olivLaw · US equity research
Bristol Myers Squibb Company BMY
Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)
Bristol Myers Squibb (BMY) reported total revenues of $48.2 billion in fiscal 2025 and $13.0 billion in the second quarter of 2026, up 6%. The Growth Portfolio rose 15% in the second quarter of 2026, and the company raised its 2026 revenue guidance to $49.0-50.0 billion.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Bristol Myers Squibb Company (BMY) stock was 64.19 USD (+4.02% on the day), with market capitalisation 131.2 bn USD, P/E 14.2 on diluted EPS of 4.51 USD over the last 12 months, dividend yield 3.93%, beta 0.26, 52-week range 45.79–68.09 USD. Latest reported quarter (Q3 2026): revenue of 13.1 bn USD (+6.9% YoY), net income of 2.2 bn USD (−1.8% YoY), diluted EPS 1.05 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 59.1
- strong (55–70)
- Bollinger (20, 2)
- 57.10 – 64.42
- in the upper half of the band · %B 0.97 · band width 12.0%
- SMA 50 / 200
- 62.53 / 60.06
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.31 / -0.13
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +9.1% | −1.1% | +10.2 pp | — |
| 3 months | +0.9% | −0.5% | +1.3 pp | — |
| 6 months | +13.4% | +4.4% | +9.0 pp | — |
| Year to date | +19.0% | +12.3% | +6.7 pp | — |
| 1 year | +40.8% | +13.5% | +27.3 pp | +25.9% |
| 3 years | +21.5% | +76.4% | −54.9 pp | +90.4% |
| 5 years | +8.0% | +63.7% | −55.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 12.3 bn | 11.2 bn | 12.3 bn | 12.2 bn | 12.5 bn | 11.5 bn | 13.0 bn | 13.1 bn |
| Cost of revenue | 4.8 bn | 3.0 bn | 3.4 bn | 3.4 bn | 4.1 bn | 3.4 bn | 3.7 bn | 4.1 bn |
| Research & development | 3.2 bn | 2.3 bn | 2.6 bn | 2.5 bn | 2.6 bn | 2.6 bn | 3.0 bn | 2.4 bn |
| SG&A | 2.1 bn | 1.6 bn | 1.7 bn | 1.8 bn | 2.2 bn | 1.6 bn | 1.8 bn | 1.7 bn |
| Depreciation & amortisation | 1.9 bn | 1.0 bn | 1.0 bn ≈ | 1.0 bn ≈ | 977.0 m | 594.0 m | 594.0 m ≈ | 626.0 m ≈ |
| Interest expense | 496.0 m | 494.0 m | 485.0 m | 480.0 m | 432.0 m | 411.0 m | 407.0 m | 403.0 m |
| Pre-tax income | 175.0 m | 3.0 bn | 1.8 bn | 3.1 bn | 1.5 bn | 3.2 bn | 4.1 bn | 2.5 bn |
| Income tax | 99.0 m | 509.0 m | 460.0 m | 919.0 m | 384.0 m | 561.0 m | 770.0 m | 374.0 m |
| Net income | 72.0 m | 2.5 bn | 1.3 bn | 2.2 bn | 1.1 bn | 2.7 bn | 3.3 bn | 2.2 bn |
| Diluted EPS | 0.04 ≈ | 1.20 | 0.64 | 1.08 | 0.53 ≈ | 1.31 | 1.62 | 1.05 |
| Operating cash flow | 4.4 bn | 2.0 bn | 3.9 bn ≈ | 6.3 bn ≈ | 2.0 bn | 1.1 bn | 3.4 bn ≈ | 4.2 bn ≈ |
| Capex | 378.0 m | 260.0 m | 361.0 m ≈ | 320.0 m ≈ | 370.0 m | 347.0 m | 305.0 m ≈ | 344.0 m ≈ |
| Dividends paid | 1.2 bn | 1.3 bn | 1.3 bn ≈ | 1.3 bn ≈ | 1.3 bn | 1.3 bn | 1.3 bn ≈ | 1.3 bn ≈ |
| Share repurchases | 0 | — | — | — | — | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 12 percentile of its own 34-quarter history (min 12.0, median 21.2, max 240.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 22.6 bn | 26.1 bn | 42.5 bn | 46.4 bn | 46.2 bn | 45.0 bn | 48.3 bn | 48.2 bn |
| Revenue YoY | +8.6% | +15.9% | +62.6% | +9.1% | −0.5% | −2.5% | +7.3% | −0.2% |
| Net income | 4.9 bn | 3.4 bn | -9.0 bn | 7.0 bn | 6.3 bn | 8.0 bn | -8.9 bn | 7.1 bn |
| Net income YoY | +388.6% | −30.1% | −362.1% | unavailable | −9.5% | +26.8% | −211.5% | unavailable |
| Diluted EPS | 3.01 | 2.01 | -3.99 | 3.12 | 2.95 | 3.86 | -4.41 | 3.46 |
| Diluted EPS YoY | +393.4% | −33.2% | −298.5% | unavailable | −5.4% | +30.8% | −214.2% | unavailable |
| net % | 21.8% | 13.2% | -21.2% | 15.1% | 13.7% | 17.8% | -18.5% | 14.6% |
| Free cash flow | 6.1 bn | 7.4 bn | 13.3 bn | 15.2 bn | 11.9 bn | 12.7 bn | 13.9 bn | 12.8 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 10.2 bn USD
- Financial debt
- 45.1 bn USD
- Net debt
- 34.9 bn USD
- Equity
- 18.5 bn USD
- Total assets
- 90.0 bn USD
- Debt / equity
- 2.44x
- Current ratio
- 1.26x
- ROE
- 40.4%
- ROA
- 7.7%
- FCF margin
- 26.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 42.5 bn | 46.4 bn | 46.2 bn | 45.0 bn | 48.3 bn | 48.2 bn | SEC (XBRL)· 11 Feb 2026verified |
| Cost of revenue | 11.8 bn | 9.9 bn | 10.1 bn | 10.7 bn | 14.0 bn | 13.9 bn | SEC (XBRL)· 11 Feb 2026verified |
| Gross profit | 30.7 bn | 36.4 bn ≈ | 36.0 bn ≈ | 34.3 bn ≈ | 34.3 bn ≈ | 34.3 bn ≈ | SEC (XBRL)· 11 Feb 2026derived |
| Research & development | 10.0 bn | 10.2 bn | 9.5 bn | 9.3 bn | 11.2 bn | 10.0 bn | SEC (XBRL)· 11 Feb 2026verified |
| SG&A | 7.7 bn | 7.7 bn | 7.8 bn | 7.8 bn | 8.4 bn | 7.3 bn | SEC (XBRL)· 11 Feb 2026verified |
| Depreciation & amortisation | 10.4 bn | 10.7 bn | 10.3 bn | 9.8 bn | 9.6 bn | 4.0 bn | SEC (XBRL)· 11 Feb 2026verified |
| Interest expense | 1.4 bn | 1.3 bn | 1.2 bn | 1.2 bn | 1.9 bn | 1.9 bn | SEC (XBRL)· 11 Feb 2026verified |
| Pre-tax income | -6.9 bn | 8.1 bn | 7.7 bn | 8.4 bn | -8.4 bn | 9.3 bn | SEC (XBRL)· 11 Feb 2026verified |
| Income tax | 2.1 bn | 1.1 bn | 1.4 bn | 400.0 m | 554.0 m | 2.3 bn | SEC (XBRL)· 11 Feb 2026verified |
| Net income | -9.0 bn | 7.0 bn | 6.3 bn | 8.0 bn | -8.9 bn | 7.1 bn | SEC (XBRL)· 11 Feb 2026verified |
| Diluted EPS | -3.99 | 3.12 | 2.95 | 3.86 | -4.41 | 3.46 | SEC (XBRL)· 11 Feb 2026verified |
| Weighted average diluted shares | 2.3 bn | 2.2 bn | 2.1 bn | 2.1 bn | 2.0 bn | 2.0 bn | SEC (XBRL)· 11 Feb 2026verified |
| Dividend per share | 1.84 | 2.01 | 2.19 | 2.31 | 2.42 | 2.49 | SEC (XBRL)· 11 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 14.5 bn | 14.0 bn | 9.1 bn | 11.5 bn | 10.3 bn | 10.2 bn | SEC (XBRL)· 11 Feb 2026verified |
| Receivables | 7.2 bn | 8.0 bn | 8.2 bn | 8.9 bn | 9.0 bn | 9.6 bn | SEC (XBRL)· 11 Feb 2026verified |
| Inventories | 2.1 bn | 2.1 bn | 2.3 bn | 2.7 bn | 2.6 bn | 2.7 bn | SEC (XBRL)· 11 Feb 2026verified |
| Current assets | 30.2 bn | 33.3 bn | 27.3 bn | 31.8 bn | 29.8 bn | 29.4 bn | SEC (XBRL)· 11 Feb 2026verified |
| Property, plant & equipment, net | 5.9 bn | 6.0 bn | 6.3 bn | 6.6 bn | 7.1 bn | 7.5 bn | SEC (XBRL)· 11 Feb 2026verified |
| Goodwill | 20.5 bn | 20.5 bn | 21.1 bn | 21.2 bn | 21.7 bn | 21.8 bn | SEC (XBRL)· 11 Feb 2026verified |
| Intangibles (excl. goodwill) | 53.2 bn | 42.5 bn | 35.9 bn | 27.1 bn | 23.3 bn | 19.1 bn | SEC (XBRL)· 11 Feb 2026verified |
| Total assets | 118.5 bn | 109.3 bn | 96.8 bn | 95.2 bn | 92.6 bn | 90.0 bn | SEC (XBRL)· 11 Feb 2026verified |
| Accounts payable | 2.7 bn | 2.9 bn | 3.0 bn | 3.3 bn | 3.6 bn | 3.6 bn | SEC (XBRL)· 11 Feb 2026verified |
| Short-term debt | 2.3 bn | 4.9 bn | 4.3 bn | 3.1 bn | 2.0 bn | 2.3 bn | SEC (XBRL)· 11 Feb 2026verified |
| Long-term debt | 48.3 bn | 39.6 bn | 35.1 bn | 36.7 bn | 47.6 bn | 42.9 bn | SEC (XBRL)· 11 Feb 2026verified |
| Current liabilities | 19.1 bn | 21.9 bn | 21.9 bn | 22.3 bn | 23.8 bn | 23.4 bn | SEC (XBRL)· 11 Feb 2026verified |
| Total liabilities | 80.6 bn | 73.3 bn | 65.7 bn | 65.7 bn | 76.2 bn | 71.5 bn | SEC (XBRL)· 11 Feb 2026verified |
| Equity | 37.9 bn | 36.0 bn | 31.1 bn | 29.5 bn | 16.4 bn | 18.5 bn | SEC (XBRL)· 11 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 14.1 bn | 16.2 bn | 13.1 bn | 13.9 bn | 15.2 bn | 14.2 bn | SEC (XBRL)· 11 Feb 2026verified |
| Capex | 753.0 m | 973.0 m | 1.1 bn | 1.2 bn | 1.2 bn | 1.3 bn | SEC (XBRL)· 11 Feb 2026verified |
| Free cash flow | 13.3 bn ≈ | 15.2 bn ≈ | 11.9 bn ≈ | 12.7 bn ≈ | 13.9 bn ≈ | 12.8 bn ≈ | SEC (XBRL)· 11 Feb 2026derived |
| Investing cash flow | -10.9 bn | -538.0 m | -1.1 bn | -2.3 bn | -21.4 bn | -4.1 bn | SEC (XBRL)· 11 Feb 2026verified |
| Financing cash flow | -1.2 bn | -16.2 bn | -17.0 bn | -9.4 bn | 5.1 bn | -10.3 bn | SEC (XBRL)· 11 Feb 2026verified |
| Dividends paid | 4.1 bn | 4.4 bn | 4.6 bn | 4.7 bn | 4.9 bn | 5.0 bn | SEC (XBRL)· 11 Feb 2026verified |
| Share repurchases | 1.5 bn | 6.3 bn | 8.0 bn | 5.2 bn | 0 | 0 | SEC (XBRL)· 11 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 66 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 131.2 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet66
- Growth24
- Quality81
- Returns71
- Valuation91
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 32.72 – 196.95 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)57.06 – 104.98 (Mid 74.77)WACC 8.2% · starting FCFF 10.6 bn USD · terminal value share of EV 76%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -3.8%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E95.49 – 196.95 (Mid 174.29)10 companies used · median multiple 38.6x · quartiles 21.2x – 43.6xABBV, ABT, ALNY, JNJ, PFE, REGN, RPRX, UTHR, VRTX, ZTS
- Dividend discount (DDM)32.72 – 44.00 (Mid 37.53)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 66/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 18.5% | 63 (vs peers) | 10% |
| FCF conversion · Quality | 100.5% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 1.4% | 12 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | 5.5% | 36 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.6x | 66 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 14.2x | 92 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 7.1% | 88 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 3.9% | 56 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 55.1% | 93 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial66/100 · 1/3 factors with a value
- Growth24/100 · 2/2 factors with a value
- Quality81/100 · 2/3 factors with a value
- Returns71/100 · 2/2 factors with a value
- Valuation91/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BRISTOL-MYERS SQUIBB COMPANY (BMY). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 48.2 bn USD in 2025; YoY growth -0.2%; net margin 18.5%; ROE 44.1%.
The estimated value range is 57.06–104.98 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 74.77 USD, the price of 64.19 USD leaves a potential of 16.5% (value / price − 1) and a margin of safety of 14.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 66/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 100.5%
- P/E (TTM): 14.2x
- FCF yield: 7.1%
- Payout ratio (FCF): 55.1%
What contradicts it
- Revenue CAGR 3Y: 1.4%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 16 companies
Only companies with a capitalisation between 16.1 bn and 1,029.5 bn (within 8× of the company's); 359 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| JNJJohnson & Johnson | 665.2 bn | 41.9 | 20.0% | 16.2% | +6.0% | +34% / +79% |
| ONCBeone Medicines Ltd. | 558.4 bn | 869.9 | 14.7% | 10.7% | +40.2% | +11% / +102% |
| ABBVAbbVie Inc. | 521.1 bn | 50.7 | — | 15.7% | +8.6% | +29% / +107% |
| MRKMerck & Co., Inc. | 370.7 bn | 154.7 | 5.1% | 3.6% | +1.3% | +43% / +47% |
| ABTAbbott Laboratories | 200.1 bn | 43.0 | 9.2% | 9.7% | +5.7% | −10% / +11% |
| PFEPfizer Inc | 175.5 bn | 43.9 | 4.4% | 6.3% | −1.6% | +20% / +1% |
| VRTXVertex Pharmaceuticals Inc | 139.2 bn | 35.3 | 20.8% | 30.7% | +8.9% | +27% / +55% |
| BMYBristol-Myers Squibb Company | 131.2 bn | 14.2 | 44.1% | 18.5% | −0.2% | +41% / +22% |
| TEVATeva Pharmaceutical Industries Limited | 48.8 bn | 97.4 | 6.6% | 3.6% | +4.3% | +56% / +326% |
| ZTSZoetis Inc. | 36.9 bn | 14.7 | 64.4% | 27.5% | +2.3% | −30% / −50% |
| ROIVRoivant Sciences Ltd. | 27.6 bn | — | -6.2% | -3,535.0% | −71.6% | +84% / +300% |
| RPRXRoyalty Pharma plc | 26.2 bn | 47.7 | 6.9% | 25.7% | +5.1% | +69% / +150% |
| UTHRUnited Therapeutics Corporation | 25.9 bn | 23.0 | 19.1% | 38.6% | +10.6% | +25% / +154% |
| INSMInsmed Inc | 24.1 bn | — | -72.5% | -39.9% | +66.7% | −47% / +340% |
| VTRSViatris Inc. | 22.1 bn | — | -23.6% | -23.9% | −3.0% | +80% / +109% |
| ALNYAlnylam Pharmaceuticals, Inc. | 21.6 bn | 8.1 | 126.6% | 52.8% | +65.2% | −64% / −4% |
| REGNRegeneron Pharmaceuticals, Inc. | — | 20.6 | 14.9% | 28.5% | +1.0% | +19% / +13% |
1- and 3-year price returns: for BMY from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 36.85 Total return -40% · Per year -40% | 65.25 Total return 6% · Per year 6% | 98.41 Total return 58% · Per year 58% |
| 3 years | 33.60 Total return -39% · Per year -15% | 67.15 Total return 17% · Per year 5% | 111.51 Total return 89% · Per year 24% |
| 5 years | 30.64 Total return -39% · Per year -9% | 69.11 Total return 28% · Per year 5% | 126.36 Total return 124% · Per year 18% |
- Exit P/E± 16.79
- Net margin± 11.75
- Annual revenue growth± 9.94
- Annual dilution± 0.99
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (29 Oct 2026 · results).
In brief
Bristol Myers Squibb (BMY) reported total revenues of $48.2 billion in fiscal 2025 1 and $13.0 billion in the second quarter of 2026, up 6% 3. The Growth Portfolio rose 15% in the second quarter of 2026, and the company raised its 2026 revenue guidance to $49.0-50.0 billion 3.
SWOT
Strengths
- The Growth Portfolio is expanding at a high pace, built on products with strong competitive positions in oncology and hematology.
- The company has a broad product base and significant international presence, diversifying its revenue sources.
- Demand for Eliquis continues to grow, providing important support to company revenues.
Weaknesses
- Reliance on products nearing the end of exclusivity leaves revenues exposed to generic competition.
- Research spending can rise sharply due to asset acquisitions and impairments of intangible assets.
- Gross margin edged down in 2026, mainly due to a change in product mix.
Opportunities
- New indications and launches in the Growth Portfolio could expand markets for products such as Camzyos and Breyanzi.
- Collaborations with external companies can bring new assets in oncology and immunology, widening the pipeline.
- Use of artificial intelligence in research could speed up molecule selection and clinical trial design.
Threats
- Pricing legislation in the U.S. and other countries may reduce reimbursement for key products.
- Generic and biosimilar competition could accelerate sales losses after patent protection ends.
- Tariffs and policy changes may affect costs and access in international markets.
Risks
- Pricing and reimbursement pressurehigh
Legislative measures and government negotiations may reduce prices and reimbursement for important products, with a direct effect on revenues.
- Loss of exclusivityhigh
Loss of patent protection for major products could bring rapid sales declines if newer products do not compensate.
- Development riskmedium
The high failure rate in research means investments may not produce new products within expected timeframes.
- Asset impairmentsmedium
Impairments of intangible assets and acquired in-process research charges can materially affect reported results in a given period.
- Trade and tariff policylow
Tariffs and regulatory changes in other countries may alter costs and market access, with effects that are hard to predict.
Investment thesis
What would need to be true (bull case)
- If the Growth Portfolio keeps its pace, the company could gradually offset erosion of older products.
- The raised 2026 guidance suggests management is confident in operational execution and recent launches.
- An expanded pipeline through collaborations and acquisitions could open new revenue sources in oncology and immunology.
What would break the thesis
- If pricing pressures intensify, revenues and margins could decline faster than expected.
- Loss of exclusivity for major products could leave a revenue gap that is hard to fill in the short term.
- Clinical development setbacks could erase returns on investments in new molecules and asset acquisitions.
What to watch
- FDA decision on iberdomide in RRMMAugust 2026
- Development of 2026 revenue and non-GAAP EPS guidanceQ3 2026
- PDUFA date for mezigdomide2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (29 Oct 2026 · results).
The business
Bristol-Myers Squibb Company is a biopharmaceutical company operating in a single segment, focused on discovering, developing, manufacturing and selling innovative medicines for serious diseases, with emphasis on oncology, hematology, immunology, cardiovascular and neuroscience 1. Total revenues were $48.2 billion in fiscal 2025, with 69% from the United States and 29% from international markets 1. Products are sold mainly to wholesalers, distributors and specialty pharmacies 1.
The portfolio is split into a Growth Portfolio of products early in their lifecycle, including Opdivo Qvantig, Reblozyl, Breyanzi, Camzyos and Opdualag, and a Legacy Portfolio in which Eliquis remains the main product 23. The company expects continued generic erosion in the Legacy Portfolio in 2026, mainly for Revlimid and Pomalyst in the U.S. 1.
On business development, the company acquired Orbital Therapeutics, signed a collaboration with BioNTech for the bispecific antibody pumitamig and licensed OncoACP3 from Philochem in 2025 1. In May 2026 it entered agreements with Hengrui covering 13 early-stage assets 2.
Segments
Market context
The pharmaceutical market faces growing pressure on prices and reimbursement in the U.S. and the European Union, and the IRA set a maximum fair price for Eliquis effective 2026 1. Patent and regulatory exclusivity largely determine how long a product holds commercial value, and their expiry usually brings rapid sales declines 1.
The company noted that its U.S. Government Agreement could give tariff relief until January 2029, but such exemptions may be terminated or not extended 2. If other states adopt similar measures, access and reimbursement for products could be affected 1.
Trends
- Pricing and reimbursement pressureheadwind
Government price-setting and negotiations in the U.S. and Europe reduce prices and reimbursement for products, which could accelerate revenue erosion before patent expiry 1.
- Growth of newer productstailwind
Demand for Growth Portfolio products rose markedly in 2026, suggesting that new launches partly offset generic erosion 3.
- Loss of exclusivityheadwind
Products such as Revlimid and Pomalyst are losing patent protection and their sales are falling visibly, which could pressure revenues if newer products do not fill the gap 2.
- Operational efficienciesmixed
The strategic productivity initiative could reduce costs by approximately $2.0 billion by the end of 2027, which may support margins if savings materialize 2.
Competitive position
Bristol-Myers Squibb competes with other global research-based drug companies, smaller research companies with narrower therapeutic focus, and generic drug manufacturers 1. Generic and biosimilar competition can quickly reduce sales of products whose exclusivity has expired 1.
In oncology and cell therapy, the company aims to gain competitive advantage through first-in-class and best-in-class products, but the success of this strategy depends on the development of new molecules 1.
- Global research-based drug companies
Multinational pharmaceutical companies competing in the same therapeutic areas, referred to generically in the company's filings.
- Smaller research companies with focused portfolios
Smaller research companies with concentrated therapeutic portfolios that compete on innovation.
- Generic drug manufacturers
Manufacturers that can launch generic substitutes after exclusivity expires, affecting sales of reference products.
- Biosimilar manufacturers
Manufacturers developing biosimilar versions of biologic products, relevant to products such as Opdivo and Orencia after protection ends.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- STAT+: Patient dies in Bristol Myers Squibb autoimmune CAR-T trialSTAT News · 23 Oct 2026 · EN
- Pathos AI teams up with Bristol Myers and Tempus AI to advance drug developmentCNA (Channel NewsAsia) · 23 Oct 2026 · EN
- Wall Street's Bull Case for Bristol Myers Squibb Is Getting LouderYahoo Finance — News · 20 Sept 2026 · EN
- Should You Buy Bristol Myers Squibb Stock Right Now for the Yield Alone?Yahoo Finance — News · 13 Sept 2026 · EN
- How Much Do You Really Need Invested in Bristol Myers Squibb to Collect $10,000 a Year?Yahoo Finance — News · 12 Sept 2026 · EN
- Cătălin Radu, Bristol Myers Squibb: Diagnosticarea tardivă și accesul întârziat la tratamente moderne amplifică povara asupra pacienților, familiilor și sistemului de sănătateCursDeGuvernare.ro · 03 Sept 2026 · RO
- Opinion: Bristol Myers Squibb Is a Buy -- but the Real Reason Why Might Surprise InvestorsYahoo Finance — News · 29 Aug 2026 · EN
- Johnson & Johnson (JNJ) Taps Sail Biomedicines in Bid for CAR-T Edge Over Bristol Myers SquibbYahoo Finance — News · 29 Aug 2026 · EN
- AstraZeneca Is Said to Have Explored Bristol Myers MergerBloomberg Markets · 05 Aug 2026 · EN
- AstraZeneca confirmă negocierile cu Bristol Myers Squibb: Fuziunea ar crea un gigant farmaceutic de aproape 400 de miliarde de dolariZiarul Financiar · 03 Aug 2026 · RO
- AstraZeneca discută preluarea companiei americane Bristol Myers Squibb / Tranzacția ar putea deveni una dintre cele mai mari din istoria industriei farmaceuticeG4Media · 03 Aug 2026 · RO
- Negocieri pentru unul dintre cele mai mari acorduri din istoria industriei farmaceutice. AstraZeneca discută preluarea Bristol Myers SquibbMediafax · 03 Aug 2026 · RO
- AstraZeneca shares drop 7% after report on $400 billion merger talks with Bristol Myers SquibbCNBC World · 03 Aug 2026 · EN
- AstraZeneca holds talks with Bristol Myers Squibb on $400bn mergerThe Guardian World · 03 Aug 2026 · RO
- AstraZeneca Is Said to Have Explored Bristol Myers MergerBloomberg Markets · 03 Aug 2026 · EN
- Bloomberg: AstraZeneca изучает возможность покупки Bristol Myers SquibbKommersant (RU) · 02 Aug 2026 · RU
- AstraZeneca Said to Have Explored Bristol Myers MergerBloomberg Markets · 02 Aug 2026 · EN
- AstraZeneca in talks with Bristol Myers Squibb on $400 billion megadeal, FT reportsCNBC World · 02 Aug 2026 · EN
- Bristol Myers Squibb buys Nvidia AI system for drug discoveryAI News · 21 Jul 2026 · EN
- Bristol Myers Squibb turns to China to develop new drugs in newest cross-continent collaborationCNBC World · 15 May 2026 · EN
The latest news item in our archive is from 23 Oct 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report29 Oct 2026
- Current report29 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report08 May 2026Shareholder vote
- Quarterly report30 Apr 2026
- Current report30 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement25 Mar 2026
- Annual report11 Feb 2026
- Current report05 Feb 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Bristol Myers Squibb Company · 11 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Bristol Myers Squibb Company · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Bristol Myers Squibb Company · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.