| Bristol-Myers Squibb Company | |
|---|---|
| Type | Public(NYSE: BMY) |
| Founded | 1887 |
| Headquarters | New York City, New York, USA |
| Key people | James Cornelius, CEO |
| Industry | Pharmaceutical |
| Employees | 43,000 (2005) |
| Website | www.bms.com |
A Bristol-Myers Squibb research campus in Lawrenceville, New Jersey
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.
In 2005, BMS was among 53 entities that contributed the maximum of $250,000 to the second inauguration of President George W. Bush.
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 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.
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Lance Armstrong has appeared in several of the company's marketing campaigns, as a survivor of testicular cancer that was treated with BMS medication.
The following is a list of key pharmaceutical products as found on the Bristol-Myers Squibb "At A Glance" information page, retrieved 2006-09-28.
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.
The following is a list of products under development as found on the Bristol-Myers Squibb website, retrieved 2008-01-28.
The company was involved in an accounting scandal[1] 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.
According to an FTC consent order filed in 2003, the company
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.
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..
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.