Bristol Myers Squibb History: The Penicillin Pioneers

Bristol-Myers Squibb Company

Pharmaceuticals and BiotechnologyFounded 1989

Reviewed by Swet Parvadiya

Last reviewed: September 12, 2026

Market Data Current As Of: September 12, 2026

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Founders

Edward Robinson Squibb

Bristol-Myers Squibb is the product of a 1989 mega-merger between two historic, distinct American pharmaceutical companies: Bristol-Myers and E.R. Squibb & Sons. The older of the two companies, Squibb, was founded in 1858 in Brooklyn, New York, by Dr. Edward Robinson Squibb. Dr. Squibb was an idealistic physician who had served in the US Navy. He was appalled by the horrific quality of medicines available during the era; anesthetics like ether were often impure, resulting in patient deaths or agonizing pain during surgery. Driven by a moral imperative, he invented a method for the continuous distillation of ether, ensuring chemical purity. He famously refused to patent his invention, freely publishing his findings for the benefit of humanity. Squibb built his company on the principle of quality control, eventually becoming a supplier of reliable medicines to the Union Army during the Civil War. Conversely, Bristol-Myers was founded in 1887 in Clinton, New York, by William McLaren Bristol and John Ripley Myers, two alumni of Hamilton College. They purchased a struggling pharmaceutical company for $5,000. Unlike Dr. Squibb, Bristol and Myers were not scientists; they were aggressive, brilliant marketers. Their foundational success came not from life-saving medicines, but from high-volume consumer products. In the early 20th century, they achieved national success with Sal Hepatica (a laxative mineral salt) and Ipana (the first toothpaste to contain a disinfectant). For decades, Bristol-Myers operated heavily as a profitable consumer products and toiletries company, only pivoting back toward prescription pharmaceuticals following World War II, setting the stage for the 1989 merger that united Squibb's scientific rigor with Bristol-Myers' commercial power.

Clinton F. Bristol

Clinton F. Bristol was born in 1853 in Massachusetts, and after a brief career in the patent medicine industry, he recognized a critical flaw in the consumer health market of the late 19th century: the efficacy of over-the-counter medicines was entirely dependent on the inconsistent quality of their ingredients, a problem that plagued consumers and limited the scalability of treatments. His decision to co-found the Clinton Pharmaceutical Company in 1887 was driven by the explicit goal of applying industrial manufacturing principles to the production of proprietary medicines, ensuring that every batch contained a precise, standardized dose of the active compound. This focus on standardization was not merely a quality control measure; it was a revolutionary business strategy that allowed the company to build brand trust, scale production, and establish a distribution network that would eventually span the globe. Bristol's shrewd business acumen and his willingness to invest heavily in proprietary manufacturing processes allowed the young company to carve out a niche in the growing market for patented, branded medicinal products, despite intense competition from established chemical manufacturers. His leadership laid the groundwork for the company's subsequent pivot to the industrial production of antibiotics and other complex biologics in the mid-20th century, a move that would transform the company into a global biopharmaceutical powerhouse and generate the cash flows that funded its entry into the oncology and cardiovascular markets. Bristol's legacy is defined by his understanding that the future of healthcare lay in bringing scientific rigor and industrial efficiency to the business of human health, a philosophy that remains the bedrock of the organization's operations today.

Key Milestones

1858

Foundation of Squibb

Edward Robinson Squibb founded the company in Brooklyn, New York, with the explicit vision of producing chemicals and medicines of the highest possible purity, establishing the foundational business model of rigorous scientific quality control and industrial-scale pharmaceutical manufacturing.

1887

Foundation of Bristol-Myers

Clinton F. Bristol and John K. Bristol co-founded the Clinton Pharmaceutical Company in Clinton, Massachusetts, with the vision of producing standardized, high-quality proprietary medicines, establishing the foundational business model of scalable, reliable consumer health manufacturing.

1940

Industrial Production of Penicillin

Squibb achieved the commercial-scale production of penicillin, followed by the rapid commercialization of other antibiotics, transforming the company from a modest chemical manufacturer into a global biopharmaceutical powerhouse and capturing a dominant market share in the anti-infective market.

1989

Merger of Bristol-Myers and Squibb

Bristol-Myers and Squibb completed a $12.0 billion merger, combining the deep scientific expertise and oncology franchise of Squibb with the commercial infrastructure and consumer health portfolio of Bristol-Myers, creating a global biopharmaceutical entity with the scale and resources to compete with the largest players in the industry.

2011

Approval of Yervoy

The FDA approved Yervoy (ipilimumab), the first immune checkpoint inhibitor to demonstrate a survival benefit in advanced melanoma, establishing the organization's leadership in the immuno-oncology market and generating billions of dollars in annual revenue.

2014

Approval of Eliquis

The FDA approved Eliquis (apixaban) for the prevention of stroke and systemic embolism in patients with non-valvular atrial fibrillation, establishing the organization's leadership in the cardiovascular market and generating over $13.0 billion in annual revenue by FY2024.

2019

Acquisition of Celgene

The organization completed the $74.0 billion acquisition of Celgene, securing full ownership of the hematology franchise led by Revlimid and Pomalyst, and integrating Celgene's world-class immunology and inflammation research capabilities directly into its global R&D pipeline.

2023

Acquisition of Karuna, Mirati, and RayzeBio

The organization deployed $33.0 billion to acquire Karuna Therapeutics ($14.0B), Mirati Therapeutics ($5.8B), and RayzeBio ($4.1B), securing exclusive rights to next-generation modalities in neuroscience (Cobenfy), targeted oncology (KRAS inhibitors), and radiopharmaceuticals, transforming the portfolio.

2024

FY2024 Financial Results

The organization reported consolidated net revenues of $45.0 billion for FY2024, with the Pharmaceuticals division contributing the vast majority of this total through the sale of high-margin biologics, small molecules, and targeted therapies, while allocating approximately $10.5 billion to research and development.

2024

Approval of Cobenfy

The FDA approved Cobenfy (xanomeline and trospium chloride), the first muscarinic agonist for the treatment of schizophrenia in over 30 years, representing a major breakthrough in neuroscience and a potential blockbuster asset for the organization.

2025

FY2025 annual update

In 2025 Bristol Myers Squibb reported $48.194B in total revenues and $7.054B of net earnings attributable to BMS, while its Growth Portfolio rose 17%.

Major Acquisitions

Celgene

2019

The organization completed the full acquisition of Celgene for $74.0 billion to secure full ownership of the hematology franchise led by Revlimid and Pomalyst, and to integrate Celgene's world-class immunology and inflammation research capabilities directly into its global R&D pipeline.

Karuna Therapeutics

2023

The organization acquired Karuna Therapeutics for $14.0 billion to secure exclusive rights to KarXT (Cobenfy), a novel muscarinic agonist for the treatment of schizophrenia, marking a decisive and aggressive entry into the lucrative neuroscience therapeutic area.

Mirati Therapeutics

2023

The organization acquired Mirati Therapeutics for $5.8 billion to secure exclusive rights to the KRAS inhibitor franchise, targeting the notoriously difficult-to-drug G12C and G12D mutations found in a significant percentage of non-small cell lung cancer, colorectal cancer, and pancreatic cancer cases.

RayzeBio

2022

The organization acquired RayzeBio for $4.1 billion to establish its leadership in the rapidly growing field of radiopharmaceutical therapies, securing a proprietary actinium-225 and yttrium-90 pipeline targeting somatostatin receptor-expressing neuroendocrine tumors and prostate-specific membrane antigen-expressing prostate cancers.

Bristol-Myers Squibb Company History FAQ

What are the defining historical milestones for Bristol-Myers Squibb Company?

Since its establishment in 1989, Bristol-Myers Squibb Company expanded from an early-stage venture into a recognized leader in Pharmaceuticals and Biotechnology, overcoming key market challenges.

What major strategic pivots shaped Bristol-Myers Squibb Company's evolution?

Over its history, Bristol-Myers Squibb Company executed decisive strategic pivots toward scalable monetization and digital distribution, securing its current market leadership.

How has Bristol-Myers Squibb Company adapted to recent industry disruptions?

By continually modernizing operations and embracing workflow automation, Bristol-Myers Squibb Company maintains resilience through changing technological and economic cycles.

Founders

Edward Robinson Squibb

Clinton F. Bristol

Key Milestones

1858

Foundation of Squibb

1887

Foundation of Bristol-Myers

1940

Industrial Production of Penicillin

1989

Merger of Bristol-Myers and Squibb

2011

Approval of Yervoy

2014

Approval of Eliquis

2019

Acquisition of Celgene

2023

Acquisition of Karuna, Mirati, and RayzeBio

2024

FY2024 Financial Results

2024

Approval of Cobenfy

2025

FY2025 annual update

In 2025 Bristol Myers Squibb reported $48.194B in total revenues and $7.054B of net earnings attributable to BMS, while its Growth Portfolio rose 17%.

Major Acquisitions

Celgene

2019

Karuna Therapeutics

2023

Mirati Therapeutics

2023

RayzeBio

2022

Bristol-Myers Squibb Company History FAQ

What are the defining historical milestones for Bristol-Myers Squibb Company?

Since its establishment in 1989, Bristol-Myers Squibb Company expanded from an early-stage venture into a recognized leader in Pharmaceuticals and Biotechnology, overcoming key market challenges.

What major strategic pivots shaped Bristol-Myers Squibb Company's evolution?

Over its history, Bristol-Myers Squibb Company executed decisive strategic pivots toward scalable monetization and digital distribution, securing its current market leadership.

How has Bristol-Myers Squibb Company adapted to recent industry disruptions?

By continually modernizing operations and embracing workflow automation, Bristol-Myers Squibb Company maintains resilience through changing technological and economic cycles.

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Founding Story

Founders

Edward Robinson Squibb

Clinton F. Bristol

Key Milestones

Foundation of Squibb

Foundation of Bristol-Myers

Industrial Production of Penicillin

Merger of Bristol-Myers and Squibb

Approval of Yervoy

Approval of Eliquis

Acquisition of Celgene

Acquisition of Karuna, Mirati, and RayzeBio

FY2024 Financial Results

Approval of Cobenfy

FY2025 annual update

Major Acquisitions

Celgene

Karuna Therapeutics

Mirati Therapeutics

RayzeBio

Bristol-Myers Squibb Company History FAQ

What are the defining historical milestones for Bristol-Myers Squibb Company?

What major strategic pivots shaped Bristol-Myers Squibb Company's evolution?

How has Bristol-Myers Squibb Company adapted to recent industry disruptions?

Related Companies

Compare Bristol-Myers Squibb Company History With Competitors

Related Competitor Intelligence

Eli Lilly and Company

Novartis AG

Novo Nordisk A/S

Bausch Health Companies Inc.

Pfizer

Merck

Founding Story

Founders

Edward Robinson Squibb

Clinton F. Bristol

Key Milestones

Foundation of Squibb

Foundation of Bristol-Myers

Industrial Production of Penicillin

Merger of Bristol-Myers and Squibb

Approval of Yervoy

Approval of Eliquis

Acquisition of Celgene

Acquisition of Karuna, Mirati, and RayzeBio

FY2024 Financial Results

Approval of Cobenfy

FY2025 annual update

Major Acquisitions

Celgene

Karuna Therapeutics

Mirati Therapeutics

RayzeBio

Bristol-Myers Squibb Company History FAQ

What are the defining historical milestones for Bristol-Myers Squibb Company?

What major strategic pivots shaped Bristol-Myers Squibb Company's evolution?

How has Bristol-Myers Squibb Company adapted to recent industry disruptions?

Related Companies

Compare Bristol-Myers Squibb Company History With Competitors