US Stock Market Move | Bristol-Myers Squibb Company (BMY.US) falls 3%, Chief Medical Officer to leave on August 1st.

On Friday, Bristol-Myers Squibb Company (BMY.US) fell by 3% to $47.43 per share. In terms of news, Bristol-Myers Squibb Company announced today that Samit Hirawat, who is in charge of the company's new drug development, will be leaving on August 1st and will continue to serve as a consultant until November. The company stated that Hirawat's departure is to seek new opportunities. Cristian Massacesi, who previously served as the Chief Medical Officer at Astrazeneca PLC Sponsored ADR (AZN.US) and led the development of cancer drugs, will be taking over his position. Bristol-Myers Squibb Company is betting on a series of new drugs to make up for the declining sales of its old blockbuster drugs. The company's best-selling cancer immunotherapy drug, Opdivo, is expected to face pricing pressures by 2030, while its blood thinning drug, Eliquis, will face generic competition by 2028. Bristol-Myers Squibb Company also plans to cut expenses by around $3.5 billion by 2027, including laying off over 2000 employees and abandoning dozens of drugs currently in development.