VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

Stock Comparison

Bristol-Myers Squibb Company vs Merck & Co., Inc.

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

Bristol-Myers Squibb Company

BMY · New York Stock Exchange

Market cap (USD)$118B
Gross margin (TTM)68.8%
Operating margin (TTM)25.7%
Net margin (TTM)15%
SectorHealthcare
IndustryDrug Manufacturers - General
CountryUS
Data as of2026-05-26
Moat score
56/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Bristol-Myers Squibb Company's moat claims, evidence, and risks.

View BMY analysis

Merck & Co., Inc.

MRK · New York Stock Exchange

Market cap (USD)$298B
Gross margin (TTM)75.9%
Operating margin (TTM)27.6%
Net margin (TTM)13.6%
SectorHealthcare
IndustryDrug Manufacturers - General
CountryUS
Data as of2025-12-22
Moat score
71/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Merck & Co., Inc.'s moat claims, evidence, and risks.

View MRK analysis

Comparison highlights

  • Moat score gap: Merck & Co., Inc. leads (71 / 100 vs 56 / 100 for Bristol-Myers Squibb Company).
  • Segment focus: Bristol-Myers Squibb Company has 5 segments (30% in Eliquis franchise (apixaban)); Merck & Co., Inc. has 2 segments (89.5% in Pharmaceutical).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: Bristol-Myers Squibb Company has 4 moat types across 3 domains; Merck & Co., Inc. has 5 across 3.

Primary market context

Bristol-Myers Squibb Company

Eliquis franchise (apixaban)

Market

Direct oral anticoagulants (DOACs) for stroke prevention in NVAF and treatment/prevention of DVT/PE

Geography

Global

Customer

Payers, PBMs, hospitals, clinics, pharmacies

Role

Branded drug manufacturer (co-commercialization alliance)

Revenue share

30%

Merck & Co., Inc.

Pharmaceutical

Market

Branded prescription pharmaceuticals & human vaccines

Geography

Global

Customer

Wholesalers/retailers, managed care and government payers, hospitals/clinics

Role

R&D-intensive innovator, manufacturer, and marketer

Revenue share

89.5%

Side-by-side metrics

Bristol-Myers Squibb Company
Merck & Co., Inc.
Ticker / Exchange
BMY - New York Stock Exchange
MRK - New York Stock Exchange
Market cap (USD)
$118B
$298B
Gross margin (TTM)
68.8%
75.9%
Operating margin (TTM)
25.7%
27.6%
Net margin (TTM)
15%
13.6%
Sector
Healthcare
Healthcare
Industry
Drug Manufacturers - General
Drug Manufacturers - General
HQ country
US
US
Primary segment
Eliquis franchise (apixaban)
Pharmaceutical
Market structure
Oligopoly
Competitive
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
56 / 100
71 / 100
Moat domains
Legal, Demand, Supply
Legal, Supply, Demand
Last update
2026-05-26
2025-12-22

Moat coverage

Shared moat types

IP Choke PointCapex Knowhow Scale

Bristol-Myers Squibb Company strengths

Procurement InertiaSwitching Costs General

Merck & Co., Inc. strengths

Regulated Standards PipeScope EconomiesData Workflow Lockin

Segment mix

Bristol-Myers Squibb Company segments

Full profile >

Eliquis franchise (apixaban)

Oligopoly

30%

Immuno-oncology checkpoint inhibitors (Opdivo/Yervoy/Opdualag)

Oligopoly

29.8%

Hematology (Revlimid/Pomalyst/Reblozyl)

Competitive

16.6%

Immunology (Orencia/Sotyktu)

Competitive

8.3%

Other specialty & emerging products (CAR-T, cardiomyopathy, neuroscience, and mature brands)

Competitive

15.3%

Merck & Co., Inc. segments

Full profile >

Pharmaceutical

Competitive

89.5%

Animal Health

Oligopoly

9.2%

Want the full wide moat stocks list?

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Looking for expansion-stage stocks?

Proven models entering the expansion stage with unit economics that work.

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Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.