BMY
SP100NYSEBristol-Myers Squibb Company
Healthcare · Drug Manufacturers - General · United States
Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, markets, distributes, and sells biopharmaceutical products worldwide. The company offers products for oncology, hematology, immunology, cardiovascular, and neuroscience indications. Its products include Opdivo for anti-cancer indications; Opdivo Qvantig, a subcutaneous PD-1 inhibitor for solid tumors; Orencia for active rheumatoid arthritis and psoriatic arthritis; Yervoy for the treatment of unresectable or metastatic melanoma; Reblozyl to treat anemia; Breyanzi for the treatment of relapsed or refractory large B-cell lymphoma; Opdualag to treat unresectable or metastatic melanoma; and Camzyos for the treatment of symptomatic obstructive HCM. The company also offers Zeposia to treat relapsing forms of multiple sclerosis; Abecma for the treatment of patients with relapsed or refractory multiple myeloma; Sotyktu to treat moderate-to-severe plaque psoriasis; Krazati for the treatment of KRASG12C-mutated locally advanced or metastatic non-small cell lung cancer (NSCLC); and Cobenfy to treat schizophrenia. In addition, it offers Eliquis for the reduction of risk of stroke/systemic embolism and for the treatment of DVT/PE; Revlimid, an oral immunomodulatory drug for multiple myeloma; Pomalyst/Imnovid for multiple myeloma; Sprycel for Philadelphia chromosome-positive chronic myeloid leukemia; and Abraxane to treat breast cancer. Further, the company provides Augtyro for the treatment of locally advanced or metastatic ROS1-positive NSCLC, as well as NSCLC and pancreatic cancer. It sells its products to wholesalers, distributors, specialty pharmacies, retailers, hospitals, clinics, and government agencies. The company has a strategic collaboration with Arcus Biosciences, Inc. to develop a treatment regimen that delivers tumor control in kidney cancer. The company was formerly known as Bristol-Myers Company. The company was founded in 1887 and is headquartered in Princeton, New Jersey.
www.bms.com ↗Shares trade at a moderate 16.3× trailing earnings, easing to 9.4× on forward estimates. Profitability shows a net margin of 15.0% and return on equity of 38.7%. Leverage is modest at 1.9× net debt/EBITDA. Revenue grew 2.6% year-on-year. It yields 4.3% in dividends. The mean analyst target of USD63.00 sits 8.4% above the current price (Buy, 24 analysts).
business model
Bristol-Myers Squibb is a global biopharmaceutical company that discovers, develops, and markets prescription drugs, with a strong focus on oncology, hematology, immunology, and cardiovascular disease. Revenue comes primarily from patented branded medicines sold worldwide, supported by a large R&D pipeline and periodic acquisitions.
revenue segments
Major products historically include the anticoagulant Eliquis (co-marketed with Pfizer), the cancer immunotherapy Opdivo, and the multiple myeloma drug Revlimid (acquired via Celgene), along with a growing portfolio of newer launches such as Reblozyl, Opdualag, Camzyos, and Sotyktu intended to offset patent expirations.
key dependencies
The company depends on patent protection and exclusivity periods, successful clinical trials and regulatory (FDA/EMA) approvals, the performance of a concentrated set of blockbuster drugs, and its ability to replace revenue from products losing exclusivity, notably Revlimid and later Eliquis and Opdivo.
competitors
It competes with large pharmaceutical and biotech peers including Merck (notably Keytruda in oncology), Pfizer, Johnson & Johnson, AbbVie, Novartis, AstraZeneca, and Roche, as well as generic and biosimilar manufacturers after patent expiry.
moat
BMY's moat rests on patent-protected drugs, deep expertise and franchises in oncology and immunology, high regulatory and R&D barriers to entry, and an extensive global commercialization and manufacturing infrastructure.
risks
Principal risks are patent cliffs and loss of exclusivity (Revlimid erosion, upcoming Eliquis/Opdivo expirations), clinical trial failures, pricing pressure from US drug-pricing reforms (Inflation Reduction Act) and payers, integration risk from large acquisitions, and litigation.
Financials & metrics
as of 26 Aug 2026Price is closer to the high end of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $48.20B | $48.30B | $45.01B | $46.16B | — |
| Cost of revenue | $13.94B | $13.97B | $10.69B | $10.14B | — |
| Gross profit | $34.26B | $34.33B | $34.31B | $36.02B | — |
| Operating expense | $20.54B | $28.45B | $26.12B | $26.92B | — |
| R&D | $9.95B | $11.16B | $9.30B | $9.51B | — |
| Operating income | $13.72B | $5.89B | $8.20B | $9.10B | — |
| Interest expense | $1.89B | $1.95B | $1.17B | $1.23B | — |
| Pretax income | $9.33B | -$8.38B | $8.44B | $7.71B | — |
| Tax provision | $2.27B | $554.00M | $400.00M | $1.37B | — |
| Net income | $7.05B | -$8.95B | $8.03B | $6.33B | — |
| EBITDA | $15.23B | $3.17B | $19.37B | $19.22B | — |
| Diluted EPS | $3.46 | -$4.41 | $3.86 | $2.95 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $90.04B | $92.60B | $95.16B | $96.82B | — |
| Current assets | $29.39B | $29.78B | $31.77B | $27.27B | — |
| Cash & equivalents | $10.21B | $10.35B | $11.46B | $9.12B | — |
| Inventory | $2.69B | $2.56B | $2.66B | $2.34B | — |
| Total liabilities | $71.53B | $76.22B | $65.67B | $65.70B | — |
| Current liabilities | $23.42B | $23.77B | $22.26B | $21.89B | — |
| Total debt | $47.14B | $51.20B | $41.46B | $40.72B | — |
| Long-term debt | $42.85B | $47.60B | $36.65B | $35.06B | — |
| Shareholders' equity | $18.47B | $16.34B | $29.43B | $31.06B | — |
| Retained earnings | $16.90B | $14.91B | $28.77B | $25.50B | — |
| Working capital | $5.97B | $6.01B | $9.51B | $5.38B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $14.16B | $15.19B | $13.86B | $13.07B | — |
| Investing cash flow | -$4.13B | -$21.35B | -$2.29B | -$1.06B | — |
| Financing cash flow | -$10.35B | $5.13B | -$9.42B | -$16.96B | — |
| Capital expenditure | -$1.31B | -$1.25B | -$1.21B | -$1.12B | — |
| Free cash flow | $12.85B | $13.94B | $12.65B | $11.95B | — |
| Dividends paid | -$5.04B | -$4.86B | -$4.74B | -$4.63B | — |
| Share buybacks | $0.00 | $0.00 | -$5.16B | -$8.00B | — |
| End cash position | $10.22B | $10.35B | $11.52B | $9.32B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 26 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 26 Aug 2026News
Sector peers
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