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Bristol-Myers Squibb history
Bristol-Myers Squibb company history timeline
In 1887, Hamilton College graduates William McLaren Bristol and John Ripley Myers purchased the Clinton Pharmaceutical company of Clinton, New York.
The firm relocated from Clinton to Syracuse, New York in 1889 to improve its shipping capability, and then moved again ten years later to Brooklyn, New York for easier access to its expanding base of customers in Pennsylvania and New England.
In 1892, Doctor Squibb formed a partnership with his sons, Edward and Charles, and the firm was renamed E.R. Squibb & Sons.
The company has capital assets of $1.5 million, according to the Articles of Incorporation filed in 1895.
In May 1898, they decided to rename it Bristol, Myers and Company.
The company relocates — first to Syracuse and then, in 1899, to Brooklyn to better serve customers in New England and Pennsylvania.
In 1899, Bristol and Myers rename their business the Bristol, Myers Company.
Following Myers' death in 1899, Bristol changed the name to the Bristol-Myers Corporation.
Bristol-Myers became a publicly traded company in 1933. It was incorporated as Bristol-Myers Company in 1900 and by then had moved from Clinton to Syracuse and then to Brooklyn.
The sons of Edward Squibb sold the company to Lowell M. Palmer and Theodore Weicker in 1905, who incorporated the company.
Doctor Squibb presents a report to the New York State Medical Society, “Proposed Law to Prevent the Adulteration of Food and Medicine and to Create a State Board of Health.” Known as the Squibb Bill, it becomes law and serves as the basis for the Federal Pure Food and Drug Act of 1906.
The company became a part of Drug, Inc., a large, newly formed holding company, in 1928.
In 1929, Bristol-Myers became a public company listed on the New York Stock Exchange.
Bristol-Myers acquires the hair-coloring company Clairol, which was founded in 1931 by Joan and Lawrence M. Gelb.
By 1943, Squibb operated the largest penicillin production plant in the world in New Brunswick, New Jersey.
In 1944, Squibb opened the world's largest penicillin plant in New Brunswick, New Jersey.
After the war, the company renamed the plant Bristol Laboratories in 1945 and entered the civilian antibiotics market, where it faced competition from Squibb.
In 1956, Bristol-Myers entered the cancer drug development field, building on collaborations around promising antibiotics with the Microbial Chemistry Research Foundation of Japan.
1959: Bristol-Myers acquires Clairol.
In 1977, what is now known as the Bristol-Myers Squibb Unrestricted Biomedical Research Grants Program was established.
GSC was founded in 1980 by a group of entrepreneurial microbiologists who teamed up with Syntex Corporation, a drug company, to manufacture and market tests for sexually transmitted diseases.
Although none of these products was a breakthrough drug, they contributed over $200 million in sales to the company by 1980.
In 1981, Bristol-Myers settled a series of ten-year-old anti-trust suits alleging that Bristol-Myers and Beecham Group, a British pharmaceutical company, had improperly obtained a patent on the antibiotic ampicillin.
1983: The company introduces tamper-resistant packaging for its capsule products.
In 1984 Bristol-Myers signed an agreement with Upjohn which enabled it to introduce Nuprin, a new nonprescription form of ibuprofen pain reliever.
The firm had reorganized its internal research operations and, in 1984, built a multi-million dollar research facility in Wallingford, Connecticut.
Celgene was founded in 1986 by David Stirling, Ph.D. and Sol Barer, Ph.D. as an independent biotechnology company.
In 1986 the firm became enmeshed in the complex acquisition of Genetic Systems Corporation (GSC), a Seattle-based biotechnology company.
1989: Bristol-Myers merges with Squibb Corporation; Gelb becomes chief executive.
Bristol Myers Squibb was formed in 1989 through the merger between Bristol-Myers and Squibb.
They merged in 1989, creating a powerhouse pharmaceutical company that was the second-largest in the world at the time.
Bristol-Myers sold GSC to Sanofi, a French pharmaceutical firm, in 1990.
mirabile, lisa, ed. international directory of company histories. detroit, mi: st. james press, 1990.
Scientists research and develop numerous compounds based on the structure of thalidomide, licensed by Celgene from Rockefeller University in 1992.
In January 1993, Bristol signed a contract with Mead Johnson, establishing a joint venture to produce and sell Enfamil and Enfapro infant formulas in Guangzhou, China.
By the end of the first quarter of 1993, sales at Bristol-Myers Squibb had increased four percent or $2.8 billion.
“Bristol-Myers Squibb Announces New Organization for Consumer Businesses,” PR Newswire, May 9, 1994.
1994: Major reorganization; worldwide revenues total $11.4 billion.
Led by Charles A. Heimbold, Jr., the company’s newest chief executive, the company also undertook a major reorganization of its international consumer business in 1994 as part of its goal of continued global expansion.
Bristol-Myers Squibb's subsidiary Zimmer opened a teaching facility in Shanghai in 1994.
In 1994, a European market research study led Bristol-Myers Squibb to acquire A/S GEA Farmaceutisk Fabrik, a Scandinavian manufacturer of generic brand pharmaceuticals.
Nevertheless, the main focus of research at Bristol-Myers Squibb remained in anti-cancer drugs. Its first success in this area came in 1994, when the company succeeded in locating a semi-synthetic source of paclitaxel, the critical ingredient of Taxol, in the taxus baccata plant.
In 1995, Bristol-Myers introduced Glucophage, the first new class of drugs to be used in almost 20 years in the United States to treat people with adult-onset diabetes.
In 1995, it acquired Calgon Vestal Laboratories from Merck and Co., Inc., which it added to its ConvaTec division.
In 1995, it is named the Richard L. Gelb Center for Pharmaceutical Research and Development after the former chairman and CEO.
At the same time, generic drug makers began working on a non-branded version of Capoten, whose patent is due to expire in 1995.
In 1995, Bristol-Myers Squibb's Mead Johnson Nutritionals subsidiary launched its Boost nutritional drink.
In 1996, Genzyme Transgenics Corp., working with Bristol-Myers, announced the birth of a genetically altered goat, which carried the gene for an anticancer drug.
Beginning in 1996, Bristol-Myers scientists collaborated with BioServe Technologies, a NASA-funded non-profit, to explore the use of space for developing commercial products.
In 1996, Bristol-Myers Squibb introduced Pravachol, a drug that lowers cholesterol, and it became the company's second drug to earn more than $1 billion in sales.
In 1997, it sold off its Linvatec subsidiary, which manufactured arthroscopy products and powered instruments, to CONMED.
Approved in 1997, Plavix (clopidogrel) is an anticoagulant prescribed for people with risk of cardiovascular problems, including heart attacks and strokes.
In 1997, Bristol-Myers Squibb acquired the rights to develop two protease-inhibitor compounds as possible treatments for HIV and AIDS from Novartis.
In 1997, the drug had worldwide sales of $941 million and became the company's second-largest seller.
Since its release, Taxol has turned into an incredibly successful method of treatment for ovarian and breast cancer—as well as a cash cow for Bristol-Myers Squibb. It was estimated that Taxol accounted for up to 15 percent of 1997 profits of $3.2 billion.
The company took a slight hit in 1998, when after years of litigation, it settled upon the final cost of its breast implant product and prescription drug pricing liability&mdash⟩proximately $400 and $500 million to be paid out to injured or overcharged consumers.
In 1998 the Food and Drug Administration (FDA) granted the company permission to market Excedrin Migraine, the first migraine headache pain medication available to consumers without a prescription.
The pharmaceutical division (part of the Worldwide Medicines group) accounted for 60 percent of the company's revenues in 1998.
According to the company's first quarter reports, 1998 earnings per share (as of mid-1998) were $3.58.
Analysts at Zack's Investment Research reported increased earnings per share for the company in mid-1998 (at $3.57 per share), and they expected the company's growth to continue even more rapidly.
In 1998, the company expanded its line of beauty aids with the purchase of privately held Redmond Products, maker of Aussie natural hair care products.
In mid-1998, Bristol-Myers Squibb also expected to launch a new "pharmaceutical robot" designed to mix compounds, perform experiments, and measure reactions.
The firm projected earnings of $4.06 per share for Bristol-Myers Squibb during fiscal year 1999.
Frazier, Lynne McKenna, “Bristol-Myers Squibb to Sell Warsaw, Indiana-based Orthopedic Implant Firm,” News-Sentinel, September 27, 2000.
In 2000, as a wave of consolidation swept the pharmaceutical industry, the company, with about $20 billion in annual sales, downplayed the need to merge, but would not rule it out.
In 2002, the company was involved in a lawsuit of illegally maintaining a monopoly on Taxol, its cancer treatment, and it was again sued for the antitrust lawsuit 5 years later, which cost the company $125 million for settlement.
In 2004 Bristol-Myers agreed to pay a $150 million fine to settle charges of accounting fraud by the United States Department of Justice and the Securities and Exchange Commission (SEC), though it neither admitted nor denied guilt.
Bristol Myers Squibb acquires Medarex, Inc., a biotech company and a partner since 2005.
On September 12, 2006, the monitor, former Federal Judge Frederick B. Lacey, urged the company to remove then-CEO Peter Dolan over the Plavix dispute.
United States Department of Justice. (2007). Bristol-Myers Squibb to pay more than $515 million to resolve allegations of illegal drug marketing and pricing.
Schmukler led the team that completed the company's strategic transformation to a specialty biopharmaceutical company that had begun in 2007.
Drugwatch.com has provided reliable, trusted information about medications, medical devices and general health since 2008.
In November 2009, Bristol Myers Squibb announced that it was "splitting off" Mead Johnson Nutrition by offering BMY shareholders the opportunity to exchange their stock for shares in Mead Johnson.
In October 2010, the company acquired ZymoGenetics, securing an existing product, as well as pipeline assets in hepatitis C, cancer, and other therapeutic areas.
In 2010, the FDA added a boxed warning for the anti-blood-clotting medication stating that people who didn’t effectively metabolize the drug don’t effectively convert Plavix to its active form in the liver, giving healthcare providers guidance.
Lamberto Andreotti was named CEO in 2010; he had previously served as "president and COO responsible for all pharmaceutical operations worldwide."
In 2010, Lou Schmukler joined Bristol-Myers Squibb as the president of global product development and design.
In a 2011 study, patients taking Byetta were found to be six times more likely to contract pancreatitis, a dangerous condition that causes the pancreas to become inflamed and can lead to hospitalization or death.
The drug went on to be the top selling drug in the United States, generating $7 billion in sales for the company in 2011.
As of 2011, the company had a dozen manufacturing facilities and six product development sites.
When BMS acquired Amylin in August 2012, it gained control of its blockbuster diabetes medications — and possibly liability for the drugs.
Amylin Pharmaceuticals (2012; jointly with AstraZeneca)
But the patent expired in 2012, and generic versions were approved for the market.
Citing major developments and a market capitalization of US$87 billion and stock appreciation of 61.4%, Bristol-Myers Squibb was ranked as the best drug company of 2013 by Forbes magazine.
In April 2014, BMS announced its acquisition of iPierian for up to $725 million.
In February 2015, the company initiated a research partnership with Rigel Pharmaceuticals which could generate more than $339 million.
In February 2015, the company acquired Flexus Biosciences for $1.25 billion.
In May 2015, Doctor Giovanni Caforio became CEO of the company; Caforio was formerly the company's COO and succeeded Andreotti upon his retirement.
The first Eliquis lawsuit was filed in 2015, and lawsuits have been filed alleging injuries from taking Farxiga as well.
In March 2016, the company announced it would acquire Padlock Therapeutics for up to $600 million.
In June 2016, the FDA strengthened its warning about the kidney risk for people taking Farxiga and Invokana.
Bristol-Myers Squibb (BMS) is one of the largest pharmaceutical companies in the world, with 25,000 employees and $19.4 billion in revenue in 2016.
According to the company’s 2016 annual report, 55 percent of its global sales are in the United States, with 22 percent in Europe.
Its stated mission is “to discover, develop and deliver innovative medicines that help patients prevail over serious diseases.” At the end of 2016, the company reported it had 10 new compounds in clinical development.
In late February 2017, The Wall Street Journal and Fortune, among others, reported that activist investor Carl Icahn had taken a stake in the company, signaling a potential future takeover from the likes of Gilead Sciences.
In August 2017 the company acquired IFM Therapeutics for $300 million upfront, with contingency payments of $1.01 billion due on certain milestones – allowing BMS to better compete against Merck & Co's cancer rival treatment, Keytruda.
Opdivo and Eliquis were responsible for almost 45 percent of its revenue in the first quarter of 2017.
She joined Drugwatch in 2017.
In April 2018, the company reported net income of $1.5 billion, or 91 cents per share, for the first quarter of the year, thanks to the increased sales of their cancer drug Opdivo.
In 2020, BMS acquired MyoKardia, strengthening the company’s leading cardiovascular franchise, and Forbius, adding a lead TGF-beta asset to the portfolio.
Since 2020, Bristol Myers Squibb has adopted a new logo and identity to reflect the company’s transformation.
"Bristol-Myers Squibb Company ." International Directory of Company Histories. . Retrieved June 21, 2022 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/bristol-myers-squibb-company-0
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Bristol-Myers Squibb competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Merck | 1891 | $64.2B | 74,000 | 1,533 |
| Johnson & Johnson | 1886 | $88.8B | 134,500 | 1,761 |
| Eli Lilly and Company | 1876 | $45.0B | 33,625 | 790 |
| Pfizer | 1849 | $63.6B | 78,500 | 576 |
| Boehringer Ingelheim | 1984 | $17.2B | 52,391 | 376 |
| AstraZeneca | 1999 | $25.9B | 76,100 | 422 |
| Glaxosmithkline | 2000 | $34.1B | 99,000 | 5 |
| AbbVie | 2013 | $56.3B | 47,000 | 1,610 |
| Bayer | 1973 | $17.0B | 20,735 | 3,330 |
Bristol-Myers Squibb history FAQs
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Bristol-Myers Squibb may also be known as or be related to Bristol Myers Squibb, Bristol-Myers Company (1933–1989) Bristol-Myers Squibb Company (1989–2020), Bristol-Myers Squibb, Bristol-Myers Squibb Company, Bristol-Myers Squibb Foundation and bristol meyers squibb.