Bristol Myers Squibb Publishes 2022 ESG Report

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KnowESG_Bristol Myers Squibb Publishes 2022 ESG Report
Image courtesy of Bristol Myers Squibb

Bristol Myers Squibb has unveiled its 2022 Environmental, Social, and Governance (ESG) Report, a comprehensive document that delves into the company's aspirations, tactics, and accomplishments across four critical ESG realms: ethics, integrity, and quality; health equity and access to healthcare; global inclusion and diversity; and environmental sustainability.

As a prominent player in the biopharmaceutical field, Bristol Myers Squibb remains steadfast in its mission to pioneer inventive medicines that empower patients to conquer severe ailments.

The company's ESG strategy seamlessly intertwines with its core purpose and draws from an extensive history of worldwide sustainability initiatives, aiming not only to enhance business value but also to positively influence patients, staff, communities, and the environment.

Giovanni Caforio, Chief Executive Officer of Bristol Myers Squibb, underlines the significance of ESG in fortifying the company's well-being and long-term growth, acknowledging the potential of a robust ESG programme to enhance risk management and facilitate enduring value generation.

Caforio expresses immense pride in the strides made by the company's teams towards ESG achievements and maintains confidence in Bristol Myers Squibb's ongoing positive contributions to the global populace and the planet.

Earlier this year, Bristol Myers Squibb embarked on a global dual ESG materiality assessment designed to capture evolving stakeholder perspectives and ensure that its ESG blueprint remains attuned to the swiftly evolving landscape. The insights gleaned from this evaluation will shape forthcoming refinements to the company's ESG priorities, optimising their impact and measurability.

Highlights of Bristol Myers Squibb's accomplishments in 2022 include:

  • Advancements in innovative medicine pipeline: In the span of a single year, the company secured approvals for 18 new medicines, additional applications, and modified forms of existing drugs across major markets, all designed to transform patients' lives.

  • Strides in inclusion, diversity, and health equity: Bristol Myers Squibb has distributed nearly $100 million since 2020 through 481 grants that reached over 10 million individuals, underscoring its commitment to achieving $150 million by 2025.

  • Enhancing clinical trial diversity: The company successfully integrated 58% of clinical trial sites into some of the most ethnically and racially diverse metropolitan regions in the United States, surpassing its initial 25% target three years ahead of schedule. This accomplishment earned Bristol Myers Squibb a prestigious Gold Badge rating on the Bioethics International Scorecard in recognition of its efforts to bolster clinical trial diversity.

  • Amplified access to underserved communities: A dedicated cross-functional team was launched to tackle the unique challenges faced by Lower- and Middle-Income Countries (LMICs), which collectively represent 80% of the global population.

  • Advancements in supplier diversity: By directing over $1 billion to suppliers from underrepresented groups, women, veterans, LGBTQ+, individuals with disabilities, and other diverse communities, the company cemented its commitment to expanding and sustaining this positive trend.

  • Reducing the ecological footprint: Bristol Myers Squibb made substantial progress towards its environmental commitments, including diverting around 83.5% of waste from landfills. Notably, the company achieved an 8.2% reduction in Scope 1, 2, and 3 GHG emissions compared to 2021.

  • Progress in climate action: The company formalised its commitment to the Science Based Targets initiative (SBTi) by submitting a letter outlining plans for science-based emissions reduction targets. In a significant move, Bristol Myers Squibb also entered into a 15-year virtual power purchase agreement (VPPA) for 60 megawatts (MW) of energy from the 240-MW Cattlemen Solar Park in Texas, contributing to its goal of sourcing 100% of electricity from renewable sources by 2030.

  • Fortified ESG oversight and responsibility: The establishment of an ESG Council and the release of the ESG Governance Operating Model bolstered Bristol Myers Squibb's ESG governance, outlining clear roles and duties related to sustainability matters at both the Board and Management levels and fostering heightened accountability throughout the organisation.

  • Integration of ESG metrics in executive compensation: A novel ESG Scorecard was introduced to the executive compensation framework, evaluating achievements against environmental and social targets and better aligning executive incentives with the company's overarching strategy.

This year, Bristol Myers Squibb will present its inaugural report based on the Task Force on Climate-Related Financial Disclosures (TCFD) guidelines, further showcasing its commitment to transparency and responsible business practices.

For further insights, delve into Bristol Myers Squibb’s complete 2022 ESG Report.

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