Bristol Myers Squibb (BMY) — Company Research
Last Updated: 2 June 2026
Bristol Myers Squibb is one of the world's largest biopharmaceutical companies, built around oncology, haematology, cardiovascular, immunology and neuroscience medicines. The investment story in 2026 is a tug-of-war: a fast-growing "Growth Portfolio" of newer brands is expanding rapidly, while a "Legacy Portfolio" led by Eliquis and Revlimid faces looming loss-of-exclusivity (LoE) and US drug-pricing pressure. Full-year 2025 revenues reached $48.2 billion, but management's own 2026 guidance points to a step down to roughly $46.0–$47.5 billion as legacy erosion bites. This report lays out the figures management reported and the catalysts and risks that frame the debate. For live pricing see our Live Charts, and the Economic Calendar for macro events.
1. Company Snapshot
| Field | Value |
|---|---|
| Ticker / Exchange | BMY (NYSE) |
| Sector | Healthcare — Pharmaceuticals |
| CEO / Leadership | Christopher Boerner, Ph.D. (Board Chair & Chief Executive Officer); David V. Elkins (CFO) |
| Headquarters | Princeton, New Jersey, USA |
| Employees | ~32,500 (FY2025) |
| Market cap | ~$112 billion (1 Jun 2026, ~$54.93/share) |
| Revenue (FY2025) | $48.2 billion (+0.6% vs 2024 on a reported basis; broadly flat) |
| GAAP EPS (FY2025) | $3.46 |
| Non-GAAP EPS (FY2025) | $6.15 |
| Dividend | $0.63/quarter ($2.52 annualised); 17th consecutive annual increase |
| 52-week range | $42.52 – $62.89 |
2. Bull and Bear Case
Bull Case
- Growth Portfolio momentum: The newer-brand "Growth Portfolio" grew 17% to $26.4 billion in 2025 and now makes up roughly 55% of revenue, providing brands such as Opdivo, Reblozyl, Camzyos, Sotyktu, Cobenfy and Breyanzi to offset legacy decline.
- Cash generation and dividend: The company produced $14.2 billion of operating cash flow and ~$12.9 billion of free cash flow in 2025, funding a dividend raised for a 17th straight year to $0.63 per quarter.
- Cheap on guided earnings: At ~$55 the shares trade at roughly 9x the midpoint of 2026 non-GAAP EPS guidance ($6.05–$6.35), a steep discount to the broader market and large-cap pharma peers.
- Pipeline catalysts in 2026: Multiple pivotal readouts are expected in the back half of 2026, including Cobenfy in Alzheimer's disease psychosis and a regulatory decision on iberdomide, giving optionality beyond the in-line base.
- Balance-sheet repair: Long-term debt fell to $42.9 billion at year-end 2025 from $47.6 billion a year earlier, restoring strategic flexibility after a heavy 2024 acquisition year.
Bear Case
- Eliquis cliff: Eliquis, the single largest product at $14.4 billion, faces US Medicare price negotiation and loss of exclusivity around 2028, a concentration risk no pipeline asset yet replaces.
- Revlimid erosion: Revlimid sales fell ~49% to $3.0 billion in 2025 as generics scale, illustrating how quickly legacy revenue can disappear.
- 2026 revenue step-down: Management guides 2026 revenue to ~$46.0–$47.5 billion, below 2025, so the company must out-run its own legacy decline before returning to growth.
- Acquired IPR&D drag: Large acquired in-process R&D charges have repeatedly distorted GAAP earnings and complicate clean comparisons, reflecting an aggressive and expensive business-development strategy.
- Pricing and policy: US drug-pricing reform (the IRA), tariffs and broader healthcare policy remain persistent overhangs on the entire portfolio.
3. Business Segments
Bristol Myers Squibb reports a single operating segment but manages and discloses revenue across two strategic buckets — the expanding Growth Portfolio and the maturing Legacy Portfolio.
| Segment | % of revenue | What it is |
|---|---|---|
| Growth Portfolio | ~55% (~$26.4bn, +17% YoY) | Newer and expanding brands — Opdivo/Opdualag, Reblozyl, Breyanzi, Camzyos, Sotyktu, Cobenfy, Krazati and Augtyro — that drive future growth. |
| Legacy Portfolio | ~45% (~$21.8bn) | Mature brands facing or nearing loss of exclusivity — Eliquis, Revlimid, Pomalyst, Sprycel and Abraxane. |
4. Business Model and Moat
How it makes money. BMS develops, manufactures and sells prescription medicines, primarily specialty and hospital-administered therapies in oncology, haematology, cardiovascular, immunology and neuroscience. Revenue is concentrated in a handful of high-value brands sold to wholesalers, specialty pharmacies, hospitals and government payers worldwide, with the United States the largest market.
Unit economics. Branded pharma carries high gross margins once a drug is approved, because the cost of goods is small relative to price. The heavy spending is upfront and ongoing R&D (around $11–13 billion a year) plus commercial investment, which is why operating leverage swings sharply with the mix of growing versus declining brands.
Moat. The durable advantages are patents and regulatory exclusivity, clinical data and physician relationships, and the scale to run global trials and manufacture biologics and cell therapies. The vulnerability is that patents expire: each blockbuster has a finite exclusivity window, so the moat must be continually rebuilt through internal R&D and acquisitions.
5. Financial Health
The five-year revenue picture shows a portfolio that has been broadly flat in aggregate as Growth Portfolio gains offset legacy erosion, with a step-up in 2024 partly reflecting acquisitions.
| Year | Revenue ($m) | YoY % | GAAP EPS | Adjusted EPS | Dividend/share | Long-term debt (YE, $m) |
|---|---|---|---|---|---|---|
| 2021 | 46,385 | — | — | — | $1.96 | 39,605 |
| 2022 | 46,159 | -0.5% | — | — | $2.16 | 35,056 |
| 2023 | 45,006 | -2.5% | — | — | $2.28 | 36,653 |
| 2024 | 48,300 | +7.3% | — | — | $2.40 | 47,603 |
| 2025 | 48,190 | -0.2% | $3.46 | $6.15 | $2.48 | 42,900 |
Quarterly detail for fiscal 2025 (most recent first). GAAP EPS in 2025 was depressed by acquired IPR&D charges and licensing impacts of roughly $(1.40) per share across the year.
| Quarter | Revenue ($m) | Adjusted EPS | GAAP EPS |
|---|---|---|---|
| Q4 2025 | 12,500 | $1.26 | $0.53 |
| Q3 2025 | 12,220 | $1.63 | $1.08 |
| Q2 2025 | 12,270 | $1.46 | $0.64 |
| Q1 2025 | 11,200 | $1.80 | $1.20 |
| FY2025 total | 48,190 | $6.15 | $3.46 |
Balance sheet and cash flow (FY2025): cash and equivalents ~$10.2 billion; long-term debt $42.9 billion; operating cash flow $14.2 billion; capital expenditure $1.3 billion; dividends paid ~$5.0 billion. The first quarter of 2026 showed revenue of $11.5 billion (+3%), GAAP EPS of $1.31 and non-GAAP EPS of $1.58.
6. Valuation
Raw metrics, June 2026. Not opinions on whether the stock is cheap or expensive.
| Metric | Value |
|---|---|
| Market cap | ~$112bn (~$54.93/share × ~2.04bn shares, 1 Jun 2026) |
| Trailing P/E (GAAP) | ~15.9x ($54.93 / FY2025 GAAP EPS $3.46) |
| P/E (forward) | ~8.9x ($54.93 / 2026 non-GAAP EPS guidance midpoint $6.20) |
| P/S (TTM) | ~2.3x (market cap ~$112bn / FY2025 revenue $48.2bn) |
| Enterprise value | ~$148bn (market cap ~$112bn + total debt ~$46bn − cash ~$10.2bn per FY2025 balance sheet) |
| EV/EBITDA (TTM) | ~9x (EV ~$148bn / GAAP EBITDA ~$16bn = operating income + D&A; note GAAP EBITDA is depressed by ~$2.8bn of acquired IPR&D charges, so normalised EV/EBITDA is closer to ~8x) |
| P/FCF | ~8.7x (market cap ~$112bn / FCF ~$12.9bn; FCF = operating CF $14.2bn − capex $1.3bn per FY2025 cash flow statement) |
| 52-week high | $62.89 |
| 52-week low | $42.52 |
| Short interest (% of float) | ~1.45% (~29.4m shares short) |
| Days to cover | ~2 days |
7. Growth Drivers
BMS's growth case rests on converting its pipeline and recent launches into durable franchises faster than its legacy brands decline. The Growth Portfolio — Opdivo and the subcutaneous Opdivo Qvantig, Reblozyl in anaemia, Camzyos in obstructive hypertrophic cardiomyopathy, Sotyktu in psoriasis and now psoriatic arthritis, Breyanzi and Abecma in cell therapy, and Cobenfy in schizophrenia — grew 17% in 2025 and is the engine management expects to carry the company through the back half of the decade.
Cobenfy, acquired through the $14 billion Karuna Therapeutics deal, is the highest-profile new mechanism: the first new class of schizophrenia drug in decades, with multi-indication potential including Alzheimer's disease psychosis, where pivotal data are expected around the end of 2026. Additional near-term drivers include label expansions for Opdivo (including the AVD combination in classical Hodgkin lymphoma approved in March 2026) and Sotyktu, plus pipeline assets iberdomide and mezigdomide in multiple myeloma. Continued cost discipline and debt reduction add an earnings-quality dimension to the top-line story.
8. Peer Comparison
| Peer | Market cap (Jun 2026) | Key 2025 metric |
|---|---|---|
| Eli Lilly (LLY) | ~$700bn+ | Incretin-led growth; revenue well above $50bn and expanding rapidly |
| Merck & Co. (MRK) | ~$295bn | FY2025 sales ~$65bn, led by Keytruda ~$31.7bn |
| Pfizer (PFE) | ~$140bn | Post-COVID normalisation; large oncology build-out via Seagen |
| AbbVie (ABBV) | ~$383bn | FY2025 revenue ~$61.2bn; Skyrizi + Rinvoq offsetting Humira erosion |
9. Insider Activity
Recent Form 4 activity is dominated by routine, pre-arranged executive sales and director equity grants rather than open-market buying. CEO and Chair Christopher Boerner leads the management team; the transactions below were executed under Rule 10b5-1 plans or as scheduled deferred-share-unit grants.
| Name | Date | Type | Shares | Price | Value | Plan Type |
|---|---|---|---|---|---|---|
| David V. Elkins (CFO) | 01 Apr 2026 | Sale | 30,000 | ~$61.60–$62.05 | ~$1.85m | Rule 10b5-1 |
| David V. Elkins (CFO) | 12 Mar 2026 | Option exercise / vest | 62,982 | — | — | Performance/market share units |
| Julia Haller (Director) | 01 Feb 2026 | Acquire (DSU) | 3,996 | ~$55.05 | ~$0.22m | Deferred share units |
| Peter J. Arduini (Director) | Late Mar 2026 | Acquire (DSU) | 577 | ~$60.65 | ~$0.035m | Deferred share units |
10. Key Risks
- Concentration / LoE (Commercial): Eliquis (~$14.4bn) and the broader Legacy Portfolio face loss of exclusivity and US Medicare price negotiation around 2026–2028, threatening a large slice of revenue.
- Generic erosion (Commercial): Revlimid fell ~49% in 2025 and continues to decline as additional generics enter.
- Pipeline execution (Operational): Growth depends on launches such as Cobenfy and Camzyos scaling, and on pivotal readouts succeeding; the Cobenfy Alzheimer's psychosis trial was extended in 2026 after data irregularities.
- Drug-pricing policy (Regulatory): The Inflation Reduction Act, potential tariffs and wider US/global pricing reform pressure margins across the portfolio.
- Capital allocation (Financial): An acquisitive strategy has driven large acquired IPR&D charges and elevated debt; mis-timed or overpriced deals would weigh on returns.
- Litigation and macro (Macro): Patent disputes, product liability and foreign-exchange movements add ongoing variability to reported results.
11. Recent Developments
- 01 May 2026 — Q1 2026 results. Revenue of $11.5 billion (+3%), GAAP EPS $1.31 and non-GAAP EPS $1.58; the company reaffirmed full-year 2026 guidance of ~$46.0–$47.5 billion revenue and $6.05–$6.35 non-GAAP EPS, trending toward the upper end.
- March 2026 — Regulatory wins. The FDA approved Opdivo plus AVD chemotherapy for previously untreated Stage III/IV classical Hodgkin lymphoma and approved Sotyktu for active psoriatic arthritis, broadening two growth brands.
- March 2026 — Cobenfy update. BMS reported Phase 4 schizophrenia switch data showing patients remained stable through 8 weeks, but extended the ADEPT-2 Alzheimer's-psychosis trial after identifying data irregularities.
- 05 February 2026 — FY2025 results and dividend raise. Full-year revenue of $48.2 billion and a 17th consecutive annual dividend increase to $0.63 per quarter; 2026 guidance issued.
12. Key Dates
- 02 Apr 2026 — Q2 2026 dividend ex-dividend date ($0.63/share); paid 01 May 2026.
- 01 May 2026 — First-quarter 2026 results released.
- 31 Jul 2026 — Expected second-quarter 2026 results (based on prior-year timing).
- Expected Aug 2026 — Anticipated FDA decision on iberdomide in multiple myeloma.
- Expected Dec 2026 — Pivotal Cobenfy data in Alzheimer's disease psychosis.
Dates beyond reported results are management's stated expectations and may shift.
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13. Thesis Verdict
The central thesis. Bristol Myers Squibb develops and sells branded prescription medicines across oncology, haematology, cardiovascular, immunology and neuroscience, earning high-margin revenue concentrated in a handful of blockbuster brands. In FY2025 it reported revenue of $48.2 billion, GAAP EPS of $3.46 and non-GAAP EPS of $6.15, and raised its dividend for a 17th straight year; management guides 2026 revenue to ~$46.0–$47.5 billion as legacy brands erode. The primary growth driver is the Growth Portfolio, up 17% to $26.4 billion and now ~55% of sales, led by Opdivo, Reblozyl, Camzyos, Sotyktu and Cobenfy.
What would confirm or break it. The bull case is confirmed if Growth Portfolio momentum and 2026 guidance hold while debt continues to fall and pipeline readouts (Cobenfy in Alzheimer's psychosis, iberdomide) deliver. It is invalidated by accelerated Eliquis and Revlimid erosion, an adverse Medicare price-negotiation or loss-of-exclusivity outcome, or value-destructive M&A that re-levers the balance sheet.
Watchpoints
- ConfirmsQ2 2026 earnings (59 days) landing in line with or above management guidance.
- ConfirmsEvidence supporting the "Growth Portfolio momentum:" thesis continuing to build across subsequent filings.
- InvalidatesMaterialisation of the "Concentration / LoE (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 2 Jun 2026.