Bristol-Myers Squibb Company BMY
NYSEPharmaceuticalsFinancials to Jun 30, 2026 · Updated Oct 8, 2026
Moat ranks
Balance sheet
| $B | Dec 31 | Jun 30 |
|---|---|---|
| Cash | 10.2 | 8.7 |
| Securities | 0.5 | 2.3 |
| Long-term securities | 0.4 | 0.4 |
| Debt | 45.1 | 43.1 |
| Net cash | -34.0 | -31.7 |
| Equity | 18.5 | 22.3 |
- Debt / EBITDA
- 3.02×
- Debt / equity
- 1.93×
- Leases (6/30/26)
- $1.9B
- Diluted shares
- 2,048M
- Book value / share
- $10.90
- Price / book
- 5.5×
- Net cash / share
- −$15.46
- Market cap
- $122.0B
- Enterprise value
- $153.6B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 5.7% | +5.2 pts | |
| Operating margin | 30.5% | +16.7 pts | |
| FCF margin | 23.8% | -5.2 pts | |
| Capex / revenue | 2.4% | -0.6 pts | |
| Eliquis revenue | $4.5B | +22% | |
| Opdivo revenue | $2.5B | -3% | |
| Opdivo Qvantig revenue | $261M | +770% | |
| Yervoy revenue | $769M | +6% | |
| Opdualag revenue | $349M | +23% |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About BMY
Bristol Myers Squibb develops and sells prescription medicines. Its FY2025 revenue was $48.194 billion, with Eliquis and checkpoint cancer medicines each contributing about 30%.
- IP Choke Point
Patent/regulatory exclusivity protects U.S. sales until a 2028 settlement-based generic entry, while EU generics have begun launching in certain countries before patent/SPC disputes are fully resolved.
- IP Choke Point
Core brands are protected by patent/regulatory exclusivity (Opdivo U.S. planning date 2028; Opdualag longer; Yervoy closer to LOE), supporting premium pricing while labels remain differentiated.
- Capex Knowhow Scale
Biologics manufacturing is complex and highly regulated; BMS operates a global manufacturing network and can produce Opdivo internally and via qualified third parties to meet demand.
- IP Choke Point
Legal exclusivity is mixed and weakening: Revlimid volume-limited U.S. generic licenses ended January 31, 2026; Pomalyst now faces generic erosion; Reblozyl has longer regulatory/patent protection.
- Sep 30, 2026
FDA expanded the Camzyos indication to eligible paediatric patients, increasing its treatment population while heart-failure monitoring remains required.
- Sep 25, 2026
BMS presented Zenbexus comparative response and safety results: deeper responses came with more severe neutropenia and infections; confirmatory progression-free survival remains pending.
- Sep 14, 2026
BMS and Ono filed a public patent complaint against Amgen’s proposed nivolumab biosimilar ABP 206, exposing Opdivo to an active exclusivity challenge; infringement and launch timing remain unresolved.
- Sep 8, 2026
BMS announced positive arlo-cel Phase 2 QUINTESSENTIAL topline results, advancing its investigational myeloma cell therapy; response rates and approval were not yet established in the announcement.
- Aug 13, 2026
FDA granted accelerated Zenbexus approval in relapsed myeloma, adding a protected treatment option with confirmatory clinical-benefit requirements.
Ownership
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On this page
Financial record
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | Trend | Change 2016–25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share ($) | |||||||||||||
| Revenue | 11.56 | 12.58 | 13.78 | 15.27 | 18.83 | 20.66 | 21.51 | 21.66 | 23.83 | 23.64 | 24.02 | +8.3%/yr | |
| Cash flow | 1.82 | 3.19 | 4.32 | 4.80 | 6.22 | 7.22 | 6.09 | 6.67 | 7.49 | 6.94 | 6.24 | +16.0%/yr | |
| Earnings | 2.65 | 0.61 | 3.01 | 2.01 | -3.99 | 3.12 | 2.95 | 3.86 | -4.41 | 3.46 | 4.53 | +3.0%/yr | |
| Free cash flow | 1.10 | 2.55 | 3.74 | 4.31 | 5.89 | 6.79 | 5.57 | 6.09 | 6.88 | 6.30 | 5.59 | +21.4%/yr | |
| Capex | 0.72 | 0.64 | 0.58 | 0.49 | 0.33 | 0.43 | 0.52 | 0.58 | 0.62 | 0.64 | 0.66 | -1.3%/yr | |
| Dividends | 1.52 | 1.56 | 1.60 | 1.56 | 1.80 | 1.96 | 2.16 | 2.28 | 2.40 | 2.47 | 2.49 | +5.6%/yr | |
| Book value | 9.63 | 7.11 | 8.57 | 30.14 | 16.75 | 16.01 | 14.47 | 14.16 | 8.06 | 9.06 | 10.90 | -0.7%/yr | |
| Diluted shares (M) | 1,680 | 1,652 | 1,637 | 1,712 | 2,258 | 2,245 | 2,146 | 2,078 | 2,027 | 2,039 | 2,048 | +2.2%/yr | |
| Totals ($B) | |||||||||||||
| Revenue | 19.4 | 20.8 | 22.6 | 26.1 | 42.5 | 46.4 | 46.2 | 45.0 | 48.3 | 48.2 | 49.2 | +10.6%/yr | |
| Operating income | 4.7 | 3.7 | 4.9 | 2.4 | -8.4 | 7.2 | 7.7 | 7.0 | -8.8 | 8.5 | 11.1 | +6.9%/yr | |
| Net income | 4.5 | 1.0 | 4.9 | 3.4 | -9.0 | 7.0 | 6.3 | 8.0 | -8.9 | 7.1 | 9.3 | +5.2%/yr | |
| Free cash flow | 1.8 | 4.2 | 6.1 | 7.4 | 13.3 | 15.2 | 11.9 | 12.7 | 13.9 | 12.8 | 11.4 | +24.1%/yr | |
| Buybacks | 0.2 | 2.5 | 0.3 | 7.3 | 1.5 | 6.3 | 8.0 | 5.2 | 0.0 | 0.0 | 0.0 | – | |
| Dividends | 2.5 | 2.6 | 2.6 | 2.7 | 4.1 | 4.4 | 4.6 | 4.7 | 4.9 | 5.0 | 5.1 | +7.9%/yr | |
| Net cash | 2.4 | 1.3 | 3.2 | -30.6 | -34.4 | -27.6 | -30.1 | -27.1 | -38.5 | -34.0 | -31.7 | −$36.4B | |
| Margins & returns (%) | |||||||||||||
| Gross margin | 74.4 | 71.1 | 71.3 | 69.1 | 72.3 | 78.6 | 78.0 | 76.2 | 71.1 | 71.1 | 70.2 | -3.3 pts | |
| Operating margin | 23.9 | 17.8 | 21.6 | 9.0 | -19.7 | 15.5 | 16.7 | 15.5 | -18.1 | 17.6 | 22.6 | -6.3 pts | |
| Net margin | 22.9 | 4.8 | 21.8 | 13.2 | -21.2 | 15.1 | 13.7 | 17.8 | -18.5 | 14.6 | 18.9 | -8.3 pts | |
| FCF margin | 9.5 | 20.3 | 27.1 | 28.2 | 31.3 | 32.8 | 25.9 | 28.1 | 28.9 | 26.7 | 23.3 | +17.2 pts | |
| ROIC | 23.9 | 24.4 | 32.8 | 2.4 | -9.8 | 9.6 | 10.8 | 10.4 | -13.5 | 13.6 | 17.4 | -10.3 pts | |
| Return on equity | 27.6 | 8.6 | 35.1 | 6.7 | -23.8 | 19.5 | 20.4 | 27.3 | -54.8 | 38.2 | 41.6 | +10.6 pts | |
| R&D % of revenue | 25.8 | 31.1 | 28.1 | 23.5 | 23.6 | 22.0 | 20.6 | 20.7 | 23.1 | 20.6 | 21.8 | -5.2 pts | |
| Stock pay % of revenue | 1.1 | 1.0 | 1.0 | 1.7 | 1.8 | 1.3 | 1.0 | 1.2 | 1.0 | 1.1 | 1.1 | +0.1 pts | |
| Capex % of revenue | 6.3 | 5.1 | 4.2 | 3.2 | 1.8 | 2.1 | 2.4 | 2.7 | 2.6 | 2.7 | 2.7 | -3.5 pts | |
Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Oligopoly
- Durability
- medium
- Trajectory
- narrowing
- Pricing power
- moderate
- Eliquis franchise (apixaban)30.0%1 claim
- Immuno-oncology checkpoint inhibitors (Opdivo/Yervoy/Opdualag)29.8%2 claims
- Hematology (Revlimid/Pomalyst/Reblozyl/Zenbexus)16.6%1 claim
- Immunology (Orencia/Sotyktu)8.3%1 claim
- Other specialty & emerging products (CAR-T, cardiomyopathy, neuroscience, and mature brands)15.3%2 claims
Moat claims
- Applies to
- Eliquis franchise (apixaban)
- Confidence
- Durability
- medium
- Trajectory
- narrowingas of Oct 8, 2026
Patent/regulatory exclusivity protects U.S. sales until a 2028 settlement-based generic entry, while EU generics have begun launching in certain countries before patent/SPC disputes are fully resolved.
Q2 Eliquis sales grew 22% to $4.481 billion, but EU protection expires in November 2026 and US settled generic entry remains permitted in 2028.
- Eliquis revenue$4.5B+22%
- Generic entry timing (U.S. 2028; EU earlier in some countries)
- Government pricing rules and payer rebate pressure
- Clinical differentiation vs rival DOACs
- FilingBMS FY2025 Form 10-K - Product exclusivity (Eliquis)Feb 11, 2026
- FilingBMS FY2025 Form 10-K - Product exclusivity (Eliquis EU)Feb 11, 2026
- FilingBMS Q2 2026 Form 10-Q - Eliquis performanceJul 30, 2026
- Applies to
- Immuno-oncology checkpoint inhibitors (Opdivo/Yervoy/Opdualag)
- Confidence
- Durability
- medium
- Trajectory
- narrowingas of Oct 8, 2026
Core brands are protected by patent/regulatory exclusivity (Opdivo U.S. planning date 2028; Opdualag longer; Yervoy closer to LOE), supporting premium pricing while labels remain differentiated.
Q2 core Opdivo sales fell 3% to $2.485 billion while Qvantig reached $261 million; formulation uptake does not extend the entire franchise’s finite patent life.
- Opdivo revenue$2.5B-3%
- Opdivo Qvantig revenue$261M+770%
- Yervoy revenue$769M+6%
- Opdualag revenue$349M+23%
- Loss of exclusivity for older IO assets and the live Amgen ABP 206 nivolumab biosimilar challenge
- Clinical trial outcomes or label changes favoring competitors
- Next-generation IO modalities (bispecifics, ADC combos) shifting standards of care
- CourtBMS and Ono v. Amgen, public nivolumab complaint, filed September 14, 2026Sep 14, 2026
- FilingBMS FY2025 Form 10-K - Product exclusivity (Opdivo/Opdualag/Yervoy)Feb 11, 2026
- FilingBMS FY2025 Form 10-K - IO competition intensityFeb 11, 2026
- FilingBMS Q2 2026 Form 10-Q - Opdivo Qvantig adoptionJul 30, 2026
- Applies to
- Immuno-oncology checkpoint inhibitors (Opdivo/Yervoy/Opdualag)
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 8, 2026
Biologics manufacturing is complex and highly regulated; BMS operates a global manufacturing network and can produce Opdivo internally and via qualified third parties to meet demand.
Q2 Opdivo and Qvantig sales show ongoing biologics supply, but BMS does not disclose comparative yields or unit costs that would establish a widening manufacturing advantage.
- Opdivo revenue$2.5B-3%
- Manufacturing quality failures, recalls, or regulatory enforcement
- Input constraints (specialized materials) or single-source dependencies
- Biologics biosimilar manufacturing capabilities catching up
- FilingBMS FY2025 Form 10-K - Manufacturing and Quality AssuranceFeb 11, 2026
- FilingBMS FY2025 Form 10-K - Opdivo manufacturing capabilityFeb 11, 2026
- Applies to
- Hematology (Revlimid/Pomalyst/Reblozyl/Zenbexus)
- Confidence
- Durability
- fragile
- Trajectory
- narrowingas of Oct 8, 2026
Legal exclusivity is mixed and weakening: Revlimid volume-limited U.S. generic licenses ended January 31, 2026; Pomalyst now faces generic erosion; Reblozyl has longer regulatory/patent protection.
Q2 Revlimid and Pomalyst sales fell 49% and 71%; Reblozyl grew 29% and a new Zenbexus approval helps replacement options without restoring older exclusivity.
- Revlimid revenue$425M-49%
- Pomalyst/Imnovid revenue$204M-71%
- Reblozyl revenue$735M+29%
- Generic/biosimilar entry accelerating price and volume declines
- Newer modalities in myeloma (CAR-T, bispecifics) displacing IMiDs
- Payer pressure as multiple alternatives exist
- FilingBMS FY2025 Form 10-K - Revlimid generic licensesFeb 11, 2026
- FilingBMS Q2 2026 Form 10-Q - Pomalyst generic erosionJul 30, 2026
- FilingBMS FY2025 Form 10-K - Reblozyl exclusivity and patentsFeb 11, 2026
- Applies to
- Immunology (Orencia/Sotyktu)
- Confidence
- Durability
- fragile
- Trajectory
- narrowingas of Oct 8, 2026
Sotyktu has a longer patent runway, but Orencia dominates this segment and BMS has now authorized U.S. biosimilar entry paths, sharply shortening the blended exclusivity moat.
Orencia Q2 sales grew 7%, but authorised US intravenous biosimilar entry upon approval and subcutaneous entry as early as February 2028 shorten protection.
- Orencia revenue$1.0B+7%
- Sotyktu revenue$87M+24%
- Authorized Orencia IV biosimilar entry upon approval and subcutaneous entry as early as February 2028
- Government-set Medicare pricing for Orencia beginning in 2028
- High competition and payer step edits in immunology
- Safety signals or class warnings reducing adoption
- FilingBMS Q2 2026 Form 10-Q - Orencia biosimilar agreementsJul 30, 2026
- FilingBMS Q1 2026 Form 10-Q - Sotyktu PsA approvalApr 30, 2026
- Applies to
- Other specialty & emerging products (CAR-T, cardiomyopathy, neuroscience, and mature brands)
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 8, 2026
CAR-T and other advanced modalities require specialized manufacturing infrastructure and quality systems; BMS has invested in a multi-site cell therapy network and received FDA approval for a commercial CAR-T facility.
Q2 Breyanzi revenue reached $484 million, up 41%; the announced $2.3 billion Houston campus adds future capacity plans, with no current comparative throughput proof.
- Breyanzi revenue$484M+41%
- Abecma revenue$101M-4%
- Manufacturing deviations causing supply interruptions
- Competitors scaling superior CAR-T products
- Input shortages (vectors, specialized materials)
- FilingBMS FY2025 Form 10-K - CAR-T manufacturing investmentsFeb 11, 2026
- FilingBMS FY2025 Form 10-K - Cell therapy manufacturing networkFeb 11, 2026
- Applies to
- Other specialty & emerging products (CAR-T, cardiomyopathy, neuroscience, and mature brands)
- Confidence
- Durability
- medium
- Trajectory
- wideningas of Oct 8, 2026
This portfolio includes newer assets with multi-year exclusivity (e.g., Abecma, Breyanzi, Camzyos, Zeposia) which supports premium specialty pricing while differentiated and protected.
Camzyos Q2 sales reached $416 million, up 60%, and its September 30 paediatric approval expands the protected treatment population; safety monitoring and rival therapies limit uptake.
- Breyanzi revenue$484M+41%
- Camzyos revenue$416M+60%
- Abecma revenue$101M-4%
- Cobenfy revenue$63M+80%
- Patent litigation losses or earlier-than-expected generic entry
- Rapid competitive innovation in specialty niches
- Reimbursement tightening for high-cost specialty therapies
- SourceCytokinetics Q2 2026 results: aficamten commercial competitionAug 6, 2026
- FilingBMS FY2025 Form 10-K - Product exclusivity table (selected assets)Feb 11, 2026
- FilingBMS FY2025 Form 10-K - Zeposia patent challengeFeb 11, 2026
- FilingBMS Q2 2026 Form 10-Q - Breyanzi performanceJul 30, 2026
Profile change log
- Oct 8, 2026 · business change
BMS and Ono filed a public patent complaint against Amgen’s proposed nivolumab biosimilar ABP 206, exposing Opdivo to an active exclusivity challenge; infringement and launch timing remain unresolved.
- Oct 8, 2026 · business change
FDA expanded the Camzyos indication to eligible paediatric patients, increasing its treatment population while heart-failure monitoring remains required.
- Oct 8, 2026 · business change
BMS presented Zenbexus comparative response and safety results: deeper responses came with more severe neutropenia and infections; confirmatory progression-free survival remains pending.
- Oct 8, 2026 · business change
BMS announced positive arlo-cel Phase 2 QUINTESSENTIAL topline results, advancing its investigational myeloma cell therapy; response rates and approval were not yet established in the announcement.
- Oct 8, 2026 · business change
FDA granted accelerated Zenbexus approval in relapsed myeloma, adding a protected treatment option with confirmatory clinical-benefit requirements.
- Oct 8, 2026 · business change
BMS announced an approximately $2.3 billion Houston manufacturing campus, adding future production plans and capital needs without proving a current capacity advantage.
- Oct 8, 2026 · business change
BMS raised FY2026 revenue guidance to approximately $49–50 billion after Q2 Growth Portfolio sales increased 15%; commercial momentum still precedes major patent expiries.
- Oct 8, 2026 · business change
BMS completed the Orbital acquisition, adding an investigational in-vivo cell-therapy platform and a $1.379 billion acquired-IPRD charge.
- Oct 8, 2026 · business change
BMS agreed to co-develop BioNTech’s pumitamig, adding a bispecific oncology programme and a $1.5 billion upfront acquired-IPRD charge; partner profit sharing limits retained economics.
- Oct 8, 2026 · business change
BMS completed the Karuna asset acquisition, adding Cobenfy but recognising a $12.122 billion acquired-IPRD expense rather than an amortisable asset.
- Oct 8, 2026 · analyst revision
Completed seven moat trajectories, the investment debate and management evidence; changed product-group weights from Q2 2026 to verified FY2025 revenue. Existing strengths, durability and profile timestamps remain unchanged.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
Global direct oral anticoagulants
Worldwide finished prescription apixaban, rivaroxaban, dabigatran and edoxaban medicines for stroke and thromboembolism prevention or treatment. Includes branded and generic medicines; excludes warfarin, injectable anticoagulants, diagnostic tests and bulk ingredients.
- Bristol Myers Squibb / Pfizer
- Bayer / Johnson & Johnson
- Boehringer Ingelheim
- Daiichi Sankyo
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| BMY | 61 | 70.2% | 22.6% | |
| Industry median | 17 | 69 | 72.9% | 22.1% |
| Sector median | 55 | 76 | 61.5% | 17.0% |
| All stocks median | 398 | 76 | 52.9% | 19.6% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Aging populations sustain stroke-prevention demand.
- Guideline preference and reduced monitoring support oral use.
- Treatment persistence supports recurring prescriptions.
- New reimbursement and distribution options improve access.
- Patent expiry increases generic competition.
- Price negotiation reduces protected-product economics.
- Bleeding and renal safety limit eligible treatment.
- Currency translation changes manufacturers’ reported sales.
- Supplier concentration and trade rules can raise production costs.
Bulls & bears
Can newer protected medicines generate enough sustained cash to replace Eliquis, Opdivo and the declining legacy franchises before patent expiry and debt restrict further investment?
Arguments
What to watch
- 1Eliquis revenue, realised net pricing and EU generic entry
- 2Breyanzi, Camzyos, Reblozyl and Zenbexus revenue; Opdivo plus Qvantig uptake
- 3Operating cash flow, acquired-IPRD spending, debt maturities and safety/confirmatory trial outcomes
Next check: Q3 2026 results on October 29, 2026; EU Eliquis patent/SPC expiry in November 2026; mezigdomide FDA target date May 13, 2027.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 7, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 61/100 by <a href="https://www.findmymoat.com/stocks/XNYS:BMY">Find My Moat</a> (as of September 2026)Request update
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