Company Profile
Bristol Myers Squibb
— A pharmaceutical company organizing protein degradation, CAR-T, radiopharmaceuticals, and ADCs among five research platforms
Bristol Myers Squive (BMS) is responsible for search, approval and sales.Pharmaceutical CompanyComment 10-K is the company’s research base, including low s (including protein decomposition), biopharmaceu s, ADCs, CAR-T cell therapy, and radioactive drugs. One of the leading pharmaceutical companiesThe width of the modalities reflects the strategy from the frontIn August 2026, iberdomide (brand name Zenbexus), an oral target protein decomposition drug developed by the company, has been approved quickly in the United States. In this article, the size of the company is concise,What to do with the modalities, and what to doFilter by
- BMS in 30 seconds and standing position in drug discovery and DDS
- About logo and company name
- Where is this company in the world of drug discovery and DDS?
- Company Size (Concise)
- Drug discovery and DDS resources
- Past Initiatives
- Future plans
- What is DDS?
- Collaboration mapping of drug discovery and DDS
- Technologies, Products and Services
- The risk of this company
- Glossary/Source/Ins ment and Source Response Table
1. BMS in 30 seconds and standing position in drug discovery and DDS
ADC・CAR-T5 foundations of 10-K
Quick approval in the USAugust 13, 2026, FDA
Drug discovery and DDSPharmaceutical Company / Biotech / Contract Development Manufacturing (CDMO・CRO)3 types. BMSPharmaceutical CompanyHowever, among the same pharmaceutical companies"I have a manufacturing base for each new modality."Point stands out FactsHome CAR-T cell therapy was established in Indianapolis in 2025. On the other hand, some of the original medicines and preparations of low- and antibody of the main force rely on external solvents. The new modalities that are difficult to make are internally made, the more mature items are outsourcedIt is the key to read BMS.
2. Logo and company name
BMS trademark is a trademark of the company. In this article, we do not reproduce the generated image
Images obtained from the official websiteHome img/bms_logo.svg Contact Us
Note: The company name on the SEC submission document isBristol Myers Squibb CompanyHome Logo and official website notation without hy Bristol Myers Squibb Comment In Japanese, "Bristol Myers Squive" and "BMS" are used. The company acquired Celgene in November 2019, and it is a product。 from Celgene.
Official Site:https://www.bms.com/3. Where is this company in the world of drug discovery and DDS?
MS by modalities, BMS hand tags are: FactsHome The center of salesLow(Eliquis, Revlimid, Pomal))Antibody(Opdivo, Yar)) NowSubcutaneous Injection（Opdivo Qvantig）、CAR-T Cell Therapy（Breyanzi、Abecma）、Oral Formulation(Cobenfy) In developmentTarget protein decomposition(LDD decom、 BCL6 and AR), Radioactive DrugsRYZ101Double specific antibodies(pumitamig jointly with BioNTech), Double Characteristic ADC(iza-bren jointly with SImmune)RNA medicine to make CAR-T cells in the body(OTX-201) The mechanism is handled by the technical commentary "targeted protein decomposition", "CAR-T cells", "antibody medicine and ADC" and "DDS and targeting".
4. Company Scope (Concise)
The scale of the entire company stays in one table FactsHome The amount is USD, and the year is December.
| Index (US$ million) | 2023 year | 2024 views | 2025 years | January to June 2026 |
|---|---|---|---|---|
| Total Revenues | 45,006 | 48,300 | 48,194 | 24,462 |
| R&D expenses | about 9,300 | 11,159 | 9,951 | 5,608 |
| Acquired IPRD | 913 | 13,373 | 3,721 | 94 |
| Capital end res | 1,209 | 1,248 | 1,311 | ― |
In 2023, the R&D expenses are described as "US$9.3 billion" in the 10-K body. About 32,500 employees (43 countries, December 31, 2025) 10-Q un-audited value from January to June 2026
The above numbersCompany OverviewBMS explains the R&D expenses in "Research", "Development", and "Other" We do not disclose the amount of modalities (decomposition drugs, CAR-T, radioactive drugs, etc.) Undetermined / FutureHome The majority of U.S.$13,373 million acquisitions in 2024 are US$12,122 million for Karuna acquisitions Facts。
5. Drug discovery and DDS resources
| Resource Types | ||
|---|---|---|
| People (Research Center) | Opened research and development base in Cambridge, Massachusetts (2023) and Hyderabad, India (2024). New base in San Diego, California will be opened in 2026 | Facts |
| Number of people | 32,500 employees No R&D personnel | FactsNot confirmed） |
| Gold (R&D expenses) | US$9,951 million in 2025, US$5,608 million in January to June 2026 (16% year-on-year) | Facts |
| Manufacturing (CAR-T) | We have our own cell therapy factory in Bos , Summit, Devens, Massachusetts, and FDA approved for commercial production in June 2023. External manufacturers | Facts |
| Production (rad ) | Established a plant in Indianapolis in 2025. Supporting the preparation of RayzeBio. However, depending on external suppliers | Facts |
| RayzeBio (February 2024, US$4.1 billion), Karuna (March 2024, US$14.0 billion), 2seventy bio (May 2025, US$287 million), Orbital The)eutics (December 2025, US$1.7 billion) | Facts | |
| Contact Us | BioNTech (2025, T) US$1.5 billion+ Commemorative US$2.0 billion), S)Immune (2024, T) US$800 million), Philochem (2025, T) US$350 million), Hengrui (2026, T) 13 items, T) US$600 million | Facts |
| Cooperation with universities and public institutions | Specific cooperation with universities and public funds related to drug discovery and DDS is not included in 10-K・10-Q | Not confirmed |
CAR-T cell therapy regenerates and returns cells taken from patients1 lot per personradioactive drugsRadioactivity affects with timeTherefore, the time is limited from the preparation to the administration. Both of them can’t be made in a large factory like conventional tablets and antibodies. The manufacturing process of CAR-T and radioactive pharmaceuticals for BMS’s 10-K is also risking that it can be more complex and costly than compet、. FactsHome Investment in dedicated plantsSign up for this modalityIt is also a risk of having fixed costs.
6. Past Initiatives
| Time | Home | The meaning of drug discovery and DDS |
|---|---|---|
| June 2023 | Devens Factory Approved FDA for Commercial Manufacturing of CAR-T Cell Therapy | Expanded production capacity for cell therapy |
| February 26, 2024 | Acquisition of RayzeBio(US$62.50, US$4.1) billion radioactive RYZ101 and the base of radioactive drugs using titanium | Entered new modalities of radioactive drugs |
| March 18, 2024 | Acquisition of Karuna(US$330, US$14.0 billion) Cobenfy (formerly KarXT) acquired. FDA approval on September 26, 2024 | Oral compounds that combine two ingredients |
| 2024 views | Partnership with S Immune to jointly develop and jointly sell double-specific ADC iza-bren (BL-B01D1) | ADC targeting two targets with one antibody |
| January 2025 | Opdivo QvantigNivolumab and Hialronidase in the U.S. European Commission approved in May | Antibody from drip to subcutaneous injection |
| May 13, 2025 | Acquisition of 2seventy bio and acquisition of all rights in the United States of CAR-T cell therapy Abecma | Cell therapy rights |
| June 2025 | BioNTechPD-L1×VEGF-A double-specific antibody pumitamig | Next-generation immune therapy acquired from outside |
| August 2025 | Philochem acquires the world exclusive license for OncoACP3 (antiprostate cancer treatment and diagnostics) | Added radioactive pharmaceutical products |
| 2025 years | Established Indianapolis’s radioactive pharmaceutical plant and completed Leiden’s cell therapy plant | Production base for new modalities |
| December 2025 | Orbital TherapeuticsUS$1.7 billion RNAed RNA medicine OTX-201 (pre ical) to make CAR-T cells in the body | To CAR-T that does not process cells outside the body |
| May 2026 | Hengrui and 13 cancer, blood, and immune systems completed in July 2026 | Initial Candidates from China |
| August 13, 2026 | iberdomide (Zenbexus) is fast approved by the U.S. FDAHome in combination with Dalatsumumab (subcutaneous formulation with hyaluronidase) and dexamethasone, the second treatment of multiple myeloma is subject to | In-house development targeted protein decomposition reached approval |
Clinical trial example: iberdomide EXCALIBER-RRMM
iberdomideEXCALIBER-RRMM(NCT04975997, Phase 3, randomized and non-blinded 2-stage test) The target is an adult of recurrence and refractory multiple myeloma with a pre-treatment history of 1 to 2 lines, the comparison is Dalathmumab, Boltezomib, Dexamethasone (DVd)"The complete response of minor residual disease (MRD) negative at any time during the trial period"Home FactsHome In the FDA presentation, this proportion was 41% of iberdomide combined group and 21% of DVd group. FactsHome Co ity of approval depends on the results of the future confirmation test Undetermined / FutureHome This document does not constitute the superiority of treatment.
7. Future plans
Good intermediate resultTriple negative milk cancer, esophageal squamous cell carcinoma
| Candidates | Development stage | |
|---|---|---|
| mezigdomide | Receiving U.S. application with recurrence and refractory polymyeloma. End Date May 13, 2027 | Undetermined / Future |
| golcadomide（CELMoD）、BMS-986458（BCL6 LDD）、AR LDD | Development of lymphoma and prostate cancer | Undetermined / Future |
| RYZ101 | ACTION-1 | Undetermined / Future |
| pumitamig | He has been evaluated for colorectal cancer, small cell lung cancer, non-small cell lung cancer, triple negative milk cancer. Good intermediate results in phase 2 of un ed non-small cell lung cancer | Undetermined / Future |
| iza-bren | Evaluation of non-small cell lung cancer | Undetermined / Future |
| arlo-cel(CAR-T), zola-cel(CD19 CAR-T, autoimmune disease) | arlo-cel is an approved test for multiple myeloma. zola-cel is developed with systemic erythematodes, etc. | Undetermined / Future |
| OTX-201 | Pre。ical. Preparatory stage for clinical trials with autoimmune disease (test for IND application) | Undetermined / Future |
10-K・10-Q Undetermined / Future。
CAR-T and Radioactive DrugsProduction capacity(Number of treatments and productions per year)Investment/ Actinium etc.Source and quantity of radioisotopes/OTX-201Detail of delivery technology(How to deliver RNA in any carrier)/Iberdomide's confirmation test is completed.
8. What is this company aiming for drug discovery and DDS?
This includes parts that the company does not directly state.Calculation in the range that can be read from primary informationand write with the basis.
| Read | Primary Information | |
|---|---|---|
| Revlimid/Pomalidazole successionSame target protein decompositionContact Us | Sales decreased by 49% from the previous year in 2025. iberdomide is approved in the same blood cancer area, and mezigdomide is applying | |
| CAR-TFrom "processing cells outside the body" to "creating cells in the body"Moving to the direction | CARd Orbital of CAR-T in the body while continuing investment in its own factory | |
| Cancer areaDisperse and find the following immunotherapy with multiple new modalities | The company has established a IOification beyond the IO, and is simultaneously promoting radioactive drugs, double-specific antibodies, double-specific ADCs and disassembly drugs | Facts |
| Main antibodyProlong lifetime with subcutaneous preparation | Opdivo Qvantig’s U.S. exclusive period was 2028 (a substance patent of nivolumab), and in April to June 2026, it was extended to account for approximately 9.5% of Opdivo sales. | |
| As an initial candidateChina BiotechFocus on | Partnership with S)Immune(iza-bren) and Hengrui(13 items) |
Revlimid's 2025 sales were US$2,951 million, a 49% year-over-year increase, and Pomalidazole was the same 23% decrease FactsHome According to 10-K, Revlimid’s U.S. postpartum will no longer be limited from January 31, 2026, and Pomal。’s U.S. postpartum will enter Q1, 2026. BMS is the same multigenic myeloma region as these,Iberdomide, oral decomposition drug, is brought to approval in August 2026, and mezigdomide is also under applicationComment 10-K writes about the blood area, “I see a great potential on the basis of target protein decomposition.” This article isCelgene-derived drug discovery inherited with next-generation decompositionStrategy and Read Undetermined / FutureHome However, approval is fast approved, and the sales scale is not known at this time.
9. Collaboration mapping of drug discovery and DDS
10. Technologies, Products and Services
Main products related to drug discovery and DDS are indicated by modalities Facts(US$ million)
| Products | Modality/Drug Shape | Main target (company description) | 2025 sales | January to June 2026 |
|---|---|---|---|---|
| Opdivo | Anti-PD-1 Antibody | More Cancer | 10,049 | 4,631 |
| Opdivo Qvantig | Anti-PD-1 antibody + hyalronidase | Many solid cancer indications of Opdivo | 238 | 424 |
| Breyanzi | CD19 CAR-T | Large cell type B cell lymphoma, etc. | 1,358 | 896 |
| Abecma | CAR-T | Recurrence and Intractable Multiple Myeloma | 427 | ― |
| Cobenfy | Oral formulation (xanomeline+tro um) | Adult schizophrenia | 155 | 119 |
| Revlimid／Pomalyst | Low) (Celgene) | Multiple myeloma, etc. | 2,951／2,733 | ― |
| Zenbexus（iberdomide） | Oral target protein decomposition (CELMoD) | Multiple myeloma (2nd treatment) | Quick approval in the US in August 2026 | ― |
The total sales for 2025 years of CAR-T 2 items is US$1,785 million, and total sales is 3.7%.
Cobenfy, with xanomeline, stimulating brain muscarine receptors (M1/M4),CloseThe muscarinic receptor is one oral agent of trophic substance FactsHome tro um is a fourth grade ammonium salt, because there is a nature that is generally difficult to pass through the blood cerebral cortex (introductory),Actions in the brain and peri al effects of the bodyThe role of role sharing. Instead of creating new drugs,The difference in the 'where to reach' of existing drugs with preparationThis is the product of DDS. For the background, please refer to the technical description of this series "Blood Brain Gate" and "Drug Implant and Pre ical Study".
In radioactive medicines, such as 225ium 225α-ray isotope supplythe same element to antibody and peptideChelate Chemicalthe material. BMS writes about radioactive drugs at 10-K, “I am using external suppliers who are still under maintenance for large-scale production.” FactsHome It indicates that securing the same element of the raw material becomes the norm of the business.
11. Risks that this company has
| Risks | ||
|---|---|---|
| Expiration of the exclusive period of the main product | Materials can enter the market in 2028 after being reconciled in the U.S. and EU, with patents and SPC expiring in November 2026. The minimum exclusive period for Opdivo based on nivolumab material patent is US 2028, EU 2030 | Facts |
| Rapid reduction of Celgene-derived products | Revlimid decreased 49% from the previous year in 2025, and Pomal。 decreased 23%. Restriction of postpartum products in the United States was resolved in 2026. | Facts |
| The difficulty of manufacturing new modalities | The production process of CAR-T and radioactive pharmaceuticals is developed, and the raw material procurement and cost can affect sales and profit. | Facts |
| Debt by Acquisition | The acquisition of Mirati, Karuna, and VerzeBio has increased capabilities and interest, and Mirati is listed. | Facts |
| Dependency on external manufacturing | All or part of the original medicines, such as drugs, Opdivo, and Cobimetinib, are sourced from outside. | Facts |
| Fast approval uncertainty | iberdomide is fast-approved and can be changed depending on the results of the test | Undetermined / Future |
| Dispersion of modalities | The possibility that investment in individual bases is thinner than competing specialized companies, to conduct five research foundations simultaneously |
12. Glossary
- Targeted protein decomposition
- A method to remove protein related to the disease to the mechanism of decomposition that cells originally possess.
- CELMoD
- A group of oral low。s developed by BMS as a base for protein decomposition. iberdomide, mezigdomide, golcadomide, etc.
- LDD
- Ligands directed at low-molecular-weight compounds that connect to certain proteins (BCL6, AR, etc.) in the BMS term.
- CAR-T Cell Therapy
- Treatment to return the gene of the receptor (CAR) that recognizes the signs of cancer to the patient's T cells.
- In vivo CAR-T
- The way to make a CAR to T cells by using RNA, etc. without removing cells.
- Radioactive Drugs
- A drug that connects radioisotopes to cancer cells and damages them with radiation. For diagnosis.
- Double Characteristic ADC
- ADC connects the drug to two targeted antibodies.
- MRD Negative
- Cancer cells are not detected in the bone marrow even in high-sensitivity tests.
- Quick approval
- Early approval based on metrics that can reasonably predict clinical gains in the United States. Clinical trials are required.
Concept diagram of AI generation13. Source
- Bristol-Myers Squibb Company Form 10K for the) year ended December 31, 2025 Research bases, R&D bases and manufacturing bases, sales, R&D costs, capital investments, personnel, sales by product, acquisition of VerzeBio, Karuna, 2seventy bio, Orbital, contract with BioNTech, S。Immune and Philochem, patent and exclusive period, risk factors. https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm
- Bristol-Myers Squibb Company Form 10-Q for the quarterly period ended June 30, 2026 Sales, research and development costs, sales by product, partnership with Hengrui, application status of iberdomide and mezigdomide, interim results of pumitamig・iza-bren, license relationship with Merck, USA. https://www.sec.gov/Archives/edgar/data/14272/000001427226000020/bmy-20260630.htm
- US FDA FDA grants accelerated approval to iberdomide with da umumab and hyaluronidase-fihj and dexam accelerateasone for multiple myeloma (August 13, 2026). Design and result of approval contents, EXCALIBER-RRMM. https://www.fda.gov/drugs/resources-information-approved-drugs/fda-grants-accelerated-approval-iberdomide-daratumumab-and-hyaluronidase-fihj-and-dexamethasone
- ClinicalTrials.gov NCT04975997 (EXCALIBER-RRMM). Test name, phase, comparison contrast. https://clinicaltrials.gov/study/NCT04975997
- Bristol Myers Squibb Official website (for confirmation of logo image source and company name) https://www.bms.com/
14. Response table of claims and sources
| Content | ||
|---|---|---|
| Official name, head office location, listed market, about 32,500 employees, about 130 offices | Facts | Source 1 https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm |
| Low-molecular-weight drugs, biopharmaceuticals, ADCs, CAR-Ts, radioactive drugs, and 45+ proprietary assets under development | Facts | Source 1 https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm |
| Sales, R&D, acquisition R&D, capital investment, sales by product from 2023 to 2025 | Facts | Source 1 https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm |
| Sales, R&D, and Sales by Product | Facts | Source 2 https://www.sec.gov/Archives/edgar/data/14272/000001427226000020/bmy-20260630.htm |
| Research and Development Center (Cendar Cambridge, Hyderabad, San Diego), Cell Therapy Plant (Bocel Summit Devens Raiden), Radioactive Pharmaceutical Plant in Indianapolis | Facts | Source 1 https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm |
| Terms and Conditions for the Acquisition of RayzeBio, Karuna, 2seventy Bio, and Orbital Therapeutics | Facts | Source 1 https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm |
| Terms and Conditions for BioNTech/S・Immune/Philochem | Facts | Source 1 https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm |
| Agreement with Hengrui (US$600 million) with Reblozyl Winrevair | Facts | Source 2 https://www.sec.gov/Archives/edgar/data/14272/000001427226000020/bmy-20260630.htm |
| Opdivo Qvantig's composition, US release (January 2025) and European approval (May 2025) | Facts | Source 1 https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm |
| Cobenfy configuration (xanomeline and tro)um) and FDA approval date | Facts | Source 1 https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm |
| Results of iberdomide (Zenbexus) and EXCALIBER-RRMM (MRD Negative CR 41% vs 21MM | Facts | Source 3 https://www.fda.gov/drugs/resources-information-approved-drugs/fda-grants-accelerated-approval-iberdomide-daratumumab-and-hyaluronidase-fihj-and-dexamethasone |
| EXCALIBER-RRMM Test Registration (Phase 3, Comparison Control DVd) | Facts | Source 4 https://clinicaltrials.gov/study/NCT04975997 |
| Mezigdomide application and goal date, the middle result of pumitamig・iza-bren | Facts | Source 2 https://www.sec.gov/Archives/edgar/data/14272/000001427226000020/bmy-20260630.htm |
| Development status of ACTION-1, CELMoD, LDD, arlo-cel, zola-cel, OTX-201 of RYZ101 | Facts | Source 1 https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm |
| The risk quotient for Opdivo, Revlimid, and Pomalyst, as well as their exclusive periods and subsequent entries, manufacturing, and debt risks | Facts | Source 1 https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm |
| Acquisition of Celgene (November 2019) | Facts | Source 2 https://www.sec.gov/Archives/edgar/data/14272/000001427226000020/bmy-20260630.htm |
| Classification of three types of drug discovery and DDS companies | The calculation of this paper | The company name is an example from the target company in this series. |
| CAR-T The ratio of Qvantig occupied by the Opdivo system is about 3.7%. | The calculation of this paper | This document is calculated from the number of source 1 and 2 |
| The production capacity and investment amount for CAR-T and radioactive drugs, the supplier is Liper, the delivery technology for OTX-201, and the completion time for verification tests | Undetermined / Future | Not listed in Source 1 and 2. Media-based numbers are not adopted https://www.sec.gov/Archives/edgar/data/14272/000001427226000020/bmy-20260630.htm |
| Revlimid and Pomalyst | Interpreting this article from sales trends and dealing with development products | |
| Read that CAR-T transfers from external processing to internal generation, and extends the primary antibody by subcutaneous injection. | Interpretation of this article from Orbital acquisition and Qvantig growth | |
| The risk of losing resources by reading China’s biotech as an initial candidate | Interpre of this paper from the number of affiliation structures and research foundations | |
| The nature that tro um is difficult to pass the blood brain barrier | Explanation based on the general nature of the fourth grade ammonium salt. Source 1 |
Last Updated:September 26, 2026/Troy Technical
All figures in this document are based on legal disclosure documents submitted by BMS to the U.S. Securities and Exchange Commission (SEC), information published by the U.S. FDA, and information provided by ClinicalTrials.gov. We do not use estimates and media-based numbers of survey companies. The "、ulation" section is an interpretation that the article reads from the primary information and is not an announcement of the company. This paper is not recommended for use of certain medicines, but please consult your doctor or pharmacist for medical decisions.