{"slug":"bristol-myers-squibb","name":"브리스톨 마이어스 스퀴브","name_en":"Bristol-Myers Squibb Company","ticker":"BMY","updated_at":"2026-09-11T18:43:29.256621+00:00","canonical":"https://valuechain.wiki/bristol-myers-squibb","citable":"밸류체인 그래프 기준 브리스톨 마이어스 스퀴브의 직접 연결 기업은 6곳(관계 기준 공급 1·매출 5)이고, 사슬을 2차까지 넓히면 9곳에 닿는다. 링크의 근거 출처는 9건이며 그중 1차공시가 4건이다 (valuechain.wiki, 2026-09-11 기준).","citable_en":"Per the valuechain.wiki graph, Bristol-Myers Squibb Company is directly linked to 6 companies (1 supply, 5 revenue relationships) and reaches 9 companies within two hops; the links are backed by 9 dated sources, 4 of them primary filings (as of 2026-09-11).","kicker":"혁신·레거시 바이오파마","kicker_en":"Global biopharma portfolio","lead":"브리스톨 마이어스 스퀴브는 항암제, 혈액질환제, 면역질환제와 심혈관·신경정신질환 치료제를 개발해 도매상과 유통망에 판매한다. 생산망 일부는 삼성바이오로직스와 Cellares 같은 외부 제조사에 맡기며, 성장 제품을 확보하기 위해 바이오기업 인수에도 자금을 쓴다.","lead_en":"Bristol Myers Squibb develops medicines in oncology, hematology, immunology, cardiovascular disease and neuropsychiatry and sells them primarily through wholesalers and distributors. It uses external manufacturers such as Samsung Biologics and Cellares for parts of its supply network and deploys capital to acquire new growth assets.","categories":[{"key":"oncology-adc","ko":"항암·ADC","en":"Oncology & ADCs","theme":"life-sciences","theme_ko":"바이오·헬스","theme_en":"Biopharma & Life Sciences","theme_kind":"sector","primary":true},{"key":"pharma-biotech","ko":"제약·바이오텍","en":"Pharmaceuticals & Biotechnology","theme":"life-sciences","theme_ko":"바이오·헬스","theme_en":"Biopharma & Life Sciences","theme_kind":"sector","primary":false}],"segments":{"parts":[{"name":"성장 포트폴리오","note":"Opdivo, Orencia, Yervoy, Reblozyl, Breyanzi, Camzyos, Cobenfy 등"},{"name":"레거시 포트폴리오","note":"Eliquis, Revlimid, Pomalyst/Imnovid, Sprycel, Abraxane 등"}],"total":"481억9400만달러 (FY2025 총매출, SEC 10-K XBRL)","track":"C"},"segments_en":{"parts":[{"name":"Growth Portfolio"},{"name":"Legacy Portfolio"}],"total":"$48.194 billion (FY2025 total revenue, SEC 10-K XBRL)"},"returns_yearly":{"2021":2.9,"2022":19,"2023":-26.1,"2024":15.8,"2025":0.1,"2026":14.5},"return_asof":"2026-10-09","value_chain":{"leading":[{"slug":"cardinal-health","name":"카디널 헬스","name_en":"Cardinal Health, Inc.","tier":3,"returns_yearly":{"2021":-0.4,"2022":54.1,"2023":34.1,"2024":19,"2025":76.3,"2026":21.1}},{"slug":"mckesson","name":"맥케슨","name_en":"McKesson Corporation","tier":3,"returns_yearly":{"2021":44.2,"2022":51.8,"2023":24.1,"2024":23.7,"2025":44.5,"2026":14.8}},{"slug":"cencora","name":"센코라","name_en":"Cencora, Inc.","tier":3,"returns_yearly":{"2021":44.1,"2022":26.3,"2023":25.3,"2024":10.4,"2025":51.5,"2026":-1.4}},{"slug":"lilly-eli","name":"일라이 릴리","name_en":"Lilly (Eli)","tier":2,"returns_yearly":{"2021":66.1,"2022":34.3,"2023":60.9,"2024":33.3,"2025":40.2,"2026":10.3}},{"slug":"regeneron-pharmaceuticals","name":"리제네론","name_en":"Regeneron Pharmaceuticals","tier":1,"returns_yearly":{"2021":30.7,"2022":14.2,"2023":21.7,"2024":-18.9,"2025":9,"2026":7.7}},{"slug":"abl-bio","name":"에이비엘바이오","name_en":"ABL Bio","tier":1,"returns_yearly":{"2021":15.9,"2022":-31.3,"2023":14.2,"2024":65.2,"2025":443.9,"2026":-63.9}}],"benefiting":[{"slug":"samsung-biologics","name":"삼성바이오로직스","name_en":"Samsung Biologics","tier":1,"returns_yearly":{"2021":-6.8,"2022":8.6,"2023":5.8,"2024":28.7,"2025":5,"2026":-30.1}},{"slug":"samsung-e-a","name":"삼성E&A","name_en":"Samsung E&A","tier":2,"returns_yearly":{"2021":74.5,"2022":20,"2023":-13.7,"2024":-15.9,"2025":76.7,"2026":56.7}},{"slug":"danaher","name":"다나허","name_en":"Danaher Corporation","tier":2,"returns_yearly":{"2021":48.6,"2022":-19,"2023":-1.2,"2024":-0.3,"2025":0.4,"2026":-3.4}},{"slug":"ecopro-hn","name":"에코프로에이치엔","name_en":"Ecopro HN","tier":3,"returns_yearly":{"2022":4.6,"2023":17,"2024":-47.7,"2025":38,"2026":-38.7}}],"analysis":"혁신·레거시 바이오파마 기업. 2026년 +28.1%다. 본주(+28.1%)가 수요단(평균 -63.9%)과 공급단(평균 -17.1%)을 모두 앞선다. 사슬보다 먼저 달린 만큼, 수요단 숫자가 따라오지 못하면 되돌림이 먼저 오는 자리다. 연결 노드 중 가장 앞선 곳은 삼성바이오로직스(-17.1%), 가장 처진 곳은 에이비엘바이오(-63.9%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"Bristol-Myers Squibb Company operates across Global biopharma portfolio. It is +28.1% in 2026. The stock (+28.1%) is ahead of both its demand side (avg -63.9%) and supply side (avg -17.1%). Having run ahead of its chain, it is the first spot to give back if customer numbers fail to follow. Among connected nodes the furthest ahead is Samsung Biologics (-17.1%) and the furthest behind is ABL Bio (-63.9%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It uses external manufacturers such as Samsung Biologics and Cellares for parts of its supply network and deploys capital to acquire new growth assets.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investment","counterparty":"카루나 테라퓨틱스","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2024-03-18","basis":"카루나 테라퓨틱스 인수 총대가","value":14000000000,"period":"acquisition completed 2024-03-18","basis_en":"Total consideration for the acquisition of Karuna Therapeutics","qualifier":null},"note":"BMS는 조현병 치료제 Cobenfy를 확보하기 위해 2024년 3월 카루나 테라퓨틱스를 인수했다. 총 대가는 140억달러였으며 인수 뒤 카루나는 BMS의 완전 자회사가 됐다.","note_en":"BMS acquired Karuna Therapeutics in March 2024 to obtain Cobenfy, a schizophrenia treatment with a novel mechanism of action. Total consideration was $14.0 billion, and Karuna became a wholly owned BMS subsidiary.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-11","url":"https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm","title":"BRISTOL MYERS SQUIBB CO 10-K (2026-02-11)","title_en":"BRISTOL MYERS SQUIBB CO 10-K (2026-02-11)","excerpt":"BMS는 카루나 주식 전부를 현금으로 인수했으며 총대가는 140억달러였다.","excerpt_en":"BMS acquired all Karuna common stock in an all-cash transaction for total consideration of $14.0 billion."},{"stance":"confirms","publisher":"메리츠증권 리서치센터","publisher_en":"Meritz Securities Research Center","kind":"research","lang":"ko","published_at":"2024-03-19","url":"https://home.imeritz.com/include/resource/research/WorkFlow/20240318154038001K_02.pdf","title":"오늘의 차트: 안정성을 추구하는 바이오파마 M&A","title_en":"Chart of the Day: Biopharma M&A Seeks Greater Certainty","excerpt":"현재의 경우 BMS-카루나(140억달러) 등의 메가딜이 진행 중에 있다.","excerpt_en":"The BMS-Karuna transaction, valued at $14 billion, was among the megadeals then in progress."},{"stance":"confirms","publisher":"퓨어테크 헬스","publisher_en":"PureTech Health plc","kind":"ir","lang":"en","published_at":"2024-03-18","url":"https://investors.puretechhealth.com/news-releases/news-release-details/14b-acquisition-prtcs-karuna-bms-completed","title":"BMS의 카루나 테라퓨틱스 140억달러 인수 완료","title_en":"Bristol Myers Squibb Completes Acquisition of PureTech's Founded Entity Karuna Therapeutics for $14 Billion","excerpt":"BMS는 주당 330달러, 총 지분가치 약 140억달러에 카루나 주식 전부를 인수했다.","excerpt_en":"BMS acquired all outstanding Karuna common stock for $330 per share, for approximately $14 billion in total equity value."}]},{"direction":"cost","counterparty":"Cellares","counterparty_slug":null,"confidence":"high","metric":{"type":"contract_value","unit":"USD","as_of":"2024-04-22","basis":"Cellares CAR-T 생산능력 예약 및 공급 계약의 선급금·마일스톤 포함 최대 거래가치","value":380000000,"period":"2024 agreement","basis_en":"Maximum transaction value, including upfront and milestone payments, under the Cellares CAR-T capacity reservation and supply agreement","qualifier":"up_to"},"note":"BMS는 Cellares의 자동화 플랫폼으로 일부 CAR-T 치료제를 임상·상업 규모로 생산하기 위한 글로벌 생산능력 예약 및 공급 계약을 맺었다. 선급금과 마일스톤을 합친 거래 가치는 최대 3억8000만달러다.","note_en":"BMS signed a worldwide capacity reservation and supply agreement with Cellares to manufacture selected CAR-T therapies at clinical and commercial scale. The transaction is valued at up to $380 million in upfront and milestone payments.","sources":[{"stance":"confirms","publisher":"브리스톨 마이어스 스퀴브","publisher_en":"Bristol Myers Squibb","kind":"ir","lang":"en","published_at":"2024-04-22","url":"https://news.bms.com/news/corporate-financial/2024/Bristol-Myers-Squibb-and-Cellares-Announce-a-380M-Worldwide-Capacity-Reservation-and-Supply-Agreement-for-the-Manufacture-of-CAR-T-Cell-Therapies-to-Bring-the-Promise-of-Cell-Therapy-to-More-Patients-Faster/default.aspx","title":"BMS와 Cellares, CAR-T 세포치료제 생산을 위한 3억8000만달러 글로벌 공급 계약 발표","title_en":"Bristol Myers Squibb and Cellares Announce a $380M Worldwide Capacity Reservation and Supply Agreement","excerpt":"계약의 최대 거래가치는 선급금과 마일스톤을 포함해 3억8000만달러다.","excerpt_en":"The transaction is valued up to $380M in upfront and milestone payments."}]},{"direction":"cost","counterparty":"삼성바이오로직스","counterparty_slug":"samsung-biologics","confidence":"high","metric":{"type":"contract_value","unit":"USD","as_of":"2023-09-18","basis":"2023년 발표된 BMS 면역항암제 위탁생산 계약 금액","value":242000000,"period":"2023-2030","basis_en":"Value of the BMS antibody cancer drug contract manufacturing agreement announced in 2023","qualifier":null},"note":"BMS는 삼성바이오로직스에 면역항암제 원료의약품 생산을 맡긴다. 2023년 발표된 계약은 2030년까지 2억4200만달러 규모였다.","note_en":"BMS contracts Samsung Biologics to manufacture drug substance for a commercial antibody cancer medicine. The agreement announced in 2023 was valued at $242 million through 2030.","sources":[{"stance":"confirms","publisher":"연합뉴스","publisher_en":"Yonhap News Agency","kind":"news","lang":"ko","published_at":"2023-09-18","url":"https://www.yna.co.kr/view/AKR20230918037800017","title":"삼바, BMS와 3천200억원대 CMO 계약…올해 누적수주 2조7천억원","title_en":"Samsung Biologics signs a KRW 320 billion CMO agreement with BMS","excerpt":"삼성바이오로직스는 BMS와 2억4천200만 달러 규모의 위탁생산 계약을 체결했다고 공시했다.","excerpt_en":"Samsung Biologics disclosed a $242 million contract manufacturing agreement with BMS."},{"stance":"confirms","publisher":"삼성바이오로직스","publisher_en":"Samsung Biologics","kind":"ir","lang":"en","published_at":"2023-09-18","url":"https://samsungbiologics.com/media/company-news/samsung-biologics-announces-expanded-strategic-agreement-with-bristol-myers-squibb","title":"삼성바이오로직스, BMS와 항체 항암제 원료의약품 생산 전략적 계약 확대 발표","title_en":"Samsung Biologics announces expanded strategic agreement with Bristol Myers Squibb to manufacture antibody cancer drug substance","excerpt":"삼성바이오로직스는 송도 4공장에서 BMS의 항체 항암제 원료의약품을 대규모 생산한다.","excerpt_en":"Samsung Biologics will provide drug substance manufacturing for an antibody cancer drug substance at Plant 4."}]},{"direction":"revenue","counterparty":"맥케슨","counterparty_slug":"mckesson","confidence":"high","metric":{"type":"revenue_share","unit":"percent","as_of":"2026-02-11","basis":"BMS 미국 총매출 중 맥케슨 대상 총매출 비중","value":36,"period":"FY2025","basis_en":"Gross revenue to McKesson as a share of BMS U.S. gross revenue","qualifier":null},"note":"맥케슨은 BMS의 가장 큰 미국 의약품 도매 고객이다. 2025년 맥케슨 대상 총매출은 BMS 미국 총매출의 36%였고, 전년 34%에서 높아졌다.","note_en":"McKesson is BMS's largest U.S. pharmaceutical wholesale customer. Gross revenue to McKesson represented 36% of BMS's U.S. gross revenue in 2025, up from 34% in 2024.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-11","url":"https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm","title":"BRISTOL MYERS SQUIBB CO 10-K (2026-02-11)","title_en":"BRISTOL MYERS SQUIBB CO 10-K (2026-02-11)","excerpt":"2025년 미국 총매출 중 맥케슨 대상 총매출 비중은 36%였다.","excerpt_en":"McKesson Corporation | 36% | 34% | 33%."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-02-12","url":"https://www.sec.gov/Archives/edgar/data/14272/000001427225000039/bmy-20241231.htm","title":"BRISTOL MYERS SQUIBB CO 2024 Form 10-K","title_en":"BRISTOL MYERS SQUIBB CO 2024 Form 10-K","excerpt":"2024년 미국 총매출 중 맥케슨 대상 총매출 비중은 34%였다.","excerpt_en":"McKesson Corporation | 34% | 33% | 32%."}]},{"direction":"revenue","counterparty":"센코라","counterparty_slug":"cencora","confidence":"high","metric":{"type":"revenue_share","unit":"percent","as_of":"2026-02-11","basis":"BMS 미국 총매출 중 센코라 대상 총매출 비중","value":29,"period":"FY2025","basis_en":"Gross revenue to Cencora as a share of BMS U.S. gross revenue","qualifier":null},"note":"센코라는 BMS의 두 번째로 큰 미국 의약품 도매 고객이다. 2025년 센코라 대상 총매출은 BMS 미국 총매출의 29%였다.","note_en":"Cencora is BMS's second-largest U.S. pharmaceutical wholesale customer. Gross revenue to Cencora represented 29% of BMS's U.S. gross revenue in 2025.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-11","url":"https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm","title":"BRISTOL MYERS SQUIBB CO 10-K (2026-02-11)","title_en":"BRISTOL MYERS SQUIBB CO 10-K (2026-02-11)","excerpt":"2025년 미국 총매출 중 센코라 대상 총매출 비중은 29%였다.","excerpt_en":"Cencora, Inc. | 29% | 29% | 29%."}]},{"direction":"revenue","counterparty":"카디널 헬스","counterparty_slug":"cardinal-health","confidence":"high","metric":{"type":"revenue_share","unit":"percent","as_of":"2026-02-11","basis":"BMS 미국 총매출 중 카디널 헬스 대상 총매출 비중","value":22,"period":"FY2025","basis_en":"Gross revenue to Cardinal Health as a share of BMS U.S. gross revenue","qualifier":null},"note":"카디널 헬스는 BMS의 3대 미국 의약품 도매 고객이다. 2025년 카디널 헬스 대상 총매출은 BMS 미국 총매출의 22%였다.","note_en":"Cardinal Health is one of BMS's three largest U.S. pharmaceutical wholesale customers. Gross revenue to Cardinal Health represented 22% of BMS's U.S. gross revenue in 2025.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-11","url":"https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm","title":"BRISTOL MYERS SQUIBB CO 10-K (2026-02-11)","title_en":"BRISTOL MYERS SQUIBB CO 10-K (2026-02-11)","excerpt":"2025년 미국 총매출 중 카디널 헬스 대상 총매출 비중은 22%였다.","excerpt_en":"Cardinal Health, Inc. | 22% | 22% | 23%."}]},{"direction":"revenue","counterparty":"리제네론","counterparty_slug":"regeneron-pharmaceuticals","confidence":"high","metric":null,"note":"브리스톨 마이어스 스퀴브는 계열사를 통해 오노약품과 함께 Libtayo 개발·판매에 필요한 특허를 리제네론과 사노피에 라이선스했으며, 리제네론은 라이선서 그룹에 로열티를 지급하지만 브리스톨 마이어스 스퀴브 몫은 따로 공개되지 않았다.","note_en":"Bristol-Myers Squibb licensed patents needed to develop and sell Libtayo to Regeneron and Sanofi through its entities together with Ono Pharmaceutical, with Regeneron paying royalties to the licensor group while the portion attributable specifically to Bristol-Myers Squibb is not disclosed.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-04","url":"https://www.sec.gov/Archives/edgar/data/872589/000087258926000008/regn-20251231.htm","title":"REGENERON PHARMACEUTICALS, INC. 10-K (2026-02-04)","title_en":"REGENERON PHARMACEUTICALS, INC. 10-K (2026-02-04)","excerpt":"해당 라이선스에는 매출 연동 로열티 지급 의무가 있다.","excerpt_en":"royalties of 2.5%"}]},{"direction":"revenue","counterparty":"에이비엘바이오","counterparty_slug":"abl-bio","confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"에이비엘바이오의 위암 이중항체 ABL111 삼중병용 임상에 옵디보(니볼루맙)를 공급. 임상 병용 약물 공급 관계로 금액 미공개.","note_en":"Supplies Opdivo (nivolumab) to ABL Bio's ABL111 gastric-cancer bispecific triple-combination trial; a clinical combination-supply arrangement with undisclosed value.","sources":[{"stance":"confirms","publisher":"금융감독원 전자공시","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-12","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260312000744","title":"에이비엘바이오 사업보고서 (2025.12)","title_en":"ABL Bio Annual Business Report (FY2025)","excerpt":"ABL111 BMS 사와 삼중병용임상 '옵디보' 공급 계약 체결","excerpt_en":"Signed an Opdivo supply agreement with BMS for the ABL111 triple-combination trial"}]}]}