stockrowWhat it does
Bristol Myers Squibb is a biopharmaceutical company that discovers, develops, licenses, manufactures and sells prescription medicines for serious diseases. Its work spans cancer, blood disorders, immune diseases, cardiovascular conditions and neuroscience. It sells medicines worldwide, mainly through wholesalers, distributors and specialty pharmacies, while promoting their approved uses to healthcare professionals.
Its products include Opdivo, a cancer medicine used in several tumor types, and Eliquis, an oral medicine used to reduce stroke risk in certain patients and to treat blood clots. Camzyos treats adults with symptomatic obstructive hypertrophic cardiomyopathy, a heart condition; Cobenfy treats schizophrenia in adults. Breyanzi is a cell therapy for certain blood cancers.
Bristol Myers Squibb uses several approaches to make medicines. Some are small molecules taken as tablets or capsules; others are biologics, typically given by injection or infusion. Its cell therapies are administered by infusion. The company also researches radiopharmaceuticals and medicines designed to degrade targeted proteins.
The company’s recorded founding year is 1989. It was incorporated in 1933 and took its current name following a 1989 merger. Its headquarters are in New York City, and Christopher Boerner is chair and chief executive officer.
How it makes money
Bristol Myers Squibb operates in one segment and earns revenue primarily by selling medicines. Its portfolio includes drugs it groups as growth products, such as Opdivo, Reblozyl, Breyanzi, Camzyos and Cobenfy, and a legacy portfolio that includes Eliquis and Revlimid. It also receives royalties and alliance-related revenue for products not sold by its regional commercial organizations.
Sales can continue while patients use a medicine, but the duration and amount depend on the treatment, demand, pricing and competition. In oncology, Opdivo is approved for several cancers, and an Opdivo and Yervoy combination is approved in multiple markets. Opdivo Qvantig is an under-the-skin formulation for many previously approved adult solid-tumor uses. Eliquis addresses stroke risk and blood clots; Revlimid is used in multiple myeloma and other blood cancers.
It was reported on 28 October 2026 that Eliquis accounted for 30.0% of fiscal 2025 revenue. Legacy portfolio revenue increased as Eliquis growth more than offset generic-driven declines elsewhere in that portfolio.
The amounts Bristol Myers Squibb retains are affected by rebates, discounts and reimbursement arrangements. Government pricing and market-access policies have lowered prices and reimbursement rates. A government-set Medicare price for Eliquis took effect in the U.S.; the company also agreed to provide Eliquis free to Medicaid.
Customers and how it sells
Bristol Myers Squibb sells worldwide principally to wholesalers, distributors and specialty pharmacies. It also sells to retailers, hospitals, clinics, government agencies and, to a lesser extent, directly to patients. Its commercial teams promote approved uses to doctors and other healthcare professionals and work to obtain placement on insurers’ formularies and reimbursement plans.
In fiscal 2025, McKesson Corporation represented 36.0% of revenue, Cencora, Inc. 29.0%, and Cardinal Health, Inc. 22.0%. The company has distribution services agreements with substantially all its direct U.S. wholesaler and distributor customers. These allow it to monitor inventory and require distributors to maintain inventory levels aligned with demand.
Outside the U.S., the company has more direct customers and uses distributors for services that can include logistics, regulatory work, sales and promotion. Some medicines have restricted distribution arrangements: in the U.S., Camzyos is available through certified pharmacies under a risk-management program, while Revlimid and Pomalyst are distributed primarily through contracted pharmacies under their respective programs.
Bristol Myers Squibb has significant manufacturing operations in the U.S., Puerto Rico, the Netherlands, Ireland and Switzerland. Its regional revenue reporting distinguishes the United States, international markets and other revenue such as royalties.
Suppliers and costs
Bristol Myers Squibb manufactures medicines across several countries and relies on outside suppliers and manufacturers for materials, supplies, active ingredients and finished products. Some suppliers are sole-source or single-source; the company faces the possibility that they cannot deliver required materials on time or at the required quality. It also uses third-party suppliers for radiopharmaceuticals whose large-scale production processes and facilities may still be developing.
Manufacturing and distribution must meet regulatory and quality standards. Cell therapies require evolving manufacturing processes and distribution networks, and their raw materials and production costs can affect revenue and gross profit. The company has announced a Houston manufacturing campus that will support small molecules, biologics and antibody-drug conjugates, as well as another radiopharmaceutical facility in Indiana.
Research and development expenses include research, clinical development, manufacturing development, medical support for marketed products, acquired intellectual-property costs and allocated enterprise costs. Acquired in-process research and development expenses include upfront and milestone payments associated with acquired or licensed intellectual property and certain alliance arrangements. Bristol Myers Squibb expects savings from its expanded productivity initiative.
- Revenue$48.2B
- Cost of revenue−$13.9B
- Research and development−$10.0B
- Selling, general and administrative−$7.3B
- Other operating costs−$7.7B
- Operating income$9.3B
Competitive position
Bristol Myers Squibb competes with global research-based drug companies, smaller specialist researchers and generic drug manufacturers. Products compete on efficacy, safety, convenience, price, cost-effectiveness, labeling and marketing. Opdivo faces competing cancer immunotherapies, including existing products that gain additional approvals and new medicines entering the market.
It was reported on 27 October 2026 that Johnson & Johnson is developing comparable solid-tumor treatments. Bristol Myers Squibb also develops milvexian with Johnson & Johnson for cardiovascular conditions.
Patents and regulatory exclusivity can protect a branded medicine from copies for a period, although protection varies by product and country. Once exclusivity is lost, generic manufacturers can rely on an innovator’s safety and efficacy data in certain markets and typically price their products below the branded medicine.
Our reading: Patents and regulatory exclusivity provide a meaningful but time-limited defense, because challenges or early launches can shorten the protection a product actually receives. Our reading: Research and development across several treatment types supports the company’s ability to replace medicines facing competition, but costly trials and uncertain approvals limit the reliability of that advantage.
| Competitor | Where they compete | Threat (our reading) |
|---|---|---|
| Johnson & Johnson | Investigational treatments for solid tumors | Medium |
Growth opportunities
Bristol Myers Squibb seeks growth from existing medicines, new uses and formulations, and new treatments developed internally or obtained through deals. It has received approvals across its portfolio, including for Breyanzi, Camzyos and Opdivo-based treatments in various markets. Its research spans cancer, blood disorders, immunology, cardiovascular disease and neuroscience.
The company has expanded its pipeline through collaborations and licensing. Its work with BioNTech covers co-development and co-commercialization of investigational pumitamig across solid tumors; a license from Philochem covers a prostate cancer radiopharmaceutical and diagnostic agent. Bristol Myers Squibb is also developing milvexian with Johnson & Johnson for cardiovascular conditions.
The company reported FDA accelerated approval of Zimbexis for multiple myeloma and positive progression-free survival results in a clinical study. It also reported that admilpirant met its primary endpoint in an idiopathic pulmonary fibrosis study. The company plans to discuss those results with regulators and expects results from its progressive pulmonary fibrosis study.
Bristol Myers Squibb reported positive interim results for RAISE-101, an investigational radiopharmaceutical, and is engaging with the FDA about a potential submission. It also reported positive results for arlo-cel in previously treated multiple myeloma. These programs remain subject to further regulatory and commercialization steps.
- $46.4BFY2021
- $46.2BFY2022
- $45.0BFY2023
- $48.3BFY2024
- $48.2BFY2025
- $0.20FY2026 guidance
Structural risks
- Loss of exclusivity: Patent challenges, settlements or regulatory changes can bring generic or biosimilar competition earlier than expected. Bristol Myers Squibb says actual protection is uncertain. U.S. Revlimid generic licenses are no longer volume-limited.
- Pricing and reimbursement: Government price setting, rebates, discounts and payer restrictions can reduce revenue and margins. Medicare pricing applies to Eliquis and will apply to Pomalyst, while Orencia was selected for government-set pricing.
- Pipeline execution: New medicines or additional uses may fail trials, encounter safety issues, be delayed or not receive approval. Bristol Myers Squibb has voluntarily paused its zola-cel clinical program to review data and reported a fatal pneumonia case in the program.
- Competition: Rival medicines may offer lower prices, better perceived safety or efficacy, more convenient administration or better insurance coverage. Generic competition can cause rapid losses of revenue after a branded medicine loses exclusivity.
- Supply and manufacturing: Quality problems, regulatory action, supplier failures, capacity constraints or geopolitical disruption can interrupt product supply. Manufacturing processes for newer cell therapies and radiopharmaceuticals are still evolving.
Bottom line
Our reading
Bristol Myers Squibb combines an established medicines business with a pipeline intended to replace products facing generic competition. Its patents and research capabilities support that model, but exclusivity is temporary and new treatments must clear clinical, regulatory and commercial hurdles. Pricing pressure and dependence on a concentrated distribution channel add to the business’s exposure as the portfolio changes.