| Bristol-Myers Squibb | 345 Park Avenue, New York, NY 10154-0037 |
| www.bms.com | (212) 546-4000 Fax: (212) 546-4020 |
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Meeting their match
Bristol-Myers Squibb, the nation's second-largest pharmaceutical production company, was formed in 1989 when Bristol-Myers purchased its rival, Squibb Corporation, for $12.7 billion. By that time, both companies had firmly established their reputations in the health care industry. Dr. Edward Squibb founded his business in New York City in 1858, manufacturing the pure ether and chloroform used in early forms of anesthesia. Squibb supplied penicillin and morphine during World War II, then passed the business on to the Squibb sons. The family business turned corporate by 1975, when Squibb reached the $1 billion sales mark. William Bristol and John Myers founded their rival company in 1887, selling bulk pharmaceuticals before expanding into the production of antibiotics.
Nice 'n Easy
Together, BMS has found success with popular consumer medicines like Bufferin and Excedrin, beauty products including Herbal Essence hair and body wash, and Nice 'n Easy hair dye (although it has decided to sell its Matrix Essentials unit). Medicine currently accounts for 69 percent of BMS's total profits, with beauty care at 12 percent, medical devices contributing 9 percent, and the remaining 10 percent derived from nutritionals. Strong sales of BMS's prescription drugs and beauty products have offset declines on nutritional and medical device units in recent years. Sales were up 14 percent in 1997 to finish at a whopping $16.7 billion, with revenues exceeding $18 billion the following year. The figure rose beyond $20 billion in 1999. About 40 percent of those sales came from outside the U.S. Today, revenues still rise. The company attributes its success to a generous R&D budget; in 1998 alone, BMS contributed an excess of $1 billion to its Pharmaceutical Research Institute.
Political turmoil
Bristol-Myers Squibb's progressive drugs have not kept the company immune to the changing times. In 1995 the company agreed to settle thousands of personal injury claims related to the breast implants it produced, with payouts averaging $26,000 per woman. The following year, BMS was targeted by independent drugstores in an antitrust suit - the company ultimately resolved to charge pharmacies the same prices for their drugs as it charged managed-care groups. In July 1999, BMS caught fire from Africa, where two-thirds of the world's HIV patients suffer due to high prices of AIDS drugs. The company is not slashing their prices, but will invest $100 million dollars over the next five years to help battle the African AIDS epidemic. Additionally, in March 2000, BMS started the BMS Community Leaders Fund. The program, which targets several U.S. cities, provides grants for organizations that coordinate HIV/AIDS programs.
Presidential approval
The most successful drugs Bristol-Myers Squibb has developed include Pravachol (anti-cholesterol), Taxol (anti-cancer), and Glucophage (anti-diabetes). The 1996 release of Pravachol topped $1.4 billion in sales to become the company's biggest seller. BMS is also a leader in the production of treatments for cardiovascular disease, depression, and AIDS. In 1998, President Clinton presented Bristol-Myers Squibb with the National Medal of Technology, the nation's highest recognition for technological innovation, and commended the company for extending and enhancing human life through innovative research. BMS is not resting on its laurels, however: the company plans to quadruple the number of new drugs in development to create 30 new products per year by 2003.
Doing its homework
Bristol-Myers Squibb has been preparing to reach its ambitious goals for the 21st century. In June 1999, the Pharmaceutical Research Institite in Quebec announced the completion of plant improvements and capital expansions totaling over $40 million, just in time to nab some of Quebec's brightest grads. BMS also intends to expand its Isreali research center; with nine scientists, it is already one of the largest centers in the country. Besides the U.S. and Sweden, Israel is the only country authorized by the FDA to carry out research for FDA-approved drugs, so the Middle Eastern R&D department has its hands full. By mid-1999, the Israeli research team was hard at work on 21 different projects, and the company planned to hire 15 more staff members to handle the healthy workload.
In North America, another BMS research center continues to flourish: a collaboration between BMS and Cubist Pharmaceuticals, established to develop new drugs for infectious diseases, was extended in July 1999. The partners joined forces in 1996 and have achieved three research milestones thus far. Also, BMS has formed strategic alliances with 3-Dimensional Pharmaceuticals, Exelixis Inc., and Otsuka. With such serious commitment to the research and development of new drugs, Bristol-Myers Squibb seeks to continue to improve human life well into the 21st century.
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Bristol-Myers Squibb currently employs over 54,000 people in more than 60 countries around the world. A highly diversified corporation, BMS offers career opportunities in a variety of business and technical fields. When it comes to getting a foot in the door, one employee warns: "it's not what you know, it's who you know." The hiring process is highly decentralized; for a descriptive list of current openings, as well as relevant contact names and addresses, consult Bristol-Myers Squibb's employment page at www.bms.com/joinus. Recruiting also takes place at over 50 college campuses in the U.S. and at various job fairs and conferences.
One BMS employee thinks outsiders have the best chance on the East Coast: "There is a lot of turnover on the East Coast, and the demand for quality employees is high. There are a lot of job postings, and you do not have to be 'connected' to get hired. Once you are in the door, sky's the limit. If you are qualified, and willing, there is not a position in the world you could not get."
For those applying for science jobs, one insider offers this information: "Interviews in my group always involved several problem-solving questions. Getting the answers 'right' was important but equally important are any thoughts the person has on proposing various experiments. Lucid presentations and reasonable answers are important. The ability to say 'I don't know' is a plus - not a minus."
For those outsiders without a direct contact at the company, the best way of getting an interview is through a recruiter. All other applicants can send resumes online or by mail. Two rounds of interviews are considered standard for applicants under serious consideration. Those not granted an interview are encouraged to reapply after a period of six months.
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In the world of pharmaceuticals, the name Bristol Myers-Squibb does not lack cachet. The company's employees are thrilled to work for "a name known throughout the industry -- and the world." Compensation is "top of the line," including "health benefits, stock options (after two years), two weeks of vacation to start, 10 paid holidays, two personal days, and a paid pension program. Just about everyone below a 'key manager' (mid-management) gets at least a 4 percent annual bonus at Christmastime. Key managers and above get anywhere from a 14 to 18 percent bonus annually." The BMS environment is also considered a perk: "The physical atmosphere at most locations is quite pleasant. Nicely landscaped campus-like settings, modern cafeterias, ATM's, company stores, on-site dry cleaners, and hair salons." At BMS's two largest locations (Plainsboro and Lawrenceville, New Jersey), the company offers on-site day care centers; Bristol-Myers is constructing centers at other locations, too.
Good company for women, minorities
BMS has received a fair amount of ink for its efforts in promoting a diverse workforce. In 1999, the company was named one of the best companies for working mothers by Working Mother, one of the top 25 public companies for working women by Working Women, and was only one of seven companies in the U.S. to be rated as "exceptional" by the National Council of Women for its efforts to create a workplace supportive of families. The company was also named to the 1999 Hispanic Corporate 100 by Hispanic magazine.
Flexibile career path
The "excellent training program" at the company leaves employees thoroughly prepared for the "challenges that everyday work at Bristol-Myers Squibb brings." A "free-thinking, independent" atmosphere "encourages creativity" and grants employees a high-level of autonomy in their daily tasks. BMS insiders also appreciate the ability to move around within the company: "one of the benefits of working for such a large company. If you don't feel comfortable in one place or doing one job, you can interview for another position. BMS is required to search internally before posting the job to the public."
Summing up, one employee reports that "my job is frustrating at times with some high stress periods, but is always challenging and rewarding." Continues that insider: "If they'd let me I'd like to work here until retirement!"
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Human Resources
Bristol-Myers Squibb Human Resources Dept., A23-041
P.O. Box 4000
Princeton
08543-4000
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Healthcare Drugs;Baby Formula;Wound Treatments;Orthopedic Support
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