COMPANY PROFILE / iPS CELLS & REGENERATIVE MEDICINE
Bristol Myers Squibb
Its cell therapy centres on CAR-T made from the patient's own cells. It has ended its iPS cell collaboration and shifted its bet to making CAR-T cells inside the body
Seen in the context of this field, Bristol Myers Squibb (BMS) is best read not as an "iPS cell company" but as a major pharmaceutical company that sells cell therapies as products. It actually sells CAR-T cell therapies (Breyanzi and Abecma), and Breyanzi sales reached US$1.358 billion in 2025. On iPS cells, by contrast, it ended in March 2025 the collaboration on iPS cell-derived NK cells and T cells that it began with Century Therapeutics in 2022. It has brought in gene editing through a collaboration with Prime Medicine, and the "make CAR-T cells inside the body" approach through its acquisition of Orbital Therapeutics in December 2025. This article keeps the company-wide picture brief and focuses on what BMS holds, and what it has let go, in cell therapy, gene therapy and genome editing. It is neither a recommendation of any treatment nor anything more than an organisation of the company's disclosures.
- BMS in 30 seconds, and where it stands in iPS cells and regenerative medicine
- The logo and how the name is written
- Where the company sits in the iPS cell and regenerative medicine field
- Scale
- Resources committed to cell therapy
- What it has done so far
- What comes next
- What the company is aiming for
- Map of partnerships
- Technologies, products and services on offer
- The risks this company carries
- Glossary, references and claim-to-source audit
1. BMS in 30 seconds, and where it stands in iPS cells and regenerative medicine
United StatesA Delaware corporation
BMYAbout 32,500 employees (31 December 2025)
(the patient's own T cells, gene-modified)The iPS cell collaboration ended in March 2025
BMS's cell therapy is built mainly on autologous CAR-T, in which T cells are taken from the patient's blood, given a gene and returned, not on iPS cells Sourced. On iPS cells, the 10-Q of its partner Century states that BMS notified Century on 12 December 2024 that it was ending the collaboration in its entirety as a result of its own internal prioritisation, and the collaboration ended on 12 March 2025. In other words, BMS has let go, at least through this collaboration, of the route to "off-the-shelf immune cells" made from iPS cells. It still earns a place in this series for two reasons: its record in manufacturing, approving and handling the regulation of CAR-T (including the lifting of REMS), and the fact that its investments in genome editing and in-body CAR-T point in a direction that competes with iPS cell-derived immune cells. For more, see our explainers on CAR-T cells, iPS cell-derived immune cells, and autologous versus allogeneic cells.
2. The logo and how the name is written
A note on names: the legal entity is Bristol-Myers Squibb Company (with a hyphen), while the company's common and brand name is Bristol Myers Squibb (without one). This article covers the U.S. parent company, not its Japanese subsidiary. The CAR-T business is run by a subsidiary, Juno Therapeutics (the sponsor name shown on ClinicalTrials.gov studies). The CAR-T assets of the former Celgene (acquired in 2019) are also included here.
Official site: https://www.bms.com/3. Where the company sits in the iPS cell and regenerative medicine field
BMS is placed on the left of Fig. 1 (large pharma & strategic partners). Reading the mechanisms of treatment separately makes its position clearer Sourced.
| Mechanism | What BMS has | Status |
|---|---|---|
| Autologous cell therapy (CAR-T) | Breyanzi (CD19), Abecma (BCMA), arlo-cel (GPRC5D), zola-cel (CD19, autoimmune disease) | Two products on sale. arlo-cel is in Phase 3 and zola-cel in Phase 2 |
| Allogeneic (donor-derived) CAR-T | "CD19 HD Allo CAR T" (autoimmune disease) | Listed in the 10-K pipeline table. The 10-K does not say what the cells are derived from (iPS cells or not) |
| iPS cell-derived cells | Joint development with Century (iNK and iT cells) | Ended on 12 March 2025 |
| Genome editing | Rights to use Prime Medicine's prime editing in T-cell therapies edited outside the body | Collaboration ongoing. Targets not disclosed (selected targets) |
| In vivo gene delivery | OTX-201 (an RNA medicine that makes CAR-T cells in the body) | Preclinical (IND-enabling studies). For autoimmune disease |
| Gene therapy such as AAV / mesenchymal stem cells | - | Not described in the 10-K |
4. Scale
BMS is a large pharmaceutical company, so the whole-company picture is limited to one table. Amounts are in US$ million and the fiscal year ends in December Sourced.
| Measure (US$ million) | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total revenues | 45,006 | 48,300 | 48,194 |
| R&D expenses | - | 11,159 | 9,951 |
| Breyanzi (CAR-T) sales | 364 | 747 | 1,358 |
| Abecma (CAR-T) sales | 472 | 406 | 427 |
| Capital expenditure | about 1,100 | about 1,200 | about 1,300 (about 1,300 again expected in 2026) |
Combined Breyanzi and Abecma sales in 2025 were US$1.785 billion, about 3.7% of total revenues Our calculation. Breyanzi sales in the first half of 2026 were US$896 million, up from US$607 million in the same period a year earlier (10-Q).
The figures above are for the company as a whole. Of the US$9,951 million of R&D expenses, the amount spent on cell therapy, gene therapy and genome editing is not disclosed Not yet confirmed. Also, in 2025 BMS expensed US$1.4 billion of the Orbital Therapeutics acquisition as acquired in-process research and development, which affects how the R&D line should be read (even so, R&D expenses were lower than in 2024).
5. Resources committed to cell therapy
| Resource | What it is | Category |
|---|---|---|
| People (sites and staff) | About 32,500 staff company-wide. The number dedicated to cell therapy is not disclosed. A head of the cell therapy organisation (President, Cell Therapy Organization) is in place. The R&D hub in Cambridge opened in 2023, and a new site in San Diego is due to open in 2026 | Sourced / headcount not confirmed |
| Money (manufacturing facilities) | Own cell therapy manufacturing network: Bothell (Washington), Summit (New Jersey), Devens (Massachusetts) and Leiden (Netherlands), plus external manufacturers. The FDA approved Devens in June 2023, and construction at Leiden was completed in 2025. Capital expenditure for cell therapy is not disclosed | Sourced / amount not confirmed |
| Outside investment and acquisitions | Orbital Therapeutics (December 2025, US$1.7 billion in total, US$1.5 billion net of cash acquired); 2seventy bio (13 May 2025, US$287 million in total, US$114 million net of cash acquired) | Sourced |
| In-licensing and collaborations | Prime Medicine (September 2024: US$55 million upfront plus a US$55 million equity investment, with milestones of up to more than US$3.5 billion). Century (January 2022: US$100 million upfront plus a US$50 million equity investment) ended in March 2025 | Sourced (from Prime's and Century's disclosures) |
| Universities, research institutions and public funding | Not described in BMS's 10-K. ClinicalTrials.gov lists studies sponsored by universities (such as UT Southwestern) and by physicians that use BMS cell therapies | Not confirmed (BMS's own disclosure) / the existence of the studies is Sourced |
The Orbital acquisition was accounted for as an acquisition of assets, not of a business, and US$1.4 billion of the purchase price was expensed in 2025 as acquired in-process R&D. 2seventy was likewise an asset acquisition, and BMS gained all U.S. rights to Abecma Sourced. In both cases BMS bought either technology that has no sales yet, or the rights to a product it was already selling jointly with another company.
6. What it has done so far
| When | What happened | Why it matters |
|---|---|---|
| 7 January 2022 | Joint development agreement with Century for iPS cell-derived NK cells and T cells (acute myeloid leukaemia, multiple myeloma and others). US$100 million upfront and a US$50 million equity investment | The agreement through which BMS stepped into "iPS cell-derived immune cells" |
| June 2023 | FDA approves the Devens commercial CAR-T manufacturing facility | Expansion of its own manufacturing capacity |
| September 2023 | Start of Phase 1 (Breakfree-1) of zola-cel (NEX-T targeting CD19, for autoimmune disease) | Taking CAR-T from tumours to immune disease |
| September 2024 | Agreement with Prime Medicine: exclusive worldwide rights to develop T-cell therapies edited outside the body with prime editing | Brings in genome editing |
| 12 December 2024 | Notifies Century that it is ending the entire collaboration (termination without cause). Ends on 12 March 2025 | Steps back from iPS cell-derived immune cells |
| March, November and December 2025 | Breyanzi indications expand: follicular lymphoma (March) and mantle cell lymphoma (November) in Europe; marginal zone lymphoma (December) in the U.S. | The range of diseases treated with CAR-T widens |
| 13 May 2025 | Acquires 2seventy bio and obtains all U.S. rights to Abecma | From joint marketing to going alone |
| June 2025 | FDA updates the Abecma and Breyanzi labels and removes the REMS (risk evaluation and mitigation strategy). Patient monitoring requirements are also eased | Constraints on where and how the products can be given are loosened |
| December 2025 | Completes the acquisition of Orbital Therapeutics and obtains all rights to OTX-201 (in vivo CAR-T) | From making cells outside the body to making them inside it |
| April 2026 | Japan's Ministry of Health, Labour and Welfare (MHLW) approves Breyanzi for mantle cell lymphoma and marginal zone lymphoma | Wider indications in Japan |
A caution on reading CAR-T results
CAR-T approvals are often based mainly on open-label, single-arm studies (with no comparison group), and the numbers reported vary with the patients studied and the time point of assessment. This article does not discuss the efficacy of BMS's therapies or how they compare with other companies' treatments. Please consult a physician about any individual treatment choice.
7. What comes next
| Product | Status (ClinicalTrials.gov and the 10-K) | Category |
|---|---|---|
| arlo-cel (BMS-986393, CAR-T targeting GPRC5D) | Multiple myeloma. Phase 3 QUINTESSENTIAL-2 (NCT06615479): comparison with standard regimens, estimated 440 participants, primary endpoints progression-free survival and MRD-negative complete response, estimated primary completion December 2027 | In development (Phase 3). Timing of approval: Not yet confirmed |
| zola-cel (BMS-986353, NEX-T targeting CD19) | Autoimmune disease. Breakfree-1 (NCT05869955, Phase 1, estimated 270 participants); Breakfree-SLE (NCT07015983, Phase 2, estimated 89 participants, primary endpoint drug-free remission at 6 months [DORIS]) | In development (Phase 1 to 2) |
| OTX-201 (in vivo CAR-T) | Preclinical. IND-enabling studies. For autoimmune disease | In development (preclinical) |
| Therapies from Prime Medicine | Preclinical milestones of up to US$185 million, development milestones of up to US$1.2 billion and sales milestones of up to US$2.1 billion. Targets and timing not disclosed | Not yet confirmed |
None of the following appears in the disclosures Not yet confirmed.
Any new in-house plan for iPS cell-derived therapies; the cell source of "CD19 HD Allo CAR T"; the specific targets and timing of entering the clinic under the Prime Medicine collaboration; the start date of clinical trials of OTX-201; and headcount and dedicated R&D spending for cell therapy.
8. What the company is aiming for
This section goes beyond what the company says directly. It sets out inferences that can be drawn from primary sources, each with its basis.
| What can be read | Primary evidence behind it | Category |
|---|---|---|
| The weight of its cell therapy is on widening the uses of autologous CAR-T and moving into autoimmune disease | The 10-K says the company is advancing cell therapy rapidly in immunology. Breyanzi indications keep being added, and several zola-cel studies are under way | Inference (Sourced: the statement and the existence of the studies) |
| iPS cell-derived immune cells have dropped down its priorities | The notice ending the Century collaboration (December 2024). Century's 10-Q attributes the decision to BMS's internal prioritisation. BMS's 10-K does not mention it | Inference |
| For off-the-shelf products its approach is to pursue genome editing and in-body production | Prime Medicine (editing T cells outside the body), Orbital (in vivo CAR-T), and the allogeneic CAR-T in the pipeline table | Inference |
| It values owning its manufacturing network | Continued investment in a four-site network of its own (Bothell, Summit, Devens, Leiden), with Leiden completed in 2025 | Inference (Sourced: the investment) |
In 2022 BMS paid US$100 million upfront to make immune cells from iPS cells. In 2024 and 2025 it put money into companies that tackle the same problem (the effort and cost of making a product for each patient) by other means: US$55 million upfront to Prime Medicine (plus a US$55 million equity investment) and US$1.7 billion in total for Orbital Sourced. The problem is the same, namely to deliver CAR-T widely rather than making it patient by patient, but the approach appears to have moved from iPS cells (cells made in advance) to making cells in the body, and to editing Not yet confirmed. Which approach reaches practical use, however, will have to wait for clinical results in each case.
9. Map of partnerships
10. Technologies, products and services on offer
| Item | What the 10-K and other filings say |
|---|---|
| Breyanzi (lisocabtagene maraleucel) | A gene-modified autologous CAR-T cell therapy targeting CD19. Indications include large B-cell lymphoma, follicular lymphoma, chronic lymphocytic leukaemia, mantle cell lymphoma and marginal zone lymphoma |
| Abecma (idecabtagene vicleucel) | A gene-modified autologous CAR-T cell therapy targeting BCMA. Indicated for relapsed or refractory multiple myeloma. In 2024 the company recorded an impairment of the full carrying value of US$122 million |
| arlo-cel / zola-cel | CAR-T therapies in development (section 7) |
| Manufacturing network | Bothell, Summit, Devens and Leiden, plus external manufacturers. The company states that making biologics requires more complex processes than conventional pharmaceuticals |
| Technologies brought in | Prime editing (Prime Medicine) and an RNA medicine that makes CAR-T in the body (Orbital) |
Autologous CAR-T is run one patient at a time: cells are collected from the patient's blood, given a gene, expanded, frozen and delivered (see our explainers on autologous versus allogeneic cells and on CAR-T cells). On the materials side, four things matter: (1) the quality and supply of the material that carries the gene (a viral vector, or an editing enzyme with guide RNA; see our explainers on viral vectors and genome editing), (2) lot-to-lot variation in culture media, cytokines and activation reagents, (3) closed-system culture equipment and single-use materials, and (4) cryopreservation media and shipping containers. BMS says it combines its own manufacturing network with external manufacturers Sourced, and does not disclose specific material suppliers or specifications Not yet confirmed. The in vivo CAR-T that Orbital is pursuing, on the other hand, removes the patient-by-patient culture step altogether, and puts the weight on the carrier that delivers the RNA to cells (such as lipid nanoparticles) and the quality of the RNA synthesis. Note, however, that the 10-K does not describe how Orbital's RNA is delivered, and our explainers on mRNA and lipid nanoparticles are cited only as general background.
11. The risks this company carries
| Risk | Substance | Category |
|---|---|---|
| Cell therapy is about 3.7% of sales | Most revenue comes from other medicines. The success of cell therapy does not decide the fate of the whole company (and, conversely, withdrawing is easy) | Inference |
| Collaborations can be cut off | It has a record of ending the Century collaboration "without cause". The Prime Medicine collaboration also has termination provisions, such as for material breach | Sourced |
| In vivo CAR-T is preclinical | OTX-201, obtained from Orbital, is at the IND-enabling stage. Safety and efficacy in humans have not been confirmed | Sourced |
| Impairment of Abecma | Fully impaired in 2024. Sales were US$427 million in 2025 (up 5% on the previous year) | Sourced |
| Manufacturing complexity | The company states that biologics manufacturing, including cell therapy, is complex and requires continued capital expenditure and regulatory compliance | Sourced |
| Loss of exclusivity on existing medicines | Revlimid, Sprycel, Abraxane and others face generic competition. The company relies on its Growth Portfolio to make up the difference | Sourced |
| Thin knowledge of iPS cells and allogeneic cells | No in-house iPS cell-derived programme has been disclosed. The source of its allogeneic CAR-T is also unknown | Inference |
12. Glossary
- CAR-T cell therapy
- A cell therapy in which T cells are given a gene so that they carry a receptor (CAR) that recognises and attacks cancer cells and other targets.
- Autologous
- Using the patient's own cells. Each product is made for one person.
- Allogeneic
- Using cells from another person. They can be made in advance and stocked.
- iNK / iT cells
- NK cells and T cells made from iPS cells. The subject of the Century collaboration.
- Prime editing
- A form of genome editing that rewrites DNA without cutting both strands. Prime Medicine's technology.
- In vivo CAR-T
- An approach in which T cells are given the CAR inside the body, without processing cells outside it.
- REMS
- Risk Evaluation and Mitigation Strategy. A special safety programme the FDA imposes on medicines that may cause serious side effects.
- Acquired in-process R&D (IPRD)
- The price paid for an acquired asset still in development. In an asset acquisition it is recorded as an expense.
- Form 10-K / 10-Q
- The annual and quarterly reports filed with the U.S. SEC.
13. References
- Bristol-Myers Squibb Form 10-K for the fiscal year ended December 31, 2025 (filed with the U.S. SEC on 11 February 2026). Business, pipeline, sales of Breyanzi and Abecma, the Orbital and 2seventy acquisitions, manufacturing network, approvals and employees. https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm
- Bristol-Myers Squibb Form 10-Q for the quarter ended June 30, 2026 (filed with the U.S. SEC on 30 July 2026). First-half 2026 Breyanzi sales and the approval in Japan. https://www.sec.gov/Archives/edgar/data/14272/000001427226000020/bmy-20260630.htm
- Century Therapeutics Form 10-Q for the quarter ended June 30, 2026 (filed with the U.S. SEC on 12 August 2026). The collaboration with BMS on iPS cell-derived iNK and iT cells, and its termination. https://www.sec.gov/Archives/edgar/data/1850119/000110465926094523/ipsc-20260630x10q.htm
- Prime Medicine Form 10-K for the fiscal year ended December 31, 2025 (filed with the U.S. SEC on 3 March 2026). Terms of the research collaboration and licence agreement with BMS (Juno). https://www.sec.gov/Archives/edgar/data/1894562/000162828026013569/prme-20251231.htm
- ClinicalTrials.gov NCT06615479 (arlo-cel, Phase 3 QUINTESSENTIAL-2). https://clinicaltrials.gov/study/NCT06615479
- ClinicalTrials.gov NCT05869955 (zola-cel, Phase 1 Breakfree-1). https://clinicaltrials.gov/study/NCT05869955
- ClinicalTrials.gov NCT07015983 (zola-cel, Phase 2 Breakfree-SLE). https://clinicaltrials.gov/study/NCT07015983
- ClinicalTrials.gov NCT07573332 (a study sponsored by UT Southwestern that uses zola-cel [BMS-986353]). https://clinicaltrials.gov/study/NCT07573332
- Bristol Myers Squibb Official website, used to check the company name and logo. https://www.bms.com/
14. Claim-to-source audit
| Claim in the article | Category | Source |
|---|---|---|
| Legal name, head office, listing venue, about 32,500 employees | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm |
| Total revenues (2023 to 2025), R&D expenses, capital expenditure | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm |
| Breyanzi and Abecma sales (2023 to 2025) and the products' indications | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm |
| First-half 2026 Breyanzi sales, and the April 2026 approval of new indications in Japan | Sourced | Reference 2 https://www.sec.gov/Archives/edgar/data/14272/000001427226000020/bmy-20260630.htm |
| Acquisition of Orbital Therapeutics (December 2025, US$1.7 billion) and OTX-201 (preclinical in vivo CAR-T) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm |
| Acquisition of 2seventy bio (13 May 2025, US$287 million) and all U.S. rights to Abecma | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm |
| New Breyanzi indications (Europe in March and November 2025, U.S. in December 2025) and the removal of REMS (June 2025) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm |
| Own cell therapy manufacturing network (Bothell, Summit, Devens, Leiden) and the FDA approval of Devens (June 2023) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm |
| Joint development agreement with Century (7 January 2022, US$100 million upfront, US$50 million equity investment), the notice of termination on 12 December 2024 and the end on 12 March 2025 | Sourced | Reference 3 https://www.sec.gov/Archives/edgar/data/1850119/000110465926094523/ipsc-20260630x10q.htm |
| Agreement with Prime Medicine (September 2024, US$55 million upfront, US$55 million equity investment, milestones of up to more than US$3.5 billion) | Sourced | Reference 4 https://www.sec.gov/Archives/edgar/data/1894562/000162828026013569/prme-20251231.htm |
| Phase 3 QUINTESSENTIAL-2 of arlo-cel (estimated 440 participants, primary endpoints, estimated primary completion December 2027) | Sourced | Reference 5 https://clinicaltrials.gov/study/NCT06615479 |
| Breakfree-1 and Breakfree-SLE of zola-cel | Sourced | References 6 and 7 https://clinicaltrials.gov/study/NCT05869955 |
| The three types of company in Fig. 1 | Our calculation | Our own classification. Companies shown are examples from those covered in this series |
| Breyanzi and Abecma sales as a share of total revenues (about 3.7%) | Our calculation | Our own calculation ((1,358 + 427) / 48,194), from the figures in reference 1 |
| Existence of a study sponsored by a university physician (UT Southwestern, NCT07573332) | Sourced | Reference 8 https://clinicaltrials.gov/study/NCT07573332 |
| Confirmation of the logo and the way the name is written | Sourced | Reference 9 https://www.bms.com/ |
| Dedicated cell therapy headcount, dedicated R&D spending and capital expenditure, the source of the allogeneic CAR-T, and the targets and timing with Prime | Not yet confirmed | Not in BMS's disclosures. This article makes no estimate https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm |
| The reading that the weight of cell therapy is on autologous CAR-T and autoimmune disease | Inference | This article's interpretation of the 10-K's statements and the progress of the studies |
| The reading that iPS cell-derived immune cells have dropped down the priorities | Inference | This article's interpretation of the end of the Century collaboration |
| The reading that its approach to off-the-shelf products is to pursue genome editing and in-body production | Inference | This article's interpretation of the Prime and Orbital acquisitions |
| The reading that it values owning its manufacturing network | Inference | This article's interpretation of continued investment in the manufacturing network |
| The view that cell therapy is about 3.7% of sales and so easy to withdraw from, and the view that its knowledge of iPS cells is thin | Inference | This article's interpretation of the revenue mix and the end of the collaboration |
Last updated 1 October 2026 / Troy Technical
Every figure in this article comes from statutory filings made by BMS, Century Therapeutics and Prime Medicine with the U.S. Securities and Exchange Commission, and from ClinicalTrials.gov. No research-firm estimates or press-based figures have been used. Passages marked "Inference" are this article's interpretation of primary sources, not statements made by the company. This article is not medical advice. It does not recommend any particular treatment or rank it against others.