Bristol-Myers Squibb Company (BMY): PESTLE Analysis [Nov-2025 Updated]

The external forces on Bristol-Myers Squibb Company (BMY) are a high-stakes game of push-pull: policy risk from the US Inflation Reduction Act is defintely the biggest near-term headwind, but the company's deep pipeline, backed by a projected 2025 R&D spend of around $10.5 billion focused on cell therapy, offers a clear path for growth. You need to understand how global drug price containment and an aging population driving core oncology demand intersect with a projected 2025 revenue target near $46.5 billion. This PESTLE analysis cuts through the noise, showing you exactly how political pressure, economic realities, and technological leaps are shaping BMY's strategic decisions right now.

Bristol-Myers Squibb Company (BMY) - PESTLE Analysis: Political factors

You are navigating a political landscape that is defintely more volatile and interventionist than any in the last two decades. The key takeaway is that government policy, especially in the US and Europe, is moving from regulating market access to actively controlling price and shaping the competitive environment. This political pressure is a primary driver behind Bristol-Myers Squibb Company's (BMY) massive internal cost-cutting and portfolio shift.

US Inflation Reduction Act (IRA) negotiation risk impacts key drug revenue.

The US Inflation Reduction Act (IRA) of 2022 is the single largest near-term political risk for BMY. While the negotiated prices don't take effect until 2026, the negotiation process itself is a major 2025 event. The blood thinner Eliquis (apixaban), a key revenue driver, was selected for the first round of Medicare price negotiation, with the resulting Maximum Fair Price (MFP) for a 30-day supply set at $231 in the US Medicare channel. This political action forces a revenue reset.

Also, the multiple myeloma drug Pomalyst was selected for the second cohort of IRA negotiations (Initial Price Applicability Year 2027), with the negotiation running from February 28 to November 1, 2025. This selection represents a political risk to a drug that generated approximately $2.1 billion in total Part D gross covered prescription drug costs between November 2023 and October 2024. The company's legal challenge to the IRA itself was unsuccessful, with the U.S. Court of Appeals for the Third Circuit affirming the program's constitutionality in September 2025.

Global push for drug price transparency and cost containment pressures margins.

The push for lower drug costs is a global phenomenon, not just a US one. The US government, under the second Trump administration, revived the 'most-favored-nation' (MFN) policy via an executive order in May 2025, which aims to benchmark US drug prices against lower international rates. This immediately pressures BMY's pricing power.

In response, BMY has taken clear steps to manage this political and public relations risk:

• Slashed the price of the psoriasis drug Sotyktu by over 80% for cash-paying US patients.
• Cut the cash price of Eliquis by 40% for uninsured US patients to $160/month starting in 2026.
• Internationally, Japan's health ministry approved an 8.6% price cut for Sotyktu in April 2024.

To directly counter the margin compression from these price cuts, BMY is implementing a $3.5 billion cost-cutting initiative by 2027. This includes a targeted 33% reduction in selling, general, and administrative expenses and a 16% cut in R&D costs. This is a massive internal restructuring to offset external political headwinds. The company's non-GAAP gross margin for Q1 2025 was 73.1%, indicating the core business remains highly profitable, but the pressure is real.

Geopolitical tensions affect supply chain stability and international market access.

The geopolitical environment in 2025 is creating acute supply chain failure risk, with the Geopolitical Risk with Trade (GPRT) index surging by approximately 30% between 2020 and 2024. For a global company like BMY, this translates to tangible financial risk.

The US-China trade relationship is a constant source of political uncertainty. BMY's 2025 financial guidance already accounts for the estimated impact of current tariffs on US products shipped to China, but any new pharmaceutical-specific tariffs would immediately hit the top line. Global logistics decision-makers cite geopolitical instability as their biggest challenge this year. You need to assume higher inventory and logistics costs. For example, international sales for Pomalyst/Imnovid fell by 23% in the first half of 2025, driven partly by lower average net selling prices in foreign markets, a clear sign of political and economic cost containment abroad.

Increased scrutiny on pharmaceutical mergers and acquisitions by antitrust regulators.

The regulatory environment for pharmaceutical M&A is stricter than ever. The U.S. Federal Trade Commission (FTC) and Department of Justice (DOJ) are coordinating to scrutinize deals, particularly for potential 'killer acquisitions'-where large companies buy small, innovative biotechs to eliminate future competition. This political focus limits BMY's strategic options for pipeline replenishment, forcing them toward smaller, less overlapping 'bolt-on' deals.

The first half of 2025 saw significant deals, like Johnson & Johnson's $14.6 billion acquisition of Intra-Cellular Therapies, demonstrating the high-value M&A market is still active, but under a cloud of regulatory risk. A key legal precedent in August 2025 involved BMY's own drug, Pomalyst, where a U.S. District Court ruled that a 'most-favored-entry' clause in a patent settlement did not violate antitrust laws. This decision provides a clearer, though still complex, legal path for BMY to structure future patent settlements with generic manufacturers, which is crucial for managing the revenue cliff on its legacy portfolio.

Your next step should be to have your legal and corporate development teams review the Pomalyst MFE clause ruling to refine your M&A and patent defense strategies for the next 12 months.

Bristol-Myers Squibb Company (BMY) - PESTLE Analysis: Economic factors

You're looking at Bristol-Myers Squibb Company (BMY) and trying to map the economic currents for 2025. The core takeaway is that the company is successfully navigating the patent cliff with its Growth Portfolio, but the high-interest-rate environment and persistent global pricing pressures, especially in Europe, are forcing a hard focus on debt and market access strategy.

BMY's 2025 Projected Revenue and Growth

The company's ability to pivot from its patent-exposed Legacy Portfolio is clearly working. Bristol-Myers Squibb's latest full-year 2025 revenue guidance is strong, projecting a range of $47.5 billion to $48.0 billion. This is a material increase from earlier forecasts and shows the momentum of newer products like Opdivo, Reblozyl, Camzyos, and Breyanzi.

Here's the quick math: The Growth Portfolio is offsetting the decline from drugs facing generic competition, like Revlimid and Pomalyst. This revenue stability is defintely a positive signal, but the company's operating expense expectations remain high, at approximately $16.5 billion, reflecting continued investment in R&D and new acquisitions to fuel future growth.

High Global Inflation and Interest Rates Increase Borrowing and Operational Costs

The current macroeconomic environment of elevated interest rates is a real headwind, especially for a company carrying significant debt from past acquisitions. Bristol-Myers Squibb's Debt-to-Equity ratio sits high, between 2.63 and 2.75 as of late 2025. A high ratio means more of your capital structure is debt-financed, making the cost of capital (borrowing) much more expensive when rates are high.

To be fair, management is acting on this, committing to pay down $10 billion of debt by the first half of 2026. Still, inflation isn't just about debt. Rising global inflation is pushing up operational costs across the pharmaceutical supply chain, with general healthcare supply chain costs projected to rise by approximately 2% in 2025, and overall US medical costs projected to increase by 8%. This pressure squeezes margins even as top-line revenue grows.

Currency Fluctuations Significantly Impact International Sales and Profit Repatriation

Bristol-Myers Squibb is a global firm, and currency volatility is a constant factor. In 2025, the impact has actually been favorable, which is a nice boost. For instance, the company's Q3 2025 international revenues were up 17% on a reported basis, with foreign exchange (FX) providing a 4% tailwind to that growth.

This FX benefit is material; the company's Q2 2025 International revenues were $3.8 billion, and the full-year revenue guidance was raised, in part, due to a favorable FX impact of approximately $200 million. But this can flip fast. A strengthening US dollar would reverse this effect, reducing the value of international sales when repatriated (converted back) to US dollars.

Healthcare Budget Constraints in Major EU Markets Slow New Product Adoption Rates

Europe remains a tough market for high-cost, innovative medicines due to national healthcare budget constraints and strict pricing and reimbursement (P&R) policies. Countries in the European Union (EU) often use their collective buying power or reference pricing to demand steep discounts, which slows the adoption of new products like BMY's cell therapies.

Bristol-Myers Squibb is directly challenging this model. For their new schizophrenia treatment, Cobenfy, the company announced a plan to price the drug in the UK at the US list price, which is $22,200 annually. This is a bold, aggressive move against the traditional lower European pricing, where a drug like Opdivo's 240-mg dose is priced at $7,943 in the US but only around £2,633 ($3,556) in England. This strategy forces a confrontation: either Europe pays a price that better reflects the drug's value, or BMY walks away, limiting patient access but protecting its global reference pricing.

• Complex reimbursement policies in Europe create pricing pressures for high-cost therapies like Breyanzi.
• EU nations are strengthening collective negotiation through initiatives like BeNeLuxA (Belgium, Netherlands, Luxembourg, Austria, Ireland) to increase payer leverage.
• The high price of new therapies often restricts patient access and increases inequities across EU member states.

Bristol-Myers Squibb Company (BMY) - PESTLE Analysis: Social factors

You're looking at the social landscape, and honestly, it's a massive tailwind for Bristol-Myers Squibb's (BMY) core business, but it also brings a huge ethical and financial challenge around access. The aging population and rising chronic disease rates mean demand for BMY's specialty treatments is defintely going up, but the public pressure to make those high-cost drugs affordable is intense.

Aging global population drives demand for oncology and cardiovascular treatments.

The demographic shift toward an older population is a foundational driver for Big Pharma. The global cohort aged 65 and older is projected to grow by almost 3% annually through 2030, and this group is the primary consumer of high-value specialty drugs. This trend directly increases the patient pool for BMY's flagship products in oncology and cardiovascular disease.

For example, while improved medical care is causing age-standardized cardiovascular mortality to fall, the sheer number of older people means crude cardiovascular mortality is set to rise rapidly. That's a huge market for a drug like Eliquis (apixaban), which is projected to generate roughly $18.7 billion in sales for BMY and Pfizer in 2025. Similarly, population aging is the single main cause for the continuing rise in total cancer diagnoses and death rates, which sustains demand for immuno-oncology assets like Opdivo (nivolumab), which saw sales of $2.53 billion in Q3 2025 alone.

Rising chronic disease prevalence (diabetes, autoimmune) expands target patient pools.

The prevalence of chronic diseases is skyrocketing, which is why the global chronic disease treatment market grew to approximately $9.74 billion in 2025. This isn't just about age; it's about lifestyle and longer lifespans leading to multimorbidity, where patients have multiple chronic conditions. About 93% of adults aged 65 and older had at least one chronic condition in 2023.

BMY's therapeutic focus areas are right in the center of this trend. Cardiovascular diseases represent the largest segment of the chronic disease treatment market, accounting for approximately 34% of the revenue share in 2024. Plus, the growing prevalence of autoimmune and inflammatory conditions expands the addressable market for BMY's immunology pipeline. This is a structural trend you can bank on.

Public demand for equitable access to high-cost specialty medicines is growing.

This is the most significant social risk. As BMY leans into high-cost, breakthrough therapies-like its cell therapies-the public and payers are pushing back hard on price. The specialty drug trend is projected to increase by a sharp 13.3% in 2025, which is putting immense pressure on health plan budgets.

The reality is that 8 in 10 payers cite managing specialty drug costs as their top goal. This is driving a fundamental shift in how drugs are paid for, with payers increasingly open to alternatives to traditional rebates, preferring lower-priced drugs at the point of sale. BMY must proactively address this access and affordability issue, especially for products like the CAR T therapy Breyanzi, which saw a massive sales increase (up 133% in the first half of 2025) but operates in a high-cost, limited-access segment.

Focus on personalized medicine adoption requires new patient engagement models.

The shift to personalized medicine (precision medicine) is a social imperative, not just a scientific one. Patients expect treatments tailored to their unique genetic profile, especially in complex areas like oncology, which accounted for the largest share (41.96% in 2024) of the personalized medicine market.

The global personalized medicine market is calculated at roughly $654.46 billion in 2025, and investments in this area are expected to surpass $80 billion by the end of the year. This means BMY needs to move beyond just selling a pill.

The new model requires deep patient engagement, moving to value-based care (VBC) where payment is tied to outcomes. This is critical because an estimated 90 million patients are expected to be in VBC models by 2027. For BMY, this means:

• Integrating genetic testing and diagnostics into the treatment pathway for drugs like Opdivo.
• Developing digital health tools to monitor patient outcomes for cardiovascular drugs like Camzyos.
• Creating patient support programs that ensure adherence and track real-world evidence to justify the high price of specialty therapies.

Finance: You need to model the impact of a 5% shift of your specialty revenue into value-based contracts by Q2 2026.

Bristol-Myers Squibb Company (BMY) - PESTLE Analysis: Technological factors

Annual R&D investment is projected around $10.5 billion for 2025, focusing on cell therapy.

You can see clearly that Bristol Myers Squibb is making massive, targeted investments to pivot away from its patent-exposed legacy portfolio. The company's R&D expenditure for the full year 2024 was $11.159 billion, and the first half of 2025 already saw an R&D expense of $4.837 billion. This capital is defintely being funneled into high-growth, technology-intensive areas like cell therapy and gene editing, which are the future of oncology and immunology. They are also backing this up with infrastructure, like the new $100 million R&D facility in Hyderabad, which is set to become their largest unit outside the U.S. by 2025.

This high-stakes spending is a direct response to the looming revenue cliff. The investment is concentrated on accelerating the pipeline to replace sales from blockbuster drugs nearing exclusivity loss. It's a calculated risk: spend big now to secure the next generation of revenue. Here's the quick math on the pressure they face and the growth they are achieving in response:

Rapid advancements in CAR T-cell and gene therapy platforms (e.g., Breyanzi, Abecma).

Bristol Myers Squibb is currently the only company with two approved chimeric antigen receptor (CAR T) cell therapies, Breyanzi (lisocabtagene maraleucel) and Abecma (idecabtagene vicleucel), targeting distinct hematologic malignancies. This dual-platform leadership is a significant technological advantage. The company is not just resting on these approvals, but aggressively innovating to make cell therapy more scalable and accessible.

For example, the proprietary NEX-T™ manufacturing process is designed to reduce the cell therapy turnaround time while improving product quality and control. This is a critical technological hurdle in the cell therapy space-speed is everything for a patient awaiting treatment. The results are showing up in the financials: Breyanzi sales surged by 125% in Q2 2025, reaching $344 million for the quarter, largely due to expanded manufacturing capacity and new indication launches.

The next big technological frontier is taking CAR T-cell therapy beyond blood cancers and into autoimmune diseases. Positive early results were presented in October 2025 from the Phase 1 Breakfree-1 study, which evaluated the CD19 NEX-T™ CAR T-cell therapy in 71 patients across three severe autoimmune diseases, including systemic lupus erythematosus. This pivot could redefine the market.

Artificial intelligence (AI) is increasingly used for drug discovery and clinical trial optimization.

The sheer complexity of modern drug discovery, especially in areas like gene editing and RNA therapies, makes AI and digital tools essential. Bristol Myers Squibb is integrating these technologies across its R&D value chain. The October 2025 acquisition of Orbital Therapeutics, for instance, didn't just bring a new RNA platform; it included an AI-driven design capability for developing durable, programmable RNA therapies. This is how you accelerate the discovery phase.

In clinical development, AI is used to optimize trials, predict patient response, and analyze massive datasets faster than any human team could. The new R&D hub in India, which is expected to employ over 1,500 people by 2025, is explicitly tasked with enhancing drug development through the use of digital technologies and AI. This is a global, technological race, and BMY is building the infrastructure to compete.

• Enhance drug development using digital technologies and AI.
• Acquired proprietary RNA platform with AI-driven design (Orbital Therapeutics).
• Develop next-generation cell therapies for autoimmune diseases using AI.

Near-term patent expirations (e.g., Eliquis US exclusivity around 2026-2027) necessitate pipeline acceleration.

The most pressing technological challenge is the need for a rapid, successful pipeline to offset the loss of exclusivity (LOE) for its top-selling products. While the US patents for Eliquis, the company's biggest revenue generator, are set to expire between 2026 and 2027, court rulings have pushed the anticipated generic entry date in the U.S. to April 1, 2028. This delay buys the company crucial time, but the threat is real and near-term.

This patent cliff is the primary driver behind the aggressive technological push. The company is using technology-specifically its CAR T-cell and gene editing platforms-as its main defense. The strategy is to ensure that the 'new product portfolio' can generate over $10 billion in revenue by 2026, a target that was previously set for 2025 but has been adjusted. The technological success of products like Breyanzi and Abecma is the only way to mitigate the financial impact of losing exclusivity on a drug that generated over $7.2 billion in the first half of 2025 alone.

Next Step: Strategy Team: Map the projected revenue curve for the new cell therapy portfolio against the $13.333 billion 2024 Eliquis sales to quantify the remaining gap by 2028.

Bristol-Myers Squibb Company (BMY) - PESTLE Analysis: Legal factors

Increased litigation risk from patent challenges and intellectual property disputes.

You are managing a pharmaceutical portfolio with a finite lifespan for its biggest revenue drivers, so patent litigation risk is a perpetual, high-stakes reality for Bristol-Myers Squibb Company. The primary legal risk in 2025 centers on defending the intellectual property (IP) of core products that are either facing immediate generic competition or are approaching their patent cliff.

The loss of exclusivity for the blockbuster blood cancer drug Revlimid has already impacted the Legacy Portfolio, which saw a 12% decline in Q3 2025 revenues to $5.4 billion. This pressure forces the company to aggressively defend its remaining patents while accelerating its newer 'Growth Portfolio.' A concrete example of this defensive posture is the patent challenge on a key immuno-oncology combination: in February 2025, Amgen filed three inter partes review (IPR) petitions challenging the validity of patents related to the use of Opdivo and Yervoy together for cancer treatment. This is a direct attack on a critical revenue stream, as the combination of these two drugs, along with Eliquis, was projected to contribute $8 billion to $10 billion in annual growth through 2025. The stakes are enormous, and these legal battles are a defintely a core cost of doing business.

The table below summarizes the near-term patent risks for key products:

Stricter data privacy and security regulations (e.g., GDPR) complicate global clinical trials.

Navigating global clinical trials is getting harder and more expensive due to complex and fragmented data privacy laws. The European Union's General Data Protection Regulation (GDPR) is a prime example; it fully applies to US sponsors like Bristol-Myers Squibb Company when processing the personal data of EU individuals, even for clinical trials. This creates a significant compliance burden, especially when transferring sensitive patient data outside the EU.

The company maintains a dedicated internal team to review how it collects, uses, and shares information to comply with these laws, but the complexity is rising. The need to ensure patient consent processes align with both the GDPR and the Clinical Trials Regulation (CTR)-while also protecting patient privacy during data sharing with researchers-requires constant protocol updates and significant investment in IT infrastructure. This is a hidden cost that slows down research timelines.

• Protect patient privacy and anonymity while meeting regulatory requirements for pharmacovigilance (drug safety).
• Implement robust security measures to safeguard data, especially in decentralized clinical trials (DCTs) utilizing remote digital capabilities.
• Ensure data transfer mechanisms outside the country of residence are compliant with varying international laws.

US FDA approval pathways are becoming more flexible for novel cell and gene therapies.

Contrary to the idea of universal rigor, the US Food and Drug Administration (FDA) is actively creating accelerated pathways for novel therapies, particularly in the cell and gene therapy space where Bristol-Myers Squibb Company is a major player (e.g., with products like Breyanzi). This is a significant opportunity, not just a risk.

In November 2025, the FDA unveiled the 'plausible mechanism pathway,' which allows for expedited approval of personalized treatments for rare genetic diseases based on data from a small number of patients, bypassing the need for traditional randomized trials in certain cases. This new framework prioritizes timely access for deadly or severely disabling rare diseases. Furthermore, in June 2025, the FDA made a landmark decision to remove Risk Evaluation and Mitigation Strategies (REMS) for six approved CAR T therapies. This regulatory change is expected to broaden patient access and simplify the administration process, offering an immediate business impact and a clearer path to scale for BMY's cell therapy portfolio.

Compliance costs rise due to complex global anti-bribery and anti-corruption laws.

The cost of compliance with global anti-bribery and anti-corruption (ABAC) laws, like the U.S. Foreign Corrupt Practices Act (FCPA), is substantial and non-negotiable. While BMY is committed to an ABAC program, the historical precedent is a clear warning of the financial and reputational damage from lapses.

The most significant public example of this risk was the 2015 settlement with the SEC over FCPA violations in China, where a joint venture provided cash and other benefits to healthcare providers at state-owned hospitals to boost sales. The total financial penalty paid by Bristol-Myers Squibb Company exceeded $14 million, which included disgorgement of $11.4 million in illegal profits and a civil penalty of $2.75 million. This event underscores the ongoing need for massive investment in internal controls, training, and audits, especially in high-risk international markets where government-controlled healthcare systems are common. The company must continually invest in its compliance framework to avoid future, even larger, penalties.

Beyond FCPA, the company faces general product liability and deceptive trade practice litigation. For example, on November 20, 2025, the Texas Attorney General sued Bristol-Myers Squibb Company and Sanofi, alleging deceptive marketing of the blood thinner Plavix for failing to disclose its diminished efficacy in certain minority patient populations. This new litigation highlights the constant, multi-front legal exposure that requires substantial legal reserves and resources.

Next Action: Legal team must provide an updated risk assessment on the Opdivo/Yervoy IPR challenge by the end of the quarter, modeling the potential revenue impact if the patents are invalidated.

Bristol-Myers Squibb Company (BMY) - PESTLE Analysis: Environmental factors

You need to see the environmental factors not just as a compliance cost, but as a critical driver of capital efficiency and supply chain risk. Bristol-Myers Squibb Company (BMY) is facing intense pressure from regulators and investors to deliver on their ambitious net-zero targets, and the operational costs of water stewardship and waste management are rising fast. This is a capital allocation problem, not a PR one.

Here's the quick math: Policy risk is defintely the biggest headwind right now. Finance: draft a 13-week cash view by Friday, modeling the worst-case IRA negotiation impact on Eliquis sales.

Pressure to reduce Scope 1 and 2 greenhouse gas emissions across manufacturing sites.

The company has a Science Based Targets initiative (SBTi) approved commitment to reach net-zero greenhouse gas (GHG) emissions across its value chain by 2050, using a 2022 baseline. The near-term target is the real pressure point, requiring a substantial cut in direct operational emissions. BMY is aiming to reduce absolute Scope 1 (direct) and Scope 2 (indirect from purchased energy) GHG emissions by 54.6% by 2033 from that 2022 baseline.

To hit this, BMY is focused on transitioning its energy mix. They have set a goal to achieve 100% of purchased electricity from renewable sources by 2030. This involves significant investments like the 15-year virtual power purchase agreements (VPPAs) executed in 2022 and 2023 for a combined 205 megawatts (MW) of solar power in Texas, which is a concrete step toward de-risking their energy supply and meeting the 2030 goal.

Here is the recent emissions data, which shows the scale of the challenge:

What this estimate hides is the volatility in Scope 2, which slightly increased in 2023 despite the overall reduction in Scope 1. That means renewable energy procurement needs to accelerate to stabilize and reverse that trend.

Focus on sustainable sourcing and waste reduction in drug production and packaging.

The environmental impact extends far beyond the fence line of the manufacturing plants, making sustainable sourcing a major focus. BMY has committed that 75% of its suppliers by emissions-covering Purchased Goods & Services, Capital Goods, and Upstream Transportation & Distribution-will have their own science-based targets by 2028. This shifts the burden of decarbonization onto the supply chain, which is a common but complex strategy in the pharmaceutical sector.

On the waste front, the company's long-term goal is zero waste-to-landfill by 2040. They are making solid progress, having diverted approximately 83.5% of their waste from landfill through 2022.

• Reduce waste through green lab programs.
• Prioritize packaging innovation to cut the product footprint.
• Use a Supplier Decarbonization Accelerator to support partners.

Investor and regulatory demand for transparent ESG (Environmental, Social, and Governance) reporting.

The demand for rigorous, standardized Environmental, Social, and Governance (ESG) data is no longer optional; it is a prerequisite for institutional investment. BMY addresses this by aligning its disclosures with multiple global standards. The company's environmental data-covering GHG emissions, energy usage, and water withdrawal-is subject to annual third-party assurance with limited assurance, which adds credibility for sophisticated investors.

Climate change is formally integrated as a key risk within the company's enterprise risk management (ERM) matrix, which is reviewed regularly. Furthermore, their climate-related disclosures adhere to the Task Force on Climate-related Financial Disclosures (TCFD) framework, which is what major asset managers like BlackRock are demanding to assess transition and physical risks.

Water usage and wastewater management are critical issues at large-scale production facilities.

Water is a core operational risk for a biopharma company, essential for manufacturing and cleaning processes. BMY has established a redefined Water Equity Goal by 2040 to implement comprehensive water stewardship. Their strategy includes implementing the Alliance for Water Stewardship (AWS) standards at facilities located in stressed watersheds, which is a proactive measure against local water scarcity risks.

In 2022, the company realized a 4.1% decrease year-over-year in total water withdrawal by implementing water conservation technologies like smart water metering and rainwater collection. Wastewater management is equally critical, especially concerning Pharmaceuticals in the Environment (PiE). BMY designs its manufacturing processes to minimize wastewater volume and composition and conducts environmental risk assessments on all products from the development phase onward, ensuring compliance with stringent corporate and local standards.

The focus areas for water management are clear:

• Implement AWS standards in water-stressed areas.
• Reduce water footprint through conservation and reuse.
• Increase understanding of the external supply chain's water footprint.
• Reclaim process wastewater for cooling tower makeup, like in Phoenix, Arizona.

This is about business continuity; a water shortage in a key manufacturing hub could halt production of a blockbuster drug. Finance: draft a 13-week cash view by Friday, modeling the worst-case IRA negotiation impact on Eliquis sales.