百时美施贵宝 2025年度报告

Our Mission To discover, develop and deliverinnovative medicines that help patientsprevail over serious diseases Our Vision To be the world's leading biopharmacompany that transforms patients'lives through science Our Values Integrity • Innovation • UrgencyPassion • Accountability • Inclusion Geri and Jim's story Geri and Jim’s inspiring journey began when Geriwas diagnosed with Alzheimer’s in her mid-60s —a moment that transformed fear into advocacyand hope. Together, they dedicated more than adecade to clinical trials, community empowermentand patient advocacy, leading Voices of Alzheimer’sand touching countless families. Even after Geri’s recent passing, Jim’s commitment endures, fueled by the dream that futuregenerations — including Geri’s descendants — won’t have toworry about Alzheimer’s. Their journey reflects resilience and anongoing commitment to advancing care and support for familiesaffected by Alzheimer’s. Christopher Boerner, Ph.D.Board Chair and Chief Executive Officer Dear Fellow Shareholders, Growth Portfolio in Focus2025 was a year of disciplined execution across every aspect of our business. Since becoming CEO, I’ve discussed the importanceof strengthening Bristol Myers Squibb’s foundationto navigate near-term challenges and deliver on thesignificant opportunities ahead. In 2025, we did just that,and we have conviction in our ability to continue makingmeaningful progress. This was particularly evident in our Growth Portfolio,with revenues increasing 17% to $26.4 billion,representing another year of double-digit growth.This portfolio, by design, is comprised of multiple,durable medicines early in their lifecycles with a longrunway ahead.Breyanzi, OpdualagandCamzyoseachdelivered over $1 billion in revenue for the full year,whileReblozylsurpassed $2 billion. 2025 markedthe first full year on the market for our two newestadditions,CobenfyandQvantig, which both sawsteady growth. We also added depth through variousclinical and regulatory milestones while preparing formultiple new product launch opportunities that canfurther strengthen the portfolio. We’re relentlessly focused on execution to accelerateour Growth Portfolio’s performance and advance ourinnovative pipeline. At the same time, our strong financialflexibility enables us to invest in the business and delivervalue to shareholders. This work remains grounded ina collective goal — building a company that has thesubstrate to deliver industry-leading, sustainable growthinto the 2030s and beyond. Continued on next page... Our efforts mark another step toward ensuring theBMS of the future isn’t overly reliant on one or twoblockbuster products. But for this to be sustainable,it requires a deep bench of developmental assets withsignificant commercial potential. We’ve been deliberateabout our pipeline decisions for that very reason, and ithas led to us advancing a truly differentiated pipelineof important medicines. fibrillation and potentially a best-in-class treatmentin secondary stroke prevention where anticoagulantsare not approved today. • Our LPA1 antagonist, admilparant, is a potentialfirst-in-class product that could redefine thestandard of care in pulmonary fibrosis as adifferentiated treatment for idiopathic pulmonaryfibrosis and progressive pulmonary fibrosis.The disease burden in these areas is high andinnovation in treatment has been limited. From Data Rich to Durable GrowthOur pipeline presents massive opportunity. We have the potential to deliver 10+ new medicines and 30+ newindications by 2030. • Our broad development program withCobenfyisexploring new boundaries for brain health, withdata expected in Alzheimer's Disease Psychosis.We are also pursuing programs in Alzheimer'sDisease Agitation and Alzheimer's DiseaseCognition, bipolar-I disorder and autism irritability,building onCobenfy’searly progress in schizophreniawhere we introduced the first new mechanismof action in decades. 2026 will be very busy with respect to the breadth anddepth of our pipeline. We expect several key readouts,the pace of which should increase throughout the year.These are novel assets differentiated from existing andfuture competitor products that focus on treating large,underserved patient populations: • Our oral CELMoDs iberdomide and mezigdomidehave the potential to build on BMS’s leadership inmultiple myeloma. What we really like about theseassets – and this entire platform – is the potentialfor these degraders to be combined with standardof care, as well as newer treatments like CAR-T andT-cell engineered antibodies. • Our partnership with BioNTech exemplifies ourbalanced and strategic approach to businessdevelopment. We are co-developing pumitamig,a PD-L1/VEGF-A bispecific with significant potentialacross multiple tumor types. This is a space we knowwell, and we have multiple studies underway. The above list is just a snapshot of the wave ofnear-term data expected from our pipeline. • Our Factor XIa (FXIa) inhibitor, mi