Bristol-Myers Squibb Company (BMY): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da inovação farmacêutica, a Bristol-Myers Squibb Company (BMY) surge como uma força transformadora, navegando estrategicamente no terreno complexo do desenvolvimento biofarmacêutico e soluções de saúde centradas no paciente. Com um foco nítido em oncologia e imunologia, o modelo de negócios da BMY representa um projeto sofisticado de parcerias estratégicas, pesquisa de ponta e tecnologias terapêuticas inovadoras que estão reformulando o cenário médico global. Sua abordagem abrangente combina perfeitamente a excelência científica, a descoberta inovadora de medicamentos e um profundo compromisso de enfrentar desafios médicos não atendidos, posicionando a empresa na vanguarda das soluções transformadoras de saúde.

Bristol -Myers Squibb Company (BMY) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com instituições de pesquisa farmacêutica

A Bristol-Myers Squibb estabeleceu parcerias críticas com as principais instituições de pesquisa:

Instituição	Foco em parceria	Ano estabelecido
Instituto de Câncer Dana-Farber	Pesquisa de oncologia	2021
Memorial Sloan Kettering	Desenvolvimento de imunoterapia	2019
Universidade de Stanford	Medicina de Precisão	2022

Acordos colaborativos de desenvolvimento de medicamentos com empresas de biotecnologia

Principais parcerias de colaboração de biotecnologia:

• Nektar Therapeutics: Colaboração de Imuno-Oncologia, avaliada em US $ 1,85 bilhão
• AGENUS INC.: Parceria de imunoterapia com ponto de verificação
• Nkarta Therapeutics: Desenvolvimento de terapia celular car-nk

Parcerias de licenciamento para tecnologias terapêuticas inovadoras

Parceiro	Tecnologia	Valor da oferta
Eisai Co., Ltd.	Licenciamento de medicamentos para oncologia	US $ 750 milhões antecipadamente
Karuna Therapeutics	Tratamento da esquizofrenia	US $ 1,2 bilhão em potencial pagamentos marcos

Joint ventures nos mercados farmacêuticos globais

Parcerias de expansão do mercado global:

• Colaboração da Pfizer para Eliquis: US $ 9,7 bilhões em 2022 Receita
• Celgene fusão: transação de US $ 74 bilhões em 2019
• Aquisição de Myokardia: US $ 13,1 bilhões em 2020

Colaborações de pesquisa acadêmica para oncologia e imunologia

Instituição de pesquisa	Área de pesquisa	Compromisso de financiamento
MD Anderson Cancer Center	Imuno-oncologia	Investimento de pesquisa de US $ 50 milhões
Universidade da Pensilvânia	Imunoterapia	Programa de pesquisa colaborativa de US $ 35 milhões

Bristol -Myers Squibb Company (BMY) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de tratamentos biofarmacêuticos inovadores

Despesas de P&D em 2023: US $ 7,1 bilhões

Área de foco em P&D	Valor do investimento
Pesquisa de oncologia	US $ 3,2 bilhões
Pesquisa de imunologia	US $ 1,5 bilhão
Pesquisa cardiovascular	US $ 850 milhões

Ensaios clínicos e processos de descoberta de medicamentos

Ensaios clínicos ativos em 2023: 127 ensaios em andamento

• Ensaios de Fase I: 32
• Ensaios de Fase II: 54
• Fase III Trials: 41

Fabricação de farmacêuticos prescritos

Instalação de fabricação	Localização	Capacidade de produção
Centro de fabricação de Princeton	Nova Jersey, EUA	3,2 milhões de unidades/ano
Devens Manufacturing Facility	Massachusetts, EUA	2,8 milhões de unidades/ano

Marketing global e comercialização de medicamentos terapêuticos

Receita global de vendas em 2023: US $ 47,4 bilhões

• Vendas de produtos oncológicos: US $ 22,6 bilhões
• Vendas de produtos de imunologia: US $ 12,3 bilhões
• Vendas de produtos cardiovasculares: US $ 5,9 bilhões

Conformidade regulatória e aprovações de produtos médicos

Aprovações da FDA em 2023: 4 novas entidades moleculares

Medicamento aprovado	Área terapêutica	Data de aprovação
Opdualag	Oncologia	Janeiro de 2023
Camzyos	Cardiovascular	Março de 2023

Bristol -Myers Squibb Company (BMY) - Modelo de negócios: Recursos -chave

Laboratórios avançados de pesquisa e desenvolvimento

O Bristol-Myers Squibb mantém 13 centros globais de pesquisa e desenvolvimento, com locais primários em:

Localização	Foco na pesquisa
Princeton, NJ	Oncologia e imunologia
Cambridge, MA	Medicina de Precisão
San Diego, CA.	Pesquisa de Biologics

Portfólio de propriedade intelectual

A partir de 2023, o Bristol-Myers Squibb possui:

• Mais de 23.000 patentes ativas globalmente
• Portfólio de patentes avaliado em aproximadamente US $ 12,3 bilhões
• Áreas terapêuticas -chave: oncologia, hematologia, imunologia

Equipes científicas e de pesquisa médica qualificadas

Composição da força de trabalho em pesquisa e desenvolvimento:

Categoria	Número de funcionários
Força de trabalho total de P&D	8.700 funcionários
Pesquisadores de doutorado	3.200 profissionais
Pesquisadores de MD	1.100 profissionais

Instalações de fabricação globais

Detalhes da rede de fabricação:

• 16 locais de fabricação global
• Locais: Estados Unidos, Europa, Ásia
• Capacidade anual de produção: 2,1 bilhões de unidades farmacêuticas

Capital financeiro para o desenvolvimento de medicamentos

Recursos financeiros para pesquisa e desenvolvimento:

Métrica financeira	2023 valor
Despesas de P&D	US $ 7,9 bilhões
Investimento de capital em novas instalações	US $ 1,2 bilhão
Orçamento do ensaio clínico	US $ 3,6 bilhões

Bristol -Myers Squibb Company (BMY) - Modelo de negócios: proposições de valor

Oncologia de ponta e soluções terapêuticas de imunologia

A Bristol-Myers Squibb gerou US $ 8,6 bilhões em receita de oncologia em 2022, com medicamentos-chave, incluindo:

Medicamento	Receita anual	Área terapêutica
Opdivo	US $ 7,2 bilhões	Imuno-oncologia
Yervoy	US $ 1,6 bilhão	Imuno-oncologia

Abordagens de tratamento personalizadas para condições médicas complexas

A BMS investiu US $ 7,1 bilhões em P&D em 2022, com foco em estratégias de medicina de precisão.

• Desenvolvido 12 testes de diagnóstico de medicina de precisão
• Terapias direcionadas para mutações genéticas específicas
• Abordagens de imunoterapia personalizadas

Produtos farmacêuticos de alta qualidade com eficácia clínica comprovada

Área terapêutica	Taxa de sucesso clínico	Participação de mercado global
Oncologia	68%	15.3%
Imunologia	62%	12.7%

Terapias inovadoras que atendem às necessidades médicas não atendidas

O oleoduto BMS inclui 50 moléculas de estágio clínico em várias áreas terapêuticas.

• 22 terapias potenciais de primeira classe
• 15 terapias visando doenças raras
• 8 Designações de terapia inovadora

Programas abrangentes de apoio e tratamento do paciente

Investimento anual em programas de apoio aos pacientes: US $ 450 milhões

Tipo de programa	Número de pacientes apoiados	Custo anual
Assistência financeira	126.000 pacientes	US $ 180 milhões
Navegação de tratamento	95.000 pacientes	US $ 135 milhões
Suporte de adesão	85.000 pacientes	US $ 135 milhões

Bristol -Myers Squibb Company (BMY) - Modelo de negócios: Relacionamentos do cliente

Engajamento direto com profissionais de saúde

Bristol-Myers Squibb mantém o envolvimento direto por meio de:

Canal de engajamento	Interações anuais	Profissionais -alvo
Tigrões de ciências médicas	78.500 interações individuais	Oncologistas, hematologistas
Conferências científicas	237 conferências globais compareceram	Médicos de pesquisa
Redes profissionais digitais	52.000 profissionais de saúde registrados	Médicos Especiais

Programas de apoio ao paciente e educação

As principais iniciativas de apoio ao paciente incluem:

• Programa de assistência ao paciente BMS atendendo 94.300 pacientes anualmente
• Apoio financeiro para acesso à medicação
• Recursos educacionais específicos da doença

Plataformas de saúde digital e recursos de informação médica

Plataforma digital	Base de usuários	Engajamento anual
Portal de informações médicas online	168.500 profissionais de saúde registrados	2,4 milhões de visitas ao site
Aplicativo de recurso clínico móvel	42.300 usuários ativos	1,7 milhão de downloads de recursos

Serviços personalizados de consulta médica

Serviços de consulta especializados:

• Equipe dedicada de consulta oncológica com 1.200 profissionais especializados
• Serviços de aconselhamento genômico para 23.500 pacientes anualmente
• Plataforma de consulta de telemedicina com 87% de taxa de satisfação do paciente

Comunicação de pesquisa clínica em andamento

Canal de comunicação de pesquisa	Alcance anual	Volume de publicação
Compartilhamento de informações de ensaios clínicos	346 instituições de pesquisa	287 estudos clínicos publicados
Plataformas de colaboração de pesquisa	512 Parceiros de Pesquisa Global	164 estudos colaborativos em andamento

Bristol -Myers Squibb Company (BMY) - Modelo de Negócios: Canais

Força de vendas direta para profissionais de saúde

A Bristol-Myers Squibb mantém uma força de vendas dedicada de 7.200 representantes farmacêuticos em 2023, visando hospitais, centros de oncologia e práticas médicas nos Estados Unidos.

Segmento de canal de vendas	Número de representantes	Áreas de foco primário
Equipe de vendas de oncologia	3,100	Especialistas em tratamento do câncer
Equipe de vendas cardiovascular	2,400	Práticas de cardiologia
Equipe de vendas de imunologia	1,700	Centros de reumatologia e imunologia

Redes de distribuidores farmacêuticos

O BMS colabora com 5 principais distribuidores farmacêuticos:

• Amerisourcebergen
• Cardinal Health
• McKesson Corporation
• Morris & Dickson
• HD Smith

Plataformas de informações médicas online

Métricas de engajamento digital para plataformas online BMS em 2023:

Plataforma	Visitantes únicos mensais	Usuários profissionais
BMS Site Profissional	128,500	87.300 profissionais de saúde registrados
Portal de informações de ensaios clínicos	76,200	42.500 pesquisadores registrados

Conferências médicas e simpósios científicos

Estatísticas de participação da conferência para 2023:

• Total de conferências participadas: 87
• Apresentações científicas entregues: 214
• Investimento total da conferência: US $ 42,3 milhões

Canais de marketing digital e de comunicação profissional

Alcance de marketing digital em 2023:

Canal digital	Métricas de engajamento
Rede Profissional do LinkedIn	372.000 seguidores
Conta profissional do Twitter	285.000 seguidores
Comunicações profissionais de email	1,2 milhão de contatos profissionais de saúde

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

Pacientes oncológicos

O Bristol-Myers Squibb atende a aproximadamente 1,5 milhão de pacientes com câncer globalmente em 2024. Os principais segmentos de mercado incluem:

Tipo de câncer	População de pacientes	Participação no mercado de tratamento
Câncer de pulmão	450,000	22%
Melanoma	250,000	35%
Câncer de sangue	350,000	28%

Pacientes com tratamento imunológico

Base anual de pacientes de 750.000 entre distúrbios imunológicos:

• Artrite reumatóide: 425.000 pacientes
• Psoríase: 215.000 pacientes
• Doença inflamatória intestinal: 110.000 pacientes

Profissionais de saúde e instituições médicas

A base de clientes profissional alvo inclui:

Categoria profissional	Número de profissionais -alvo
Oncologistas	45,000
Imunologistas	22,000
Hematologistas	18,000

Sistemas hospitalares e redes de saúde

Servindo 3.750 redes de saúde em 68 países com volume anual de compras farmacêuticas de US $ 12,4 bilhões.

Pesquisadores farmacêuticos e profissionais clínicos

Detalhes do segmento de clientes de pesquisa:

• Participantes do ensaio clínico: 85.000 anualmente
• Instituições de pesquisa colaboradas: 210
• Investimento anual de pesquisa: US $ 6,9 bilhões

Bristol -Myers Squibb Company (BMY) - Modelo de negócios: estrutura de custos

Extensos investimentos em pesquisa e desenvolvimento

Em 2023, a Bristol-Myers Squibb investiu US $ 8,1 bilhões em despesas de pesquisa e desenvolvimento, representando 24,3% da receita total.

Ano	Investimento em P&D	Porcentagem de receita
2023	US $ 8,1 bilhões	24.3%
2022	US $ 7,9 bilhões	23.8%

Despesas de ensaios clínicos

Os custos anuais de ensaios clínicos para a Bristol-Myers Squibb variam entre US $ 1,5 bilhão e US $ 2,2 bilhões, cobrindo várias áreas terapêuticas.

• Ensaios clínicos de oncologia: US $ 750 milhões
• Ensaios clínicos de imunologia: US $ 450 milhões
• Ensaios clínicos cardiovasculares: US $ 300 milhões

Custos de fabricação e produção

As despesas totais de fabricação em 2023 foram de aproximadamente US $ 5,6 bilhões, com instalações de produção global em vários países.

Local de produção	Custo anual de produção
Estados Unidos	US $ 2,3 bilhões
Europa	US $ 1,8 bilhão
Ásia-Pacífico	US $ 1,5 bilhão

Despesas de marketing e vendas globais

As despesas de marketing e vendas de 2023 totalizaram US $ 6,3 bilhões, representando 18,9% da receita total.

• Marketing da América do Norte: US $ 3,5 bilhões
• Marketing europeu: US $ 1,8 bilhão
• Marketing Internacional: US $ 1 bilhão

Conformidade regulatória e despesas legais

Os custos regulatórios e legais em 2023 totalizaram US $ 480 milhões, cobrindo os requisitos de conformidade global.

Categoria de despesa	Custo anual
Conformidade regulatória	US $ 280 milhões
Despesas legais	US $ 200 milhões

Bristol -Myers Squibb Company (BMY) - Modelo de negócios: fluxos de receita

Vendas de medicamentos prescritos

Receita total para 2023: US $ 47,4 bilhões

Drogas mais vendidas	2023 Receita
Eliquis	US $ 10,1 bilhões
Opdivo	US $ 5,4 bilhões
Yervoy	US $ 1,6 bilhão

Acordos de licenciamento e parceria

Receita anual de licenciamento em 2023: US $ 2,3 bilhões

• Colaboração com Eisai para Lenvatinib
• Parceria com a Nektar Therapeutics
• Aliança estratégica com imatismo

Renda de royalties de tecnologias farmacêuticas

Renda de royalties para 2023: US $ 687 milhões

Área de tecnologia	Porcentagem de royalties
Tecnologias de oncologia	3.5%
Plataformas de imunologia	2.8%

Vendas farmacêuticas de mercado global

Recutação de receita geográfica para 2023:

Região	Receita de vendas
Estados Unidos	US $ 33,2 bilhões
Europa	US $ 8,6 bilhões
Ásia-Pacífico	US $ 5,1 bilhões

Research Collaboration Financial Acordes

Financiamento total de colaboração de pesquisa em 2023: US $ 1,2 bilhão

• Colaboração do National Cancer Institute: US $ 350 milhões
• Parcerias de pesquisa acadêmica: US $ 450 milhões
• Financiamento do Consórcio de Pesquisa Privada: US $ 400 milhões

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.