(Reuters) - Bristol Myers (NYSE:BMY) Squibb CEO Christopher Boerner said on Monday the drugmaker expects to add 16 new products to its portfolio by the end of the decade.
The drugmaker said it would focus on licensing, partnerships and bolt-on purchases as opposed to large acquisitions after signing two multi-billion dollar deals last month.
"Our focus is to continue to enrich this portfolio first and foremost, by advancing our internal pipeline and where it makes sense strategically and financially through business development," Boerner said at the JPMorgan Healthcare conference.
In December, Bristol Myers bought Karuna Therapeutics (NASDAQ:KRTX) for $14 billion, gaining a promising new type of antipsychotic medicine. It was followed by a $4.1 billion buyout of RayzeBio, bolstering its cancer drug business.
It acquired cancer drugmaker Mirati Therapeutics (NASDAQ:MRTX) for up to $5.8 billion in October, diversifying its oncology business and adding drugs it hopes can help offset expected lost revenue from patent expirations later this decade.
Bristol Myers reiterated its long-term forecast of greater than $10 billion of new-product sales in 2026.