Annual Report 2023 - Bristol Myers Squibb

C2C4C Germany


Chris Boerner,
Ph.D. – Chief Executive Officer
While more people with serious diseases are living longer than ever before, fighting and curing these diseases remain among the world’s most daunting health challenges. Fortunately, we are in a time of unprecedented medical and scientific breakthroughs, and Bristol Myers Squibb is at the forefront of this innovation. We are committed to discovering, developing and delivering transformational medicines in disease areas where we believe we can make a meaningful difference — and we made strong progress in 2023.

Creating Strong Growth Momentum

With an eye toward patients, we extended our leadership positions in oncology, hematology and cardiovascular disease and enhanced our growing presence in both immunology and neuroscience. During an important year, we further diversified our portfolio, advanced our robust pipeline, evolved our research and development (R&D) organization for scientific leadership, and pursued partnerships that deepened our scientific expertise in multiple therapeutic areas. It’s through this work that we began writing the next chapter in Bristol Myers Squibb’s 150-year history.

Focused on growth. In 2023, we reported $45.0 billion in revenues, GAAP EPS of $3.86 and non-GAAP EPS of $7.51. Our new product portfolio continued to show strength, with its $3.6 billion in revenues representing a 77% year-over-year increase. In the fourth quarter, we took several actions intended to strengthen the company and build a foundation for sustainable growth, providing strong momentum as we head into 2024. Our pending acquisition of Karuna Therapeutics, when complete, will expand our work in neuroscience, while our recent acquisitions of Mirati Therapeutics and RayzeBio add important assets and capabilities to our growing oncology franchise. 

Building a Foundation for Sustainable Growth


$ 45.0 B
 3% In-Line Brand YoY% revenue growth
77% New Product Portfolio YoY% growth*


$ 3.86


$ 7.51

"We remain relentlessly committed to delivering more innovative medicines to more patients faster."

Strategic capital allocation. Throughout the year, we harnessed our strong financial foundation to invest more than $9.3 billion in R&D, pursue strategically important partnerships, collaborations and transactions, and return capital to shareholders. In line with our commitment to delivering value for our shareholders, we announced a 5.3% quarterly dividend increase for 20243, marking the 15th consecutive year of a dividend increase, and the 92nd consecutive year of a dividend payment.

Patient-centric mission. At the same time, we remain relentlessly committed to delivering more innovative medicines to more patients faster. We are doubling the number of assets in or entering registrational stage from six to 12, and we are striving to improve productivity and efficiency even further to deliver on upcoming catalysts. The company achieved a number of significant regulatory milestones in 2023, including the approval of Augtyro in the U.S. as well as additional approvals for multiple products, including Sotyktu, Breyanzi, Camzyos, and Opdivo.  

Living our values. Also in 2023, we gathered insights from numerous sources — suppliers, shareholders, patient advocacy partners, employees and others — to understand the Environment, Social and Governance (ESG) topics that are most important to the company and to society. We evolved our ESG strategy based on these insights, focusing on advancing equitable access to transformative medicines, expanding the boundaries of science, fostering a high-performing, inclusive and diverse workforce, and doing our part to reduce our environmental impact.
opening quote We are in a time of unprecedented medical and scientific breakthroughs, and Bristol Myers Squibb is at the forefront of this innovation. closing quote

Propelling the Company Forward

When I stepped into the role of chief executive officer on November 1, 2023, I did so with great conviction in the opportunities that lay ahead for the company. But it’s important to acknowledge where we are today. We are operating in an increasingly complex environment that includes the impact of the Inflation Reduction Act in the U.S. We also face a transition period in the middle of the decade where our exposure to the loss of exclusivity on certain key products is at its height. So, what gives me confidence in our ability to navigate these challenges? 

Right now, our pipeline is the best it has ever been, and as I look across our therapeutic areas, I see a promising portfolio of innovative products. We’re relentlessly focused on disciplined commercial and R&D execution to maximize the potential of our growth portfolio and pipeline and drive near-term growth. We have financial flexibility, and we are working to ensure the company has the right resourcing and investment across our most important brands to help accelerate performance. Through our efforts to minimize the upcoming transition period, we plan to emerge in the last part of the decade as a company with sustainable, top-tier growth. I’m incredibly excited by what’s in store for us, as I believe we have the potential to transform into one of the fastest-growing innovators in our space.

To close, I would like to acknowledge our approximately 30,000 colleagues across more than 50 countries, all of whom are working tirelessly each day to transform patients’ lives with truly innovative medicines. I am honored to work alongside the best talent in the industry and look forward to all that we will accomplish in 2024.



Chris Boerner, Ph.D.
Chief Executive Officer


March 5, 2024

2023 Highlights

Significant Pipeline Advancement in 2023

11 approvals in the U.S., EU and Japan
10INDs delivered
positive readouts in registrational and proof-of-concept studies
$9.3B invested in research and development

Driving Scientific Innovation

12    assets in or entering registrational stage
30+ early-stage assets in development

Potential for

40+ additional LCM opportunities across NMEs & approved products4

Balanced Approach to Capital Allocation

$13.9B   in cash flow from operating activities
$12.6B   cash and marketable securities
$9.9B5   returned
cash to shareholders




Transforming patients' lives through scienceTM

Atiba Page is always a naturally happy person. When she was diagnosed with cancer, she was devastated and knew that a positive attitude was one of her biggest strengths. While joining Bristol Myers Squibb during her treatment journey, she found strength and support in her colleagues.

Click here to learn more about Atiba's journey.

Our Mission
To discover, develop and deliver innovative medicines that help patients prevail over serious diseases

Our Vision

To be the world’s leading biopharma company that transforms patients’ lives through science

Our Values
Integrity • Innovation • Urgency 
Passion • Accountability • Inclusion


A decrease of 2% both as reported and when adjusted for foreign exchange. Or 4% when adjusted for foreign exchange. * Or 76% when adjusted for foreign exchange. 1 GAAP and non-GAAP EPS include the net impact of Acquired IPRD charges and licensing income of ($0.28) per share for the full year 2023. Acquired IPRD refers to certain in-process research and development (“Acquired IPRD”) charges resulting from upfront or contingent milestone payments in connection with asset acquisitions or licensing of third-party intellectual property rights. 2 Non-GAAP EPS is not calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). This non-GAAP measure 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 The company does not reconcile forward-looking non-GAAP measures. See, “Quarterly package of financial information” available on for additional information on the limitations of non-GAAP financial measures and the list of specified items excluded from non-GAAP EPS. 3 Subject to the normal quarterly review by the Board of Directors. 4 As of January 8, 2024. 5 Includes $4.7 billion for dividends paid and $5.2 billion for common stock repurchases.

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 Securities and Exchange Commission, 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