Drug Pricing Investigation (Celgene and Bristol Myers Squibb—Revlimid)
This staff report describes the actions of Celgene Corporation and Bristol Myers Squibb Company in repeatedly raising the price of Revlimid, a critical drug to treat multiple myeloma and other forms of cancer. From 2005 to 2019, Celgene was the sole U.S. manufacturer of Revlimid. In November 2019, Bristol Myers Squibb acquired Celgene and, along with it, the rights to Revlimid. The Committee has reviewed more than 50,000 pages of internal communications and data from 2009 to the present regarding Revlimid. This staff report focuses primarily on Celgene’s pricing practices before it was acquired, and it provides additional information on Bristol Myers Squibb’s price increases since November 2019.