How did BMY's tax strategy change in 2023-2024?

Bristol Myers Squibb's (BMY) tax strategy has evolved in response to various factors, including changes in their business operations, geographical expansion, and strategic collaborations. The key aspects of their tax strategy that have changed or evolved significantly include:

1. **Global Expansion and Strategic Collaborations**: BMY's entry into strategic collaborations, such as with the Access to Oncology Medicines (ATOM) Coalition, to expand access to its innovative treatments in low- and middle-income countries (LMICs). This expansion requires adapting tax strategies to navigate different regional tax regulations and optimize tax efficiencies across multiple jurisdictions.
2. **Investment in AI-Enhanced Diagnostics**: The partnership with Viz.ai to develop AI algorithms for disease detection, such as hypertrophic cardiomyopathy (HCM), has led to new clinical data demonstrating the effectiveness of these algorithms. This investment reflects a shift towards leveraging technology to improve diagnostic capabilities, which may have implications for tax strategies related to research and development tax credits.
3. **Positive CHMP Opinion for Lung Cancer Treatment**: BMY received a positive CHMP opinion for a perioperative regimen of neoadjuvant Opdivo followed by surgery and adjuvant Opdivo for resectable non-small cell lung cancer. This approval is part of BMY's broader strategy to address unmet needs in cancer treatment and may influence tax strategies related to intellectual property and licensing agreements.
4. **Focus on Dividend Payments and Shareholder Returns**: BMY has maintained a consistent track record of dividend payments, with a current yield of over 5%, making it an attractive stock for income-focused investors. This commitment to shareholder returns is a key aspect of their tax strategy, as it influences how they manage their tax liabilities and optimize cash flows to support dividend payments.

In summary, BMY's tax strategy has adapted to incorporate global expansion, technological innovation, and a continued focus on shareholder returns, while navigating the complexities of international tax regulations and ensuring compliance with local laws and regulations.