Bristol-Myers Squibb Company

BMY
Financial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$11.5B
Q1 2026 · +3% YoY
TTM ROIC
19%
FY2025 · Adj. Net Income / Total Invested Capital (Equity + Debt) · WACC ~7.5% · Moat spread +11.5pp
Margin Profile
Gross 79%
Operating 33.5%
FCF 27%
FY2025
Net Debt
$40.0B
Cash $10.0B · Debt $50.0B · FY2025

Business Overview


ticker: BMY step: 01 generated: 2026-05-12 source: quick-research

Bristol-Myers Squibb Company (BMY) — Business Overview

Business Description

Bristol Myers Squibb is a global biopharmaceutical company facing one of the largest patent cliff transitions in industry history. The company's "growth portfolio" (Opdivo, Eliquis, Reblozyl, Camzyos, Cobenfy, Breyanzi, Opdualag) now represents the majority of revenue, while the "legacy portfolio" (Revlimid, Pomalyst, Sprycel, Abraxane) declines from generic competition. The $14B Karuna Therapeutics acquisition brought Cobenfy (xanomeline + trospium), the first new schizophrenia mechanism in decades — central to the bull case. CEO Christopher Boerner (since November 2023).

Revenue Model

  • Growth Portfolio (~54% of revenue, growing): Opdivo, Eliquis (declining 2028), Reblozyl, Camzyos, Cobenfy, Breyanzi, Opdualag, Yervoy, Sotyktu
  • Legacy Portfolio (~46%, declining): Revlimid (declining), Pomalyst, Sprycel, Abraxane — generics eroding
  • Royalties + other: modest

Products & Services

Cardiovascular
  • Eliquis (apixaban): Anticoagulant (co-marketed with Pfizer), $13B+ annual — IRA price negotiation 2026 + European patent expiry May 19, 2026 + US LOE 2028
  • Camzyos: HCM (hypertrophic cardiomyopathy) — first-in-class growth driver
Oncology
  • Opdivo (nivolumab): Anti-PD-1 — $9B+ annual; US LOE 2028
  • Opdualag: Combination of nivolumab + relatlimab (LAG-3)
  • Yervoy (ipilimumab): CTLA-4
  • Breyanzi: CAR-T (lisocabtagene maraleucel) for lymphoma
  • Reblozyl (luspatercept): MDS-associated anemia
  • Krazati (adagrasib): KRAS G12C lung cancer
  • Abecma (idecabtagene vicleucel): CAR-T multiple myeloma
Hematology
  • Revlimid (declining): Multiple myeloma — generics eroding rapidly
  • Pomalyst: Multiple myeloma
  • Sprycel: CML (generics)
Immunology / Neuroscience (Newer)
  • Sotyktu (deucravacitinib): Oral psoriasis TYK2 inhibitor
  • Cobenfy (xanomeline + trospium): Schizophrenia M1/M4 muscarinic agonist (acquired Karuna 2024)
  • Cobenfy expansion: Alzheimer's psychosis (ADEPT-2, delayed to 2026)

Customer Base & Go-to-Market

  • Patients globally: Cardiology, oncology, hematology, psychiatry
  • Specialists: Hematologist-oncologists, cardiologists, rheumatologists, psychiatrists, neurologists
  • Payers: US PBMs/insurers, ex-US single-payer health systems
  • Cobenfy launch: 90%+ Medicaid coverage by 2026
  • Geographic mix: ~70% US, ~30% International

Competitive Position

BMS is a global top-7 pharmaceutical company by revenue. Moats: (1) Eliquis dominance in anticoagulants (though IRA + LOE coming), (2) Opdivo IO franchise (despite LOE 2028), (3) Cobenfy first-in-class schizophrenia, (4) Reblozyl + Camzyos differentiated mechanisms. Faces (1) Eliquis LOE Europe May 2026, US 2028, (2) Opdivo LOE 2028, (3) Revlimid generics, (4) Cobenfy commercial uptake slower than hoped + $23K/year price stymied by insurers.

Key Facts

  • Founded: 1858 (Edward R. Squibb); current entity via 1989 Bristol-Myers + Squibb merger; 2019 Celgene acquisition $74B
  • Headquarters: Princeton/Lawrenceville, NJ
  • Employees: ~31,000
  • Exchange: NYSE
  • Sector / Industry: Health Care / Pharmaceuticals
  • Market Cap: ~$95B (May 2026)
  • CEO: Dr. Christopher S. Boerner (since November 2023)
  • Dividend: $2.48 annual ($0.62 quarterly) — 4.2% yield
  • 16+ consecutive years of dividend growth
  • Major recent M&A: Karuna $14B (2024); Mirati $4.8B (2024); RayzeBio

Financial Snapshot


ticker: BMY step: 04 generated: 2026-05-12 source: quick-research

Bristol-Myers Squibb Company (BMY) — Financial Snapshot

Income Statement Summary

Metric FY2023 FY2024 FY2025 YoY
Revenue $45.0B $48.3B $48.2B flat
Growth Portfolio growing ~$22B ~$25B +13%
Legacy Portfolio declining ~$26B ~$23B -12%
Adj. Operating Margin 36% 33% 32% -1pp
Adj. EPS $7.50 $6.83 $6.15 -10%
Free Cash Flow $13B $14B $13B -7%

2026 Guidance

Metric 2026 Guide
Total Revenue $46-47.5B (-2 to -4%)
Adj. EPS declining further (legacy drag)
FCF Estimate ~$15B
Dividend 4.2% yield maintained

Q1 2026 Highlights

Metric Q1 2026
Growth Portfolio Revenue $6.2B (+9% ex-FX)
Eliquis $4.14B (+16% growth)
Cobenfy $56M (doubled QoQ)
Opdivo $2.1B (-8%)
Orencia $818M
Reblozyl $555M (+16%)
Legacy Portfolio $5.3B (-6%)

Key Product Detail

Product FY25 Sales 2028 LOE Risk
Eliquis $14.4B Europe May 2026; US 2028
Opdivo $9B+ US 2028
Revlimid declining generics already eroding
Cobenfy <$200M (early launch) new launch
Reblozyl $2B+ growing
Camzyos $0.6-1B growing
Sotyktu $0.5B+ growing

Cobenfy Trajectory

Period Cobenfy Revenue
Q4 2024 (launch) $10M
Q1 2026 $56M
Cantor Fitzgerald target Blockbuster ($1B+) by 2026-2027
Stifel peak target $10B
Pricing $23,000/year

Eliquis LOE Trajectory

Year Eliquis Global Sales
2024 $13B
2025 $14.4B
2026 forecast -15.2% (EU patent May 19)
2028 (US LOE) sharp decline
2031 $205M (98.6% erosion)

Cash Flow & Balance Sheet (FY2025)

Metric Value
Operating Cash Flow ~$14B
Capital Expenditures ~$1B
Free Cash Flow $13B
Cash & Investments ~$10B
Total Debt ~$50B (post-Karuna + Mirati + RayzeBio)
Net Debt/EBITDA ~3.0x

Key Ratios (approximate, May 2026)

  • P/E (forward): ~7-8x | EV/EBITDA: ~6x | Dividend Yield: ~4.2%
  • ROIC: ~12% (declining as legacy fades)
  • FCF Yield: ~14%

Growth Profile

FY25 revenue flat at $48.2B — growth portfolio compensating for legacy decline. 2026 guidance $46-47.5B (-2 to -4%) reflects accelerating LOE drag. The "growth gap": ~$38B in at-risk revenue (Eliquis + Opdivo). Bull case requires Cobenfy + Camzyos + Reblozyl + pipeline to deliver $10-15B+ replacement revenue by 2030.

Forward Estimates

  • 2026E Revenue: $46-47.5B (mgmt)
  • 2026E Adj EPS: ~$5.50-6.00
  • 2028E EPS (LOE trough): ~$4.50-5
  • 2030E EPS (Cobenfy ramp): depends entirely on Cobenfy success

Capital Return

  • Dividend $2.48 annual = ~$5B paid — 4.2% yield
  • 16+ consecutive years of dividend growth
  • Buybacks moderated post-Karuna debt paydown
  • High dividend yield reflects market pricing in pipeline uncertainty

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $BMY.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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