BMS R&D Head to Depart Amid Major Restructure
Bristol Myers Squibb is combining its research and development into a single unit as the pharmaceutical giant faces impending patent expirations for its top-selling drugs. Chief Research Officer Robert Plenge will step down, with Chief Medical Officer Cristian Massacesi taking over the unified team to accelerate drug development.
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Restructure Details
Bristol Myers Squibb announced a major reorganization to merge its early research and clinical development into a single organization, effective at the start of next year. Robert Plenge, the Chief Research Officer, is set to leave his role by the end of the year and transition to an advisory capacity through March 2027. Cristian Massacesi, currently the Chief Medical Officer and development head, will lead the new unified R&D division.
Pipeline Pressures
According to the company, the move is designed to accelerate pipeline development and better integrate new technology. BMS is under mounting pressure as two of its blockbuster drugs, Eliquis and Opdivo, approach patent cliffs. Together, these two medications accounted for roughly half of the company's $48.2 billion total revenue, leaving analysts concerned about the risk profile of upcoming pipeline replacements like Cobenfy and milvexian.
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