Peter R. Dolan

Peter R. Dolan

Peter Dolan joined Bristol-Myers Squibb (BMS) in 1988 as the VP Marketing of the Consumer Medicine over-the-counter business. He rose through the ranks in the company’s non-pharmaceuticals healthcare businesses. He was named president of BMS in January 2000, CEO in May 2001, and Chairman and CEO in September 2001.

During his tenure as CEO at BMS, Mr. Dolan launched eight new pharmaceutical products from late 2002-2006, more than any company in the industry during that period. Seven of the eight drugs are among the company’s largest and fastest growing products today. Two of the six are among the most successful launches in the industry, each adding over a billion dollars in revenue. New product launches represented $4.2 billion of new revenue to BMS in 2007. The company’s other healthcare businesses grew significantly in revenue and doubled in profitability during his tenure. According to James Robinson III, BMS Chairman in a company statement made on July 28, 2006, “Peter has done a superb job in turning around the company from developing a new management team, to a drug-development pipeline considered to be one of the best in the industry, to the recent approvals, which bring innovative new medicines to patients in need. He has the full and complete confidence of the board.”

In September 2006, Mr. Dolan stepped down as CEO of BMS due to circumstances surrounding a Plavix patent lawsuit against Apotex, a Canadian generic drug maker. Apotex used the agreement to immediately flood the market with 6-9 months of its product, resulting in significant BMS and Sanofi Plavix sales losses. The revenue loss was temporary and ultimately Sanofi and BMS not only won the patent suit, but also regained the full Plavix revenue base in late 2007.

“Mr. Dolan’s removal would mark the third ouster of a chief executive of a big US drug company in the past 16 months, underscoring the difficulties facing an industry reeling from an unprecedented number of patent expirations, increasing litigation costs and heightened competition from nimble generic-drug makers. Though still highly profitable, branded-drug makers also face financial pressure from pharmacy-benefit managers, who use their negotiating power and quick access to new generic pills to leverage lower drug prices.” [1] (The Wall Street Journal – September 12, 2006)

“While some analysts, citing the company’s intriguing pipeline of new products, had recently said they believed that Mr. Dolan was turning the company around, the Plavix debacle led many of them to conclude that Bristol-Myers had been outmaneuvered by Apotex.” [2] (The New York Times, September 12, 2006)

Mr. Dolan was retained as a consultant by BMS from September 2006 until the end of April 2007. He was under a non-compete contract which expired in November 2007.

In July 2008, Gemin X Pharmaceuticals, a privately held pharmaceutical company focused on developing novel treatments for cancer, announced the appointment of Peter Dolan to its Board of Directors. According to Dr. Robert G. McNeil, Chairman of Gemin X, “Peter brings a wealth of experience in running a global pharmaceutical company, having served in numerous leadership positions at Bristol-Myers Squibb, most recently as CEO for more than five years.”

Mr. Dolan is a trustee of Tufts University, where he Chairs the Administration and Finance Committee and serves on the Executive, Audit and Compensation Committees. He is a member of the Board of Overseers of the Tuck School at Dartmouth College. He is currently also a member of the Board of Directors of CASA at Columbia University and a member of the Business Council. He served on the boards of the American Express Company, C-Change (a cancer coalition organization) and was Chairman of the Pharmaceutical Research and Manufacturers’ Association of America.

Mr. Dolan holds a Bachelor of Arts degree from Tufts University and a Master of Business Administration degree from the Amos Tuck School of Business Administration at Dartmouth.

He is a sports enthusiast and has run in the NYC, Boston and Pittsburgh marathons. He and his wife Katie completed the 2007 Hawaii Ironman Triathlon.

References:

1. The Wall Street Journal - September 12, 20062. The New York Times, September 12, 2006


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