BMS CEO says firm not pressured to pursue acquisitions despite quiet M&A year

BMS chief executive Chris Boerner told analysts on the second‑quarter earnings call that the company’s robust late‑stage pipeline means it does not feel any compulsion to chase deals.

The firm has been relatively quiet on the deal front this year, with only a $600 million upfront licensing agreement with China’s Hengrui Pharma and a $60 million upfront deal with Janux Therapeutics, a stark contrast to peers such as Eli Lilly, which has announced 11 buyouts, Merck’s $6.7 billion purchase of Terns Pharmaceuticals, and Pfizer’s $10 billion acquisition of obesity biotech Metsera.

BMS completed roughly $30 billion of transactions over the past two years, including the acquisitions of Orbital Therapeutics and 2seventy bio in 2025. Boerner added that the company would consider assets in therapeutic areas it knows well, provided the science is strong and the financial case is compelling.