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