Bristol Myers Squibb NYSE: BMY used its 2026 annual meeting of shareholders to highlight progress in its growth portfolio, pipeline development, balance sheet management and cost-saving initiatives, while shareholders approved all management proposals and rejected a proposal to require an independent board chair.
Board Chair and Chief Executive Officer Christopher Boerner told shareholders that the company is focused on strengthening its foundation through “a diversified portfolio and a differentiated pipeline” as it navigates a transition away from legacy products. He said Bristol Myers Squibb delivered total 2025 revenue of $48.2 billion, with its growth portfolio accounting for more than half of total revenue and rising 17% from 2024 sales.
Growth Portfolio Offsets Legacy Declines
Boerner said the company’s growth portfolio now includes seven products annualizing at more than $1 billion in sales. He noted that BREYANZI, OPDUALAG and CAMZYOS each crossed the $1 billion threshold, while REBLOZYL surpassed $2 billion. COBENFY and Qvantig, which were in their first full year on the market in 2025, grew in line with the company’s expectations, he said.
Despite an approximately $4 billion decline in revenue from the company’s legacy portfolio, Boerner said the growth portfolio “offset nearly all of it.” He also said Bristol Myers Squibb strengthened its balance sheet through operating cash flow and achieved a $10 billion debt paydown commitment ahead of schedule. The company paid a dividend for the 93rd consecutive year in 2025, and Boerner later told shareholders that 2026 marks the 94th consecutive year of dividend payments.
Pipeline Readouts Expected Later This Year
Boerner said the company has the potential to deliver 10 or more new medicines and more than 30 new indications by 2030. He also said Bristol Myers Squibb received 18 approvals in the U.S. and other markets in 2025 and is entering a “data-rich period,” with pivotal readouts expected to increase later in 2026.
Among the pipeline assets Boerner highlighted were milvexian, a Factor XIa inhibitor being studied in atrial fibrillation and secondary stroke prevention, with Phase 3 results expected later this year. He also discussed COBENFY programs in Alzheimer’s disease psychosis, Alzheimer’s disease agitation, Alzheimer’s disease cognition, bipolar 1 disorder and autism irritability.
In immunology, Boerner said admilparant could potentially redefine the standard of care in pulmonary fibrosis. In oncology, he pointed to the company’s partnership with BioNTech to co-develop pumitamig across difficult-to-treat tumor types, including lung cancer and triple-negative breast cancer. He also highlighted iberdomide and mezigdomide, two oral CELMoDs being developed for multiple myeloma.
Boerner said Bristol Myers Squibb continued to build its cell therapy position through the acquisition of Orbital Therapeutics, which added OTX-201, an investigational next-generation CAR T designed to reprogram cells in vivo for autoimmune diseases. He said the company has completed more than $30 billion in acquisitions and partnerships over the past two years.
Shareholders Approve Management Proposals
Corporate Secretary Amy Fallone said more than 86% of the company’s common and preferred stock as of the March 12 record date was represented virtually or by proxy. Shareholders voted on five proposals during the meeting.
- Each director nominee received at least 95% support.
- The advisory vote on named executive officer compensation was approved with more than 95% support.
- The company’s 2026 stock award and incentive plan was approved with more than 95% support.
- The ratification of Deloitte & Touche LLP as independent auditor was approved with more than 96% support.
- A shareholder proposal calling for an independent board chair received approximately 27% support, with 72% voting against and 1% abstaining.
Cam Franklin, presenting the independent chair proposal on behalf of shareholder John Chevedden, argued that separating the chair and CEO roles would improve governance and oversight. Franklin cited Bristol Myers Squibb’s stock performance and concerns about patent expirations for major drugs including ELIQUIS and OPDIVO.
Boerner said the board recommended voting against the proposal because it believes it should retain flexibility to determine the leadership structure that best serves the company and shareholders. He said the current model, paired with Theodore Samuels’ role as lead independent director, provides “the appropriate balance between strong and consistent leadership and independent and effective oversight.”
Shareholder Questions Focus on Performance, China and Cost Cuts
In the question-and-answer session, shareholders asked about political contributions, stock performance, China-related exposure, cost cutting and support for laid-off employees.
Asked about the company’s stock underperformance versus benchmarks, Boerner pointed to market volatility, business uncertainty and the company’s period of loss of exclusivity on multiple products. He said the company remains focused on factors it can control, including its growth portfolio, pipeline catalysts and dividend.
On China, Boerner said Bristol Myers Squibb has a long history in the country and believes it is in the best interest of patients and shareholders to remain engaged in China’s scientific ecosystem. He said protecting intellectual property, patient data and supply chain continuity are “fundamental priorities” for the company’s global partnerships.
Boerner said cost-cutting efforts are split roughly evenly between organizational design and operational efficiency. He cited workforce streamlining, reduced third-party and promotional spending on non-core brands, optimized trial operations, supply chain and general and administrative efficiencies, and facility consolidation. He said those measures are offset by investments in launches such as COBENFY and Qvantig.
In response to a question about laid-off employees, Amanda Poole, the company’s chief human resources officer, said Bristol Myers Squibb has redeployed more than 1,000 impacted team members into new roles since launching its productivity initiative. She said employees who leave the company receive a separation package that includes financial support, benefits continuation and access to outplacement and career transition resources.
About Bristol Myers Squibb NYSE: BMY
Bristol Myers Squibb is a global biopharmaceutical company headquartered in Princeton, New Jersey, focused on discovering, developing and delivering medicines for serious diseases. The company's core activities include research and development, clinical development, manufacturing and commercialization of prescription pharmaceuticals across multiple therapeutic areas. BMS concentrates on advancing therapies in oncology, hematology, immunology, cardiovascular disease and specialty areas through both small molecules and biologics.
BMS's marketed portfolio and late‑stage pipeline reflect a strong emphasis on cancer and immune‑mediated conditions.
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