Canal numérique	Métriques d'engagement
LinkedIn Professional Network	372 000 abonnés
Compte professionnel Twitter	285 000 abonnés
Communications par e-mail professionnelles	1,2 million de contacts professionnels de la santé

Bristol-Myers Squibb Company (BMY) - Modèle d'entreprise: segments de clientèle

Patients en oncologie

Bristol-Myers Squibb dessert environ 1,5 million de patients cancéreux dans le monde en 2024. Les principaux segments de marché comprennent:

Type de cancer	Population de patients	Part de marché du traitement
Cancer du poumon	450,000	22%
Mélanome	250,000	35%
Cancers de sang	350,000	28%

Traitement d'immunologie Patients

Base de patients annuelle de 750 000 à travers les troubles immunologiques:

• Polyarthrite rhumatoïde: 425 000 patients
• Psoriasis: 215 000 patients
• Maladie inflammatoire de l'intestin: 110 000 patients

Professionnels de la santé et institutions médicales

La clientèle professionnelle cible comprend:

Catégorie professionnelle	Nombre de professionnels ciblés
Oncologistes	45,000
Immunologues	22,000
Hématologues	18,000

Systèmes hospitaliers et réseaux de soins de santé

Desservant 3 750 réseaux de soins de santé dans 68 pays avec un volume d'approvisionnement pharmaceutique annuel de 12,4 milliards de dollars.

Chercheurs pharmaceutiques et praticiens de la clinique

Recherchez les détails du segment de la clientèle:

• Participants à l'essai clinique: 85 000 par an
• Collaboration des institutions de recherche: 210
• Investissement annuel de recherche: 6,9 milliards de dollars

Bristol-Myers Squibb Company (BMY) - Modèle d'entreprise: Structure des coûts

Investissements approfondis de recherche et développement

En 2023, Bristol-Myers Squibb a investi 8,1 milliards de dollars dans les frais de recherche et développement, ce qui représente 24,3% des revenus totaux.

Année	Investissement en R&D	Pourcentage de revenus
2023	8,1 milliards de dollars	24.3%
2022	7,9 milliards de dollars	23.8%

Dépenses des essais cliniques

Les coûts annuels des essais cliniques pour Bristol-Myers Squibb varient entre 1,5 et 2,2 milliards de dollars, couvrant plusieurs zones thérapeutiques.

• Essais cliniques en oncologie: 750 millions de dollars
• Essais cliniques d'immunologie: 450 millions de dollars
• Essais cliniques cardiovasculaires: 300 millions de dollars

Coûts de fabrication et de production

Les dépenses de fabrication totales en 2023 étaient d'environ 5,6 milliards de dollars, avec des installations de production mondiales dans plusieurs pays.

Emplacement de production	Coût de production annuel
États-Unis	2,3 milliards de dollars
Europe	1,8 milliard de dollars
Asie-Pacifique	1,5 milliard de dollars

Dépenses de marketing et de vente mondiales

Les frais de marketing et de vente pour 2023 ont totalisé 6,3 milliards de dollars, ce qui représente 18,9% des revenus totaux.

• Marketing en Amérique du Nord: 3,5 milliards de dollars
• Marketing européen: 1,8 milliard de dollars
• Marketing international: 1 milliard de dollars

Compliance réglementaire et dépenses juridiques

Les frais de réglementation et juridiques en 2023 s'élevaient à 480 millions de dollars, couvrant les exigences de conformité mondiales.

Catégorie de dépenses	Coût annuel
Conformité réglementaire	280 millions de dollars
Dépenses juridiques	200 millions de dollars

Bristol-Myers Squibb Company (BMY) - Modèle d'entreprise: Strots de revenus

Ventes de médicaments sur ordonnance

Revenu total pour 2023: 47,4 milliards de dollars

Médicaments les plus vendus	Revenus de 2023
Eliens	10,1 milliards de dollars
Opdivo	5,4 milliards de dollars
Yervoy	1,6 milliard de dollars

Accords de licence et de partenariat

Revenus de licence annuelle en 2023: 2,3 milliards de dollars

• Collaboration avec Eisai pour Lenvatinib
• Partenariat avec Nektar Therapeutics
• Alliance stratégique avec Immatics

Revenus redevances des technologies pharmaceutiques

Revenu des redevances pour 2023: 687 millions de dollars

Zone technologique	Pourcentage de redevances
Technologies en oncologie	3.5%
Plateformes d'immunologie	2.8%

Ventes pharmaceutiques du marché mondial

Répartition des revenus géographiques pour 2023:

Région	Revenus de vente
États-Unis	33,2 milliards de dollars
Europe	8,6 milliards de dollars
Asie-Pacifique	5,1 milliards de dollars

Collaboration de recherche Arrangements financiers

Financement total de collaboration de recherche en 2023: 1,2 milliard de dollars

• Collaboration du National Cancer Institute: 350 millions de dollars
• Partenariats de recherche universitaire: 450 millions de dollars
• Financement du consortium de recherche privée: 400 millions de dollars

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.