2021 Annual Report: CEO Letter

A Letter from Giovanni Caforio


2021 was a year that truly illustrated who we are – a company focused on transforming patients’ lives through science. We sustained that focus under challenging circumstances as the world continued to grapple with a public health crisis that has changed how we live and work.

Through it all, our global workforce remained focused on our mission and the patients who depend on us. We are particularly grateful to our essential workers who continued to ensure that our laboratories and manufacturing sites remained open so there would be no interruption in the delivery of our medicines to the patients who depend on them. Simply put, we never stopped working for our patients. That commitment and passion is a hallmark of the people of Bristol Myers Squibb and why I am confident that we can deliver on our growth strategy through the decade ahead.

Like many of you, I too thought by now COVID-19 would be behind us. The reality is that we have had to manage through a pandemic that is unpredictable. Despite these challenges, our employees showed resiliency and grit and powered through to deliver strong results for 2021.

Launching new medicines and growing our business


In 2021, we had strong financial results with total revenues growing 9 percent year-over-year to $46.4 billion, generating GAAP EPS of $3.12 and increasing non-GAAP EPS* by 17 percent to $7.51. We had strong performance across our in-line brands and our New Product Portfolio, which delivered $1.1 billion in revenues. We see significant growth potential from our New Product Portfolio with a potential for risk-adjusted sales of $10 billion to $13 billion in 2025.

We continued to launch new medicines, including Breyanzi® for large B-cell lymphoma and Abecma® for multiple myeloma, making Bristol Myers Squibb the first company with two approved cell therapy treatments for two distinct targets. We also expanded the potential of Zeposia®, launching it as the first oral medication for ulcerative colitis, and we achieved significant clinical and regulatory milestones across our portfolio during the course of the year. Together, with our robust cash flow generation, financial flexibility and strong innovation engine, we have built a solid foundation for sustainable growth.

Building depth in our pipeline


Bristol Myers Squibb is known as a company that is heavily steeped in science and research. We strengthened our innovation engine, doubled our pipeline over the past two years and deepened our use of digital technology to accelerate drug discovery and development.

We remain focused on transforming patients’ lives by identifying, developing and commercializing clinically meaningful and differentiated products. More opportunities are emerging from our exciting mid- and late-stage pipeline, including milvexian as a potential next-generation blood thinner and CELMoDs as a potential new class of therapy in blood cancers, like multiple myeloma. We are also excited about MORAb-202, a potential best-in-class anti-folate receptor alpha antibody drug conjugate for the treatment of solid tumors, and cendakimab, a potential new class of therapy for eosinophilic esophagitis, a disease with serious unmet need.

We continue to amplify our strong internal research and development capabilities with an extensive network of external collaborations. These include numerous new strategic partnerships with industry leaders like Eisai, Agenus, Immatics and Century Therapeutics. We have also made significant investments in our cell therapy franchise and are expanding our development programs for existing therapies. Our teams are working in innovative new scientific platforms including protein homeostasis and next-generation cell therapies and biologics.

Commitment to ESG


As a leader in our industry, we recognize our responsibility to provide long-term benefit to society as we fulfill our corporate purpose. This means that we consider our environmental, social and governance (ESG) risks and opportunities as integral to our strategy for doing business around the world. In 2021, we published our first ESG report in alignment with recognized reporting standards, detailing our progress toward achieving our goals and laying the foundation for increased transparency.

We have made notable progress toward our environmental sustainability goals. Our company was recognized on the Forbes Green Growth 50 list of US-based companies that have reduced greenhouse gas emissions while growing earnings, and our scientists received the US Environmental Protection Agency’s Green Chemistry Award for innovating new ways to conduct science in a more sustainable way.

Our ongoing success is rooted in the diversity of our people and our commitment to ensuring an inclusive culture. We know that diverse teams drive better business results and are proud that we have increased our representation in the US of Black/African American and Hispanic/Latino executives, exceeding our goals for the year. We also made significant progress in achieving gender parity in our executive levels.

We continued our Tomorrow’s Innovators program with historically black colleges and universities to award scholarships to students planning to pursue careers in the biopharma industry. And by year-end, more than half of our clinical trial sites are now located in highly diverse US communities. Since announcing our Supplier Diversity $1 billion commitment, our spend with diverse businesses has increased more than 25 percent, creating a strong foundation for us to achieve our goals ahead of the 2025 target date.

Looking ahead


Bristol Myers Squibb is well positioned to build on our success in 2021 and continue to grow our company through the end of the decade. I am confident in our ability to execute against key milestones in 2022, including three planned first-in-class launches with the fixed dose combination of relatlimab plus nivolumab, mavacamten and deucravacitinib.

Our financial strength, dedicated workforce, and proven ability to execute will enable us to continue to advance our pipeline, invest in future sources of innovation, and position the company for sustained growth. We are stronger than ever, and as we head into 2022, I am even more optimistic about the future of our business.

I want to recognize the extraordinary work our teams do in service of our mission to help patients prevail over serious diseases. Our employees are the reason we have continued to thrive during these challenging times and will always be the foundation of our success.

Thank you.

Giovanni Caforio, M.D.
Board Chair and Chief Executive Officer

sustainable growth

Total Revenues, representing
9 percent growth over 2020



YoY growth

Strong revenue growth across portfolio

Eliquis® (apixaban)
YoY growth
Opdivo® (nivolumab)
YoY growth
Yervoy® (ipilimumab)
YoY growth
in New Product Portfolio* sales compared to $358M in 2020
Potential for risk adjusted sales of $10B-$13B in 2025

Continued pipeline

invested in research and
positive Phase 3 clinical
trial readouts
high potential
mid- to late-stage assets
early-stage assets
approvals across New
Product Portfolio in the
US, EU and Japan
  • 2 new cell therapies: Abecma® (idecabtagene vicleucel) and Breyanzi® (lisocabtagene maraleucel)
  • New oral medicine for ulcerative colitis: Zeposia® (ozanimod)
new Opdivo

FDA accepted submissions for
3 next-generation assets for:

  • Relatlimab plus nivolumab fixed dose combination for metastatic melanoma
  • Mavacamten for obstructive hypertrophic cardiomyopathy (HCM)
  • Deucravacitinib for moderate to severe plaque psoriasis

Balanced capital
allocation strategy

in cash flow from operating activities

Reduced debt by

Increased dividend by
13th annual increase

share repurchase

*New Product Portfolio includes Reblozyl® (luspatercept-aamt), Inrebic® (fedratinib), Onureg® (azacitidine tablets), Zeposia® (ozanimod), Breyanzi® (lisocabtagene maraleucel) and Abecma® (idecabtagene vicleucel). Risk-adjusted sales figure also includes potential for relatlimab plus nivolumab fixed-dose combination, mavacamten and deucravacitinib.

**This Non-GAAP amount excludes certain costs, expenses, gains and losses and other specified items. A reconciliation of GAAP to non-GAAP measures can be found on our website at  bms.com. See, “Quarterly package of financial Information” available on bms.com/investors for information on the list of specified items excluded from Non-GAAP EPS.

Transforming patients' lives through science

The touch that transforms

2021 Annual Report


Visit bms.com to see how we're bringing a human touch to everything we do. 

The patient stories shared in this Annual Report depict individual patient responses to our medicines or investigational compounds and are not representative of all patient responses. In addition, there is no guarantee that potential drugs or indications still in development will receive regulatory approval. This Annual Report contains statements about the company’s future plans and prospects that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ from those indicated as a result of various important factors, including those discussed in the company’s most recent annual report on Form 10-K and reports on Form 10-Q and Form 8-K. These documents are available from the SEC, the Bristol-Myers Squibb website or from Bristol-Myers Squibb Investor Relations. In addition, any forward-looking statements represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change. This Annual Report also contains certain non-GAAP financial measures, adjusted to exclude certain costs, expenses, gains and losses and other specified items. Reconciliations of these non-GAAP financial measures to the most comparable GAAP measures are available on the company’s website at www.bms.com.