USA — Bristol Myers Squibb (BMS) has announced that its current CEO, Giovanni Caforio will be stepping down from his role in November and will be replaced by the company’s Chief Commercialization Officer, Christopher Boerner.
Boerner, who has been with BMS since 2015, has been named the Chief Operating Officer until he officially takes over as CEO later this year.
Previously, in 2018, Boerner was elevated to the role of Chief Commercial Officer after BMS announced its acquisition of Celgene.
Before joining BMS, Boerner held several leadership positions at Seattle Genetics and Roche’s Genentech, where he helped build BMS’ immuno-oncology presence, grow its cardiovascular franchise, and launch multiple new medicines.
Caforio has praised Boerner’s strategic focus, passion for science, and commitment to patients, which have all contributed to BMS’ commercial success during his tenure.
Under Caforio’s leadership, BMS tripled its revenue, largely due to the Celgene acquisition. During his tenure, the company launched 12 new medicines, including five first-in-class drugs for various disease areas.
Boerner’s appointment as COO and incoming CEO comes at a time when BMS faces a critical challenge.
The U.S. patents protecting the blockbuster drugs Eliquis and Opdivo are set to expire in 2026 and 2028, respectively, while Revlimid is already facing limited generic competition, which could cause a significant dent in BMS’ sales.
Together, these three drugs accounted for US$30 billion, or 65%, of Bristol Myers’ US$46 billion in sales last year.
However, BMS has a robust pipeline of drugs, including the new psoriasis drug Sotyktu and heart drug Camzyos, and estimates that each of these drugs can earn US$4 billion or more by 2030, with another two drugs also forecasted to earn US$3 billion or more by the same year.
Adam Lenkowsky, currently BMS’ Head of Major Markets, will be taking over Boerner’s previous position as Chief Commercial Officer with immediate effect.
Caforio took over as CEO from Lamberto Andreotti in 2015, after having worked in various roles across the company, including as Chief Commercial Officer and COO.
During his tenure as CEO, Bristol Myers developed Eliquis, a blood thinner, and Opdivo, a cancer immunotherapy, into blockbuster medicines.
The company also made significant acquisitions, including the US$74 billion purchase of Celgene, which brought in the fast-selling blood cancer treatment, Revlimid, and cancer cell therapies Abecma and Breyanzi, which now feature prominently in Bristol Myers’ plans.
However, the company also had some setbacks under Caforio’s leadership. A clinical development plan for Opdivo backfired, allowing rival Merck & Co. to take a leading position in the market for cancer immunotherapies.
Additionally, a big bet on an experimental immunotherapy developed by biotechnology company Nektar Therapeutics didn’t pan out.
BMS is not alone in recent CEO changes among large biopharma companies. Roche, Bayer, Biogen, Seagen, Astellas, Teva, and Viatris are among the others who have recently named new CEOs.
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