# Bristol-Myers Squibb Company (BMY) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/BMY/thesis · /stocks/BMY/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/BMY/fundamental

## Navigation

- Overview: /stocks/BMY
- Financials (this page): /stocks/BMY/financials
- Thesis: /stocks/BMY/thesis
- Investment Memo: /stocks/BMY/memo
- Coverage universe: /stocks