PRINCETON, N.J.–(BUSINESS WIRE)– Bristol Myers Squibb (NYSE: BMY) today published its 2022 Environmental, Social, and Governance (ESG) Report, which details the Company’s goals, strategies, and performance across its four ESG focus areas including ethics, integrity, and quality; health equity and access to healthcare; global inclusion and diversity; and environmental sustainability.
As a leading biopharmaceutical company, Bristol Myers Squibb is committed to discovering, developing, and delivering innovative medicines that help patients prevail over serious diseases. The Company’s ESG strategy is embedded in its mission and builds on a legacy of comprehensive and global sustainability efforts that seek to drive business value and positively impact patients, employees, communities, and the planet.
“At Bristol Myers Squibb, we recognize ESG’s importance to the health and longevity of our business, including how a strong ESG program can improve risk management and support long-term value creation,” said Giovanni Caforio, Chief Executive Officer, Bristol Myers Squibb. “I am immensely proud of the progress our teams have made toward achieving our ESG goals and am confident in the positive impact BMS will continue to have on our patients and the world.”
Earlier this year, Bristol Myers Squibb conducted a global double ESG materiality assessment to understand evolving stakeholder views and ensure its ESG strategy reflects the rapidly changing landscape. The results of the assessment will inform future updates to the Company’s ESG priorities to better maximize and measure the impact.
In 2022, Bristol Myers Squibb:
- Further developed its pipeline of innovative medicines to transform patients’ lives: In 2022 alone, the company obtained 18 approvals for new medicines, additional indications, and formulations of currently marketed medicines in major markets.
- Progressed its global inclusion and diversity and health equity goals: Bristol Myers Squibb awarded nearly $100 million since 2020 across 481 grants reaching over 10 million people, further progressing its commitment to $150 million by 2025.
- Addressed barriers to health equity by expanding clinical trial diversity: Bristol Myers Squibb embedded 58% of clinical trial sites into some of the most racially and ethnically diverse metro regions in the United States, surpassing its initial goal of 25% three years earlier than expected. Its efforts to improve clinical trial diversity were recognized in 2022 with a Gold Badge rating on the Bioethics International Scorecard.
- Increased access for underserved communities: The company launched a new cross-functional team focused on addressing the unique challenges faced by Lower- and Middle-Income Countries (LMICs), which account for 80% of the global population.
- Advanced supplier diversity: The company spent over $1 billion with suppliers globally who are owned by underrepresented groups, women, veterans, LGBTQ+, people with disabilities and other diverse populations. The company remains committed to expanding and maintaining its spend.
- Reduced its environmental footprint: The company made meaningful progress across its environmental commitments. Through 2022, BMS has diverted ~83.5% of our waste from landfill. In consideration of Scope 1, 2 & 3 GHG emissions, BMS realized an 8.2% reduction compared to 2021.
- Advanced its climate action goals: In 2022, BMS submitted its commitment letter to the Science Based Targets initiative (SBTi), committing to set science-based emissions reduction targets to achieve net-zero value chain GHG emissions (scopes 1, 2, and 3) by no later than 2050. In 2022, Bristol Myers Squibb also executed a 15-year virtual power purchase agreement (VPPA) for 60 megawatts (MW) at the 240-MW Cattlemen Solar Park in Texas, marking an important step toward achieving its goal of 100% of purchased electricity from renewable sources by 2030.
- Strengthened ESG oversight and accountability: Bristol Myers Squibb bolstered ESG oversight by establishing an ESG Council and publishing its ESG Governance Operating Model, both of which define roles and responsibilities related to sustainability matters at the Board and Management levels and promotes greater accountability across the organization.
- Incorporated ESG metrics in executive compensation: The company introduced a new ESG Scorecard in its executive compensation program that measures achievement
- against environmental and social goals and better aligns executive bonuses with company strategy.
Bristol Myers Squibb will be reporting Task Force on Climate Related Financial Disclosures (TCFD) for the first time later this year.
Learn more in Bristol Myers Squibb’s 2022 ESG Report.
About Bristol Myers Squibb
Bristol Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. For more information about Bristol Myers Squibb, visit us at BMS.com or follow us on LinkedIn, Twitter, YouTube, Facebook, and Instagram.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, the Company’s goals, strategies, and performance in accordance with its 2022 Environmental, Social, and Governance (ESG) Report. No forward-looking statement can be guaranteed. Forward-looking statements in this press release should be evaluated together with the many risks and uncertainties that affect Bristol Myers Squibb’s business and market, particularly those identified in the cautionary statement and risk factors discussion in Bristol Myers Squibb’s Annual Report on Form 10-K for the year ended December 31, 2022, as updated by our subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission. The forward-looking statements included in this document are made only as of the date of this document and except as otherwise required by applicable law, Bristol Myers Squibb undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise.
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