Bristol-Myers Squibb

Infobox_Company
company_name = Bristol-Myers Squibb Company
company_
company_type = Public(nyse|BMY)
company_slogan =
foundation = 1887
location = New York City, New York, USA
key_people = James Cornelius, CEO
num_employees = 43,000 (2005)
industry = Pharmaceutical
revenue =
products =
homepage = [http://www.bms.com/ www.bms.com]

Bristol-Myers Squibb (nyse|BMY), colloquially referred to as BMS, is a pharmaceutical corporation, formed by a 1989 merger between pharmaceutical companies Bristol-Myers Company, founded in 1887 by William McLaren Bristol and John Ripley Myers in Clinton, NY (both were graduates of Hamilton College), and Squibb Corporation. The New York City-based company's Chairman and CEO was most recently Peter R. Dolan. Dolan was fired in September 2006 for his handling of a patent dispute over the drug Plavix, and was replaced with interim CEO James Cornelius. Since that time, Mr. Cornelius has assumed the permanent role of CEO and Chairman upon the retirement of James Robinson, III. Mr. Robinson was appointed Chairman as part of the settlement regarding the "channel-stuffing" scandal (see Scandals and allegations). BMS' primary R&D sites are located in Lawrenceville, New Jersey (formerly Squibb) and Wallingford, Connecticut (formerly Bristol-Myers), with other sites around the US, in Ireland and in other countries. Mr. Cornelius has embarked on a major restructuring of the company which involves focusing on biologic products along with multi-year headcount reductions through layoffs and attrition of employees, and the outsourcing and off-shoring of operations. A significant move will be made to replace US R&D with inexpensive operations in India and China.

In 2005, BMS was among 53 entities that contributed the maximum of $250,000 to the second inauguration of President George W. Bush. [cite news |first=Jim |last=Drinkard |title=Donors get good seats, great access this week |url=http://www.usatoday.com/news/washington/2005-01-16-inauguration-donors_x.htm |publisher=USA Today |date=2005-01-17 |accessdate=2008-05-25 ] [cite news |title=Financing the inauguration |url=http://www.usatoday.com/news/washington/2005-01-16-inaugural-donors_x.htm |publisher=USA Today |date= |accessdate=2008-05-25 ] [cite news |title=Some question inaugural's multi-million price tag |url=http://www.usatoday.com/news/washington/2005-01-14-price_x.htm |publisher=USA Today |date=2005-01-14 |accessdate=2008-05-25 ]

BMS is a Fortune 500 Company (#129 in 2007 list).

Bristol-Myers Squibb manufactures prescription pharmaceuticals, over-the-counter drugs and health care products in several therapeutic areas. It is also the parent company of [http://www.meadjohnson.com/index.html Mead Johnson] which manufactures nutritional products such as Enfamil baby formulas and infant vitamin supplements like Tri-Vi-Sol and ConvaTec, a world leader in Ostomy and wound care products. Bristol-Myers Squibb has a mission to "Extend and Enhance Human Life" and works to provide help for areas of unmet medical need.

pokesman

Lance Armstrong has appeared in several of the company's marketing campaigns, as a survivor of testicular cancer that was treated with BMS medication.

Pharmaceuticals

The following is a list of key pharmaceutical products [http://www.bms.com/aboutbms/data/ as found on the Bristol-Myers Squibb "At A Glance" information page,] retrieved 2006-09-28.

*Abilify (aripiprazole)
*ATRIPLA (efavirenz 600 mg/ emtricitabine 200 mg/ tenofovir disoproxil fumarate 300 mg) Tablets
*Avalide (irbesartan/hydrochlorothiazide)
*Avapro (irbesartan)
*Baraclude (entecavir)
*Cardiolite (kit for the preparation of Technetium Tc99m Sestamibi for injection)
*EMSAM (selegiline transdermal system)
*Enfamil (infant formula)
*Erbitux (cetuximab)
*Ixempra (ixabepilone)
*Orencia (abatacept)
*Plavix (clopidogrel bisulfate)
*Pravachol (pravastatin sodium) Tablets
*Reyataz (atazanavir sulfate)
*Sprycel (dasatinib) Tablets
*Sustiva (efavirenz)
*Taxol (paclitaxel) Injection
*Videx EC (didanosine, delayed-release capsules)
*Zerit (stavudine)

Taxol

At one time, BMS held the solitary contract to harvest the bark of endangered yew trees on United States territory for the manufacture of chemotherapy drug paclitaxel (Taxol). Current paclitaxel production comes from renewable sources. BMS also held the original paclitaxel license, but there are now multiple generic producers.

Products under development

The following is a list of products under development [http://www.bms.com/research/content/data/pipeline.html as found on the Bristol-Myers Squibb website,] retrieved 2008-01-28.

* Vinflunine
* Ipilimumab
* Belatacept
* Saxagliptin
* Apixaban
* Pexacerfont
* Dapagliflozin
* Lasofoxifene
* Dicloxacillin

candals and allegations

The company was involved in an accounting scandalref|ybiz in 2002 that resulted in a significant restatement of revenues from 1999-2001. The restatement was the result of an improper booking of sales related to "channel stuffing," or the practice of offering excess inventory to customers in order to reflect higher sales numbers. The company has since settled with the United States Department of Justice and Securities and Exchange Commission, agreeing to pay $150 million while neither admitting nor denying guilt. [ [http://www.sec.gov/news/digest/dig080904.txt SEC News Digest] , August 9, 2004.]

According to an FTC consent order filed in 2003, [ [http://www.ftc.gov/opa/2003/03/bms.htm News Release about Consent Order against Bristol-Myers] , March 7, 2003] the company :"engaged in a series of anticompetitive acts over the past decade to obstruct the entry of low-price generic competition for three of Bristol's widely-used pharmaceutical products: two anti-cancer drugs, Taxol and Platinol, and the anti-anxiety agent BuSpar. [...] Bristol avoided competition by abusing federal regulations in order to block generic entry; deceived the U.S. Patent and Trademark Office (PTO) to obtain unwarranted patent protection; paid a would-be generic rival over $70 million not to bring any competing products to market; and filed baseless patent infringement lawsuits to deter entry by generics."The company has also been sued in this matter by state attorneys general to recover monetary damages.

A criminal investigation of the company was made public in July 2006, and the FBI raided the company's corporate offices. The investigation centered around the distribution of Plavix and charges of collusion. [ [http://www.busrep.co.za/index.php?fSectionId=565&fArticleId=3367635 Business Report] , 31 July 2006. Accessed 7 September 2006]

On September 12, 2006, a federal monitor, former Federal Judge Frederick B. Lacey, urged the company to remove then CEO Peter Dolan over the Plavix dispute. Later that day, BMS announced that Dolan would indeed step down. [ [http://money.cnn.com/2006/09/12/news/companies/bristol/index.htm?postversion=2006091217 CNN.com] , 12 September 2006. Accessed 12 September 2006] .

Under Mr. Cornelius's reign, all executives involved in the "channel-stuffing" and generic competition scandals have since left the company. The latest being Andrew Bodner, Executive VP, who has been indicted due to his involvement in the Plavix-Apotex episode.

References

ee also

*Pharmaceutical company
*List of pharmaceutical companies

External links

* [http://www.bms.com Bristol-Myers Squibb official site]
* [http://www.pharmaceutical-business-review.com/companyprofile.asp?guid=86A2800A-36A5-4B33-90B5-9AFB0A8FCCB4 Bristol-Myers Squibb - Company Profile and News Archive]
* [http://www.gstock.com/quote/bmy.html Bristol-Myers Squibb historical stock chart]