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The documentS–1Anthropic, PBC26 OCT 2026 · 421 PP.
01The original SEC filingThe authoritative source, in your browser.SEC · HTML 02Download the saved filingThe complete 421-page document, optimized for downloading.PDF · 46 MB 03Download the full researchFindings, customer examples, calculations, and source references.Markdown

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PDF page 221

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[Embedded graphic 1 — OCR text]
lh Bristol Myers Squibb

Customer since 2023

Speeding up new medicine discovery

Results

Employees with Claude
access (all)

30,000+

Internal data sources connected,
with thousands more under
consideration, via MCP integrations

Dozens

Time to answer a real-world
evidence question

~2mo>
~5 min

Background

Bristol Myers Squibb is one of the world’s largest
pharmaceutical companies. Over decades, it has amassed
one of the deepest scientific archives in the industry,
spanning research, clinical, manufacturing, and commercial
data. BMS wanted to connect its people, systems, and
institutional knowledge to unlock data and expertise long
trapped in the disconnected systems that define biopharma
today—across its entire value chain, from early drug
discovery through manufacturing quality and commercial
operations. The company began using Claude in 2023,
selecting Anthropic’s models for their large context
windows and high-quality reasoning.

Impact

In May 2026, BMS selected Claude Enterprise as its
company-wide AI platform, chosen for its agentic
capabilities, security posture for regulated environments,
and rapid pace of innovation. BMS first rolled out Claude
Code to its global developers and data scientists, now more
than 3,000 strong, freeing them from having to build and
maintain their own orchestration and agent infrastructure
so they could focus on building new products instead.
Along the way, BMS codified its design patterns and
technical stack into Claude Code through Skills and MCP
integrations, improving output consistency and
accelerating developer onboarding. The company is now
exploring how to extend this model to help scientists,
manufacturing teams, and sales representatives ramp up
faster and focus on higher-value work. As Claude Code was
adopted, BMS expanded its rollout and now plans to bring
Claude Cowork to all 30,000+ employees.

BMS is embedding Claude into the work of bringing
medicines from research to patients. Across the company, the

“Most enterprise AI stops at the chatbot. The
real prize is the untapped value still trapped
behind decades of data silos... Anthropic’s
Claude gives us the agentic capabilities, pace
of innovation, and security necessary to
connect our systems.”

Greg Meyers, EVP and Chief Digital and Technology
Officer at Bristol Myers Squibb

goal is to make decades of siloed data instantly accessible and
actionable, no matter where it lives or which function owns it.
Using Claude, researchers can query, work with, and analyze
company data directly instead of relying on dashboards built
by internal teams. Claude now works across the 30 to 40
external medical records and claims databases BMS
subscribes to, cutting the time to generate an answer to a real-
world data question from up to two months to five minutes or
less. Scientists connect lab notebooks and past studies to find
drug discovery opportunities and pursue investigations
faster, across a broader span of data. BMS's teams are already
exploring how Anthropic’s newly announced Claude Science
can help the company move faster across early-stage
discovery. That same spirit of exploration extends beyond the
lab: operations teams are beginning to query HR software
and IT service management systems in plain language,
without relying on engineering teams.

Each model generation widens the scope of work that BMS
entrusts to Claude. With Claude Opus, the company’s
experts are treating Claude as a PhD-level advisor and
thought partner. There are also several new use cases
currently under evaluation. Looking ahead, BMS is
considering how it might apply Claude’s most powerful
available models to explore autonomous task work with a
human in the loop. For example, an employee could hand
Claude a task—resolving an HR or IT request that spans
several systems, or connecting lab notebooks and past
studies to find new avenues for drug discovery—with
Claude reasoning through which internal systems to use
and how to structure the work, drawing on the company’s
library of MCP integrations.

This page includes text transcribed from an image. Check the original for tables, images, and exact formatting.

Find a section 16 starting points

Section links may begin before the exact paragraph cited in a finding. PDF numbers below use physical pages.

  1. Founders’ letterp. 3SEC
  2. Defined termsp. 12SEC
  3. Prospectus summaryp. 16SEC
  4. Risk factorsp. 38SEC
  5. Management’s discussion & analysisp. 144SEC
  6. Businessp. 190SEC
  7. Governancep. 254SEC
  8. Executive compensationp. 275SEC
  9. Related-person transactionsp. 293SEC
  10. Principal & selling stockholdersp. 299SEC
  11. Capital-stock rightsp. 303SEC
  12. Shares eligible for future salep. 318SEC
  13. Underwritingp. 327SEC
  14. Auditor change & expertsp. 345SEC
  15. Financial statements & notesp. 347SEC
  16. Part II & exhibit indexp. 413SEC

How this was made

Read in full.
Kept in context.

A snapshot of the filing dated , rather than a live record of later events.

3primary reviewers
421pages reviewed
43image instances checked

The review

Three primary reviewers read non-overlapping ranges of the complete main filing. All 43 embedded image instances were transcribed and visually reviewed, including the founders’ letter, charts, and customer case studies. Financial tables were also checked visually for dates, units, and column alignment.

A separate reviewer checked the draft’s calculations, accounting interpretations, and customer qualifications. An additional check covered the later merged findings. The result is 62 findings and 21 customer examples.

The boundary

Companion contracts and other exhibits named in the filing’s index are separate documents and were not independently reviewed. Customer outcomes, technical benchmarks, forecasts, and scientific priority claims remain attributed company or customer disclosures.

The numbers

Dollar figures are U.S. dollars. H1 means the six months ended June 30; Q2 means the three months ended June 30. The 2026 interim financial statements are unaudited. Our calculations show their inputs and are labeled separately from reported values.

Blank fields stay undisclosed. Figures with different periods, conditions, or potentially overlapping scopes are kept separate. An earlier tender price is not an IPO price.

What the evidence labels mean
Reported in filing
A company disclosure, with the period and accounting basis retained.
Company estimate / company claim
An estimate or assertion attributed to the company, with its uncertainty preserved.
Our calculation
A derived figure using cited inputs. It is not a separately reported company metric.
Customer example
A selected case study, with its measurement limits. It is not representative ROI.
Proposed / conditional
A status qualifier for an arrangement that is not yet effective or depends on stated conditions.

About updates. This edition is tied to the October 26, 2026 filing. Any later revision should identify its new source date and preserve the basis of earlier claims.

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A closer look at the filing

Anthropic · Form S-1PDF 1

Opening page 1…

Filed October 26, 2026. PDF is approximately 46 MB and opens only when requested. Section links may precede the exact cited paragraph.