Bristol Myers Squibb (BMY) — Company Research
Last Updated: 17 Oct 2026
Bristol Myers Squibb (NYSE: BMY) is a US biopharmaceutical company focused on oncology, haematology, immunology, cardiovascular disease and neuroscience. It reports a “Growth Portfolio” of newer medicines (Opdivo, Reblozyl, Breyanzi, Camzyos, Cobenfy and others) and a “Legacy Portfolio” led by Eliquis, Revlimid and Pomalyst. The 2026 story is a strong year that has prompted a sharp guidance raise, set against a looming wall of losses of exclusivity for Eliquis and Opdivo in 2028 and a run of mixed pipeline readouts. This refreshed report covers results through Q2 2026, the balance sheet at 30 Jun 2026, valuation and risks, using company releases and SEC filings only.
1. Company Snapshot
| Field | Value |
|---|---|
| Ticker / Exchange | BMY / NYSE |
| Headquarters | Princeton, New Jersey, USA |
| CEO / Leadership | Christopher Boerner, Ph.D., Board Chair & CEO; David V. Elkins, EVP & CFO |
| Sector | Healthcare — biopharmaceuticals |
| Employees | ~32,500 in 43 countries at 31 Dec 2025 (FY2025 10-K) |
| Market cap | ~$122.1bn ($59.75 at 16 Oct 2026 close × ~2.043bn shares at 22 Jul 2026) |
| FY2025 Revenue | $48,194m (−0.2%) |
| FY2025 GAAP net income | $7,054m ($3.46 per diluted share) |
| FY2025 non-GAAP EPS | $6.15 |
| 2026 guidance | Revenue ~$49.0–$50.0bn and non-GAAP EPS $6.75–$7.00 (both raised on 30 Jul 2026 from ~$46.0–$47.5bn and $6.05–$6.35) |
| Dividend | $0.63 per quarter ($2.52 annualised; yield ~4.2%) |
2. Bull & Bear Case
Bull Case
- Growth Portfolio carrying the business: Growth Portfolio revenue rose 15% to $7,560m in Q2 2026, about 58% of the total, with Breyanzi +41%, Camzyos +60% and Reblozyl +29%.
- Big 2026 guidance raise: On 30 Jul 2026 BMS lifted revenue guidance to ~$49.0–$50.0bn and non-GAAP EPS to $6.75–$7.00, helped by Eliquis growth now guided at 20–25%.
- Haematology pipeline delivering: The FDA approved ZENBEXUS (iberdomide) on 13 Aug 2026, and the Phase 3 EXCALIBER-RRMM trial showed median PFS of 42 months against 20 months (hazard ratio 0.49).
- New Phase 3 wins: In Oct 2026, RYZ101 met its PFS endpoint in the ACTION-1 neuroendocrine-tumour trial and admilparant met its primary endpoint at 60mg in ALOFT-IPF.
- Strong cash cover: Trailing-twelve-month free cash flow was about $11.4bn against an annual dividend bill of about $5.1bn, and net debt was about $31.7bn at 30 Jun 2026.
Bear Case
- Exclusivity cliff: Revlimid sales fell 49% and Pomalyst 71% in Q2 2026. Eliquis loses EU protection in Nov 2026 and US exclusivity in 2028, Opdivo’s US exclusivity ends in 2028, and management has flagged a $1.5–$2bn Eliquis step-down in 2027.
- Pipeline setbacks: Milvexian failed in Librexia ACS, Cobenfy’s ARISE adjunctive trial failed in 2025, autoimmune CAR-T enrolment was paused in Sep 2026, and the 120mg admilparant dose missed.
- Price controls: Eliquis has carried a Medicare negotiated price since 01 Jan 2026, Pomalyst follows in 2027 and Orencia in 2028, on top of Medicaid most-favoured-nation pricing.
- Celgene CVR suit revived: On 13 Aug 2026 the 2nd Circuit revived UMB Bank’s lawsuit over the Celgene contingent value rights, a claim of about $6.4bn.
- Slow Cobenfy ramp: Cobenfy generated only $63m in Q2 2026, and its Alzheimer’s psychosis readouts are not due until 2027.
3. Business Segments
BMS operates in a single segment and splits revenue into a Growth Portfolio and a Legacy Portfolio. Percentages use FY2025 revenue of $48,194m from the Q4 2025 earnings release. In FY2025 the Growth Portfolio rose 17% to $26,409m and the Legacy Portfolio fell 15% to $21,785m.
| Segment / category | % of revenue | What it is |
|---|---|---|
| Growth — Opdivo | 20.9% ($10,049m) | PD-1 immuno-oncology antibody across lung, melanoma, kidney, bladder and other cancers, now including the subcutaneous Opdivo Qvantig. |
| Growth — other brands | 33.9% ($16,360m) | Orencia ($3,705m), Yervoy ($2,900m), Reblozyl ($2,327m), Breyanzi ($1,358m), Opdualag ($1,185m), Camzyos ($1,068m), plus Sotyktu, Krazati, Cobenfy and others. |
| Legacy — Eliquis | 30.0% ($14,443m) | Oral anticoagulant co-marketed with Pfizer; BMS records the product revenue. |
| Legacy — Revlimid | 6.1% ($2,951m) | Multiple myeloma drug facing full US generic competition since 31 Jan 2026. |
| Legacy — Pomalyst | 5.7% ($2,733m) | Multiple myeloma drug that lost US exclusivity in Q1 2026. |
| Legacy — other | 3.4% ($1,658m) | Remaining established brands in the Legacy Portfolio (derived from disclosed totals). |
4. Business Model & Moat
How it makes money. BMS develops, licenses and acquires patented medicines and sells them to wholesalers, hospitals, specialty pharmacies and governments; the US accounted for $33,279m (69%) of FY2025 revenue. GAAP gross margin was 71.3% in Q2 2026, and the cash funds R&D, acquisitions and a dividend paid for 94 consecutive years.
Buying the next portfolio. BMS has relied on deals to replace its blockbusters: Celgene in 2019, then Mirati (Krazati), Karuna (Cobenfy) and RayzeBio (actinium radioligands) in 2024, the BioNTech pumitamig partnership and the May 2026 Hengrui licence. It is running a ~$2.0bn annual cost-savings programme due by end-2027 to fund the pipeline.
Moat. Patents and regulatory exclusivity, deep haematology and cell-therapy manufacturing know-how (Breyanzi, arlo-cel) and established oncology relationships protect each franchise until its exclusivity ends. The moat is product by product, so the company’s value depends on refilling the pipeline before Eliquis and Opdivo exclusivity expires in 2028.
5. Financial Health
Annual figures are from BMS’s Q4 earnings releases and SEC XBRL filings. Long-term debt is the non-current balance-sheet amount at year end.
| Fiscal Year | Revenue ($m) | YoY % | GAAP EPS | Adjusted EPS | Dividend/share | Long-term debt (YE) |
|---|---|---|---|---|---|---|
| FY2021 | $46,385m | +9.1% | $3.12 | $7.51† | $2.01 | $39,605m |
| FY2022 | $46,159m | −0.5% | $2.95 | $7.70 | $2.19 | $35,056m |
| FY2023 | $45,006m | −2.5% | $3.86 | $7.51 | $2.31 | $36,653m |
| FY2024 | $48,300m | +7.3% | −$4.41 | $1.15 | $2.42 | $47,603m |
| FY2025 | $48,194m | −0.2% | $3.46 | $6.15 | $2.49 | $42,850m |
Adjusted EPS is BMS’s non-GAAP EPS as reported in each Q4 release. † FY2021 as originally reported; from 2022 BMS stopped excluding acquired IPR&D, and FY2021 was restated to $7.16. FY2024 GAAP and non-GAAP EPS include a −$6.39 per share acquired IPR&D charge, mainly for Karuna. Dividends are declared per share (SEC XBRL). The FY2024 debt step-up funded the Karuna, RayzeBio and Mirati deals.
Quarterly progression, most recent first, with the FY2025 total in bold:
| Quarter / Half | Revenue | Adjusted EPS | GAAP EPS |
|---|---|---|---|
| Q2 2026 | $12,973m | $2.04 | $1.62 |
| Q1 2026 | $11,489m | $1.58 | $1.31 |
| Q4 2025 | $12,502m | $1.26 | $0.53 |
| Q3 2025 | $12,222m | $1.63 | $1.08 |
| FY2025 total | $48,194m | $6.15 | $3.46 |
Acquired IPR&D cut EPS by $0.20 in Q3 2025, $0.60 in Q4 2025 and $0.03 in Q1 2026. Over the four quarters to 30 Jun 2026, revenue was about $49,186m, GAAP EPS about $4.54 and non-GAAP EPS about $6.51.
Cash flow and balance sheet. All figures are from SEC XBRL filings (FY2025 10-K and Q2 2026 10-Q).
- Operating cash flow: $14.16bn in FY2025; ~$12.78bn trailing twelve months to 30 Jun 2026.
- Capital expenditure: $1.31bn in FY2025; ~$1.34bn trailing twelve months.
- Depreciation & amortisation: $4.12bn in FY2025 (depreciation $0.62bn plus intangible amortisation $3.50bn; the narrower cash-flow add-back was $4.01bn); ~$3.31bn trailing twelve months. Amortisation fell from $9.0bn in FY2024 as Celgene-era intangibles ran off.
- Debt at 30 Jun 2026: non-current long-term debt $42,093m and short-term borrowings including current maturities $1,027m, about $43.1bn in total.
- Cash at 30 Jun 2026: cash and equivalents $8,722m plus current marketable debt securities $2,345m. Stockholders’ equity was $22,319m.
6. Valuation
Raw metrics, October 2026. Not opinions on whether the stock is cheap or expensive.
| Metric | Value |
|---|---|
| Market cap | ~$122.1bn (price $59.75 at 16 Oct 2026 close × ~2.043bn shares) |
| Enterprise value | ~$154.1bn (market cap ~$122.1bn + total debt ~$43.1bn − cash and current marketable securities ~$11.1bn per 30 Jun 2026 balance sheet; total debt = long-term debt $42.09bn + short-term borrowings $1.03bn) |
| Trailing P/E (GAAP) | ~13.2x ($59.75 / ~$4.54 TTM GAAP EPS, Q3 2025–Q2 2026); on TTM non-GAAP EPS of ~$6.51 the multiple is ~9.2x |
| P/E (forward) | ~8.7x ($59.75 / $6.875, the midpoint of 2026 non-GAAP EPS guidance of $6.75–$7.00) |
| P/S (TTM) | ~2.5x ($122.1bn / ~$49.19bn TTM revenue) |
| EV/EBITDA (TTM) | ~9.4x (EV ~$154.1bn / EBITDA ~$16.44bn; BMS reports no operating-income line, so EBITDA = TTM pre-tax income $11.91bn + interest expense $1.73bn − interest income $0.51bn + total D&A $3.31bn, using depreciation plus intangible amortisation; it is after acquired IPR&D charges) |
| P/FCF | ~10.7x (market cap ~$122.1bn / TTM FCF ~$11.44bn; FCF = operating CF $12.78bn − capex $1.34bn); on FY2025 FCF of ~$12.85bn ($14.16bn − $1.31bn) it is ~9.5x |
| Price/book | ~5.5x ($122.1bn / stockholders’ equity $22.3bn at 30 Jun 2026) |
| Dividend yield | ~4.2% ($2.52 annualised / $59.75) |
| 52-week high | $68.64 (Aug 2026) |
| 52-week low | $42.52 (Oct 2025) |
| Short interest (% of float) | ~2.3% (~45.8m shares short at 30 Sep 2026 settlement, Yahoo Finance data; MarketBeat showed 2.16% at 31 Aug 2026) |
| Days to cover | ~4.0 days |
7. What Are They Building
BMS is trying to build enough new revenue before 2028 to offset the loss of Eliquis and Opdivo exclusivity.
- Myeloma franchise: ZENBEXUS (iberdomide) won accelerated approval on 13 Aug 2026, and full EXCALIBER-RRMM data come at ASH in Dec 2026. Mezigdomide has a PDUFA date of 13 May 2027, and arlo-cel (GPRC5D CAR-T) hit its registrational Phase 2 endpoint, with a filing planned.
- Radiopharmaceuticals: RYZ101, an actinium-225 radioligand from RayzeBio, met its PFS endpoint at an interim analysis of ACTION-1 in neuroendocrine tumours after prior Lu-177 therapy, and BMS is discussing next steps with the FDA.
- Neuroscience: The Cobenfy ADEPT programme in Alzheimer’s disease psychosis reads out through 2027, with possible ADEPT-1 interim and ADEPT-3 data later in 2026.
- Cardiovascular: Milvexian’s Librexia AF readout has moved to Q1 2027 and Librexia STROKE to 2027, after Librexia ACS failed. Camzyos won a paediatric label expansion on 30 Sep 2026.
- Fibrosis and immunology: Admilparant met its ALOFT-IPF primary endpoint at 60mg, with ALOFT-PPF data due in early 2027. Sotyktu lupus trials are nearing primary completion, and Reblozyl in myelofibrosis anaemia has a PDUFA date of 11 Mar 2027.
- Next-generation oncology: Pumitamig (BNT327, a PD-L1xVEGF bispecific with BioNTech) is in a Phase 3 portion against pembrolizumab in lung cancer, and iza-bren posted positive Phase 3 interim data in China in TNBC and oesophageal cancer.
8. Competitive Landscape
BMS competes with the other global large-cap pharmaceutical groups across oncology, haematology, immunology and cardiovascular medicine. Market caps are mid-Oct 2026 figures. Metrics come from each company’s FY2025 results release.
| Peer | Market cap (Oct 2026) | Key 2025 metric |
|---|---|---|
| Johnson & Johnson (JNJ) | ~$616bn | FY2025 sales ~$94.2bn, +6.0%, per J&J Q4 2025 release |
| AbbVie (ABBV) | ~$504bn | FY2025 net revenues $61,160m, +8.6%, per AbbVie Q4 2025 release |
| Merck & Co. (MRK) | ~$360bn | FY2025 sales ~$65.0bn, +1%, per Merck Q4 2025 release |
| AstraZeneca (AZN) | ~$257bn | FY2025 total revenue $58,739m, +8% at constant exchange rates, per AstraZeneca FY2025 results |
| Amgen (AMGN) | ~$234bn | FY2025 revenue ~$36.8bn, +10%, per Amgen Q4 2025 release |
| Gilead Sciences (GILD) | ~$194bn | FY2025 revenue ~$29.4bn, +2%, per Gilead Q4 2025 release |
| Pfizer (PFE) | ~$169bn | FY2025 revenue $62,579m, −2%, per Pfizer Q4 2025 release |
9. Leadership & Insider Activity
Christopher Boerner, Ph.D., is Board Chair and CEO, and David V. Elkins is EVP and CFO. Cristian Massacesi leads development as Chief Medical Officer, and Adam Lenkowsky is Chief Commercialization Officer. No leadership changes were found for Aug–Oct 2026. In 2026, Form 4 filings show three open-market sales by officers and no insider purchases. Other filings were director deferred-share awards (02 Oct 2026) and tax withholding on vesting.
| Name | Date | Type | Shares | Price | Value | Plan Type |
|---|---|---|---|---|---|---|
| Cristian Massacesi (EVP, Chief Medical Officer) | 09 Sep 2026 | Sale | 6,249 | $64.57 | ~$0.40m | Open market; no 10b5-1 footnote |
| Phil Holzer (SVP, Controller) | 25 Aug 2026 | Sale | 500 | $67.50 | ~$0.03m | Open market; not under 10b5-1 |
| David V. Elkins (EVP & CFO) | 01 Apr 2026 | Sale | 30,000 | ~$61.67 (weighted) | ~$1.85m | Rule 10b5-1 plan adopted 03 Jun 2025 |
10. Key Risks
- Loss of exclusivity (Commercial): Revlimid and Pomalyst face full US generic competition in 2026. Eliquis loses EU composition-of-matter and SPC protection in Nov 2026 and faces Japan generics in 2026 and US generics in 2028. Opdivo exclusivity ends in the US in 2028, the EU in 2030 and Japan in 2031, and Yervoy loses EU exclusivity in 2026.
- US drug pricing (Regulatory): IRA maximum fair prices apply to Eliquis from 2026 and Pomalyst from 01 Jan 2027, and Orencia was selected for 2028. Medicaid most-favoured-nation pricing, free Eliquis for Medicaid and direct sales via TrumpRx add further pressure.
- Pipeline execution (Operational): Librexia ACS failed, the Librexia AF readout has slipped to Q1 2027, and autoimmune CAR-T enrolment is paused after inflammatory events. The late-decade outlook depends on milvexian, Cobenfy in Alzheimer’s psychosis and the myeloma assets.
- Litigation (Legal): The Celgene CVR lawsuit, revived by the 2nd Circuit on 13 Aug 2026, seeks about $6.4bn over the delayed approval of a Celgene-era drug.
- Leverage (Financial): About $43.1bn of total debt at 30 Jun 2026 after the 2024 acquisition spree, with TTM interest expense of about $1.73bn. Deleveraging competes with dividends and business development.
- Eliquis 2027 step-down (Commercial): Management has guided to a $1.5–$2bn fall in Eliquis revenue in 2027, after a 2026 that was boosted by unusually strong Eliquis growth.
11. Recent Developments
- 12 Oct 2026 — ALOFT-IPF meets primary endpoint. Admilparant 60mg slowed lung-function decline (FVC at week 52) in idiopathic pulmonary fibrosis; the 120mg dose did not reach significance.
- 12 Oct 2026 — RYZ101 hits PFS in ACTION-1. The actinium-225 radioligand met its PFS endpoint at an interim analysis in gastroenteropancreatic neuroendocrine tumours after Lu-177 therapy. The shares jumped about 6.5% before the open but closed about 2.6% lower.
- 08 Oct 2026 — EXCALIBER-RRMM PFS. Iberdomide regimen median PFS was 42 months against 20 months (hazard ratio 0.49); full data come at ASH.
- 30 Sep 2026 — Camzyos paediatric approval. The FDA expanded Camzyos to paediatric obstructive HCM patients weighing at least 30kg, on the PDUFA date.
- 18 Sep 2026 — Q3 date set. BMS will report Q3 2026 results on 29 Oct 2026, with a call at 8:00am ET.
- 16 Sep 2026 — Dividend declared. The board declared $0.63 per share, payable 02 Nov 2026 to holders of record on 02 Oct 2026.
- 08 Sep 2026 — Arlo-cel registrational win. The QUINTESSENTIAL Phase 2 study of the GPRC5D CAR-T met its overall-response primary endpoint; the shares fell 3.2% that day.
- 02 Sep 2026 — Autoimmune CAR-T enrolment paused. BMS paused new enrolment in zola-cel autoimmune trials after transient, reversible inflammatory events, with no deaths reported.
- 29 Aug 2026 — Librexia ACS fails. Full data at ESC showed milvexian did not reduce cardiovascular events after acute coronary syndrome (5.4% against 5.1%).
- 13 Aug 2026 — ZENBEXUS approved; CVR suit revived. The FDA granted accelerated approval to iberdomide with daratumumab and dexamethasone in relapsed myeloma. The 2nd Circuit revived the Celgene CVR lawsuit.
- 30 Jul 2026 — Q2 2026 results. Revenue was $12,973m (+6%), GAAP EPS $1.62 and non-GAAP EPS $2.04 (+40%), and full-year revenue and EPS guidance was raised.
12. Key Dates
- 23 Oct 2026 — ESMO 2026 opens in Madrid (to 27 Oct)
- 29 Oct 2026 — Q3 2026 results and conference call (8:00am ET)
- 02 Nov 2026 — payment date for the $0.63 quarterly dividend
- Expected Nov 2026 — Eliquis EU composition-of-matter patents and SPCs expire
- 12 Dec 2026 — ASH annual meeting opens in New Orleans (to 15 Dec), with full EXCALIBER-RRMM data
- 01 Jan 2027 — Medicare negotiated price for Pomalyst takes effect
- Expected Q1 2027 — Librexia AF readout for milvexian
- 11 Mar 2027 — FDA PDUFA date for Reblozyl in myelofibrosis-associated anaemia
- 13 May 2027 — FDA PDUFA date for mezigdomide in relapsed/refractory multiple myeloma
BMS has usually declared its dividend increase in December; no date has been announced. The date for Q4 2026 results and 2027 guidance has not been announced.
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13. Thesis Verdict
The central thesis. Bristol Myers Squibb develops and sells patented medicines in oncology, haematology, immunology, cardiovascular disease and neuroscience from a single segment, split between a Growth Portfolio (Opdivo, Reblozyl, Breyanzi, Camzyos, Cobenfy) and a Legacy Portfolio led by Eliquis, Revlimid and Pomalyst. FY2025 revenue was $48,194m, roughly flat, with non-GAAP EPS of $6.15 and GAAP EPS of $3.46. On 30 Jul 2026 management raised 2026 guidance to revenue of ~$49.0–$50.0bn and non-GAAP EPS of $6.75–$7.00, helped by 15% Growth Portfolio growth and strong Eliquis demand. The structural question is whether new myeloma, radiopharmaceutical and neuroscience assets can replace Eliquis and Opdivo before their US exclusivity ends in 2028.
What would confirm or break it. Continued double-digit Growth Portfolio growth, approvals for mezigdomide and arlo-cel, and positive milvexian and Cobenfy readouts in 2027 would confirm the bull case. A steeper Eliquis and Opdivo cliff than the guided $1.5–$2bn 2027 Eliquis step-down, further pipeline failures like Librexia ACS, deeper US price controls or an adverse Celgene CVR ruling would undermine it.
Watchpoints
- ConfirmsQ3 2026 earnings (12 days) landing in line with or above management guidance.
- ConfirmsEvidence supporting the "Growth Portfolio carrying the business:" thesis continuing to build across subsequent filings.
- InvalidatesMaterialisation of the "Loss of exclusivity (Commercial):" risk, or any disclosure that fundamentally alters the capital-return or growth profile stated by management.
Diagnostic grid
Generated by ChartsView research tooling. Thesis strength measures how well the evidence in this report supports the company's stated thesis — it is NOT a buy/sell rating or price target. ChartsView is not authorised by the FCA to provide regulated investment advice. Generated 17 Oct 2026.