Bristol Myers Squibb (NYSE: BMY) has unveiled its 2023 Environmental, Social, and Governance (ESG) Report, spotlighting significant progress, a refined strategy, and ambitious goals in its ESG initiatives. Rooted in its mission to pioneer innovative medicines aiding patients in overcoming severe illnesses, the company underscores the pivotal role of its ESG strategy.
Christopher Boerner, Ph.D., Board Chair & Chief Executive Officer of Bristol Myers Squibb, stated, “For more than 130 years, BMS has enabled positive change for our patients around the world. As we navigate an increasingly complex global landscape, our ESG strategy has never been more important to driving long-term business value and fulfilling our purpose. We recognize ESG is a journey of continuous improvement, and our entire team is committed to advancing sustainability.”
In 2023, BMS conducted a comprehensive global ESG materiality assessment to align its business priorities with evolving stakeholder perspectives and the swiftly changing environment. Insights from this assessment facilitated the evolution of the company’s ESG strategy, focusing on three core pillars: enhancing global patient health, pushing the boundaries of scientific innovation, and nurturing a high-performing, inclusive workforce. Concurrently, BMS remains steadfast in its commitment to sustaining exemplary performance across vital areas such as patient safety, product quality, ethics, conduct, and environmental stewardship.
Key highlights from the ESG Report include:
Advancing Global Patient Health:
- Tailored access programs in low- and middle-income countries (LMICs) expanded, enhancing access to BMS’ innovative portfolio across over 80 LMICs. The company aims for 100% of late-stage assets to have access plans by 2024, with a commitment to benefit over 208,000 patients in LMICs by 2033.
- Health equity efforts progressed through 277 grants and donations, totaling $19.4 million.
Pushing the Boundaries of Science:
- Enhanced accessibility of clinical trials to underrepresented groups, with 58% of U.S. clinical trial sites situated in racially and ethnically diverse metro areas, surpassing the initial goal of 25% set in 2020.
- Exceeded goals for racially diverse clinical trial participants in the U.S., with 26% vs. the target 20%, and achieved 23% ethnically diverse patients, surpassing the goal of 18%. Future endeavors aim to increase the diversity of patients enrolled in clinical trials globally across key indications.
Fostering an Inclusive Global Workforce:
- Achieved sustained workforce representation, with 47.4% of executives being female.
- Increased community engagement, with BMS employees contributing nearly 9,000 volunteer hours globally in 2023 to enhance their local communities.
Sustaining the Planet and Improving Health: Climate and Environment:
- Advanced climate action goals, publishing its inaugural Task Force on Climate-related Financial Disclosures (TCFD) Report in 2023 and submitting science-based targets to the Science Based Targets initiative for external validation.
- Expanded renewable energy footprint with a second 15-year virtual power purchase agreement (VPPA) with National Grid Renewables for 145 megawatts of solar energy, aligning with its 2030 goal of sourcing 100% electricity from renewable sources.
Ethics and Conduct: Operating with Integrity:
- Incorporated new ESG metrics into the executive compensation program, aligning executive bonuses with environmental and social goals and better reflecting company strategy.
- Advanced data privacy and cybersecurity efforts through the development of the Next-Generation Privacy Program, focusing on global market coverage, accountability, and data inventories.
Establishing Principles for Responsible Artificial Intelligence:
- Defined and published ethical standards and practical requirements for the development, deployment, and use of artificial intelligence, reinforcing BMS’ commitment to responsible innovation.
