Bristol-Myers Squibb Company

Bristol Myers Squibb is a U.S.-based biopharmaceutical company that discovers, develops, manufactures, markets, and sells innovative medicines for serious diseases. Its portfolio is concentrated in oncology, hematology, immunology, cardiovascular, and neuroscience, with a mix of marketed products and pipeline assets designed to support long-term growth.

71,1 %

14,6 %

−0,2 %

1.26

1.14

— Bristol-Myers Squibb Company
%
Oncology35% Immuno-oncology, combination regimens, and cell-therapy products for solid tumors and blood cancers.
Cardiovascular25% Anticoagulation and cardiac medicines, anchored by Eliquis and Camzyos.
Hematology20% Therapies for multiple myeloma, anemia, and other blood disorders, including legacy and growth products.
Immunology10% Autoimmune and inflammatory disease treatments sold to specialist prescribers and hospitals.
Other / Alliance Revenue10% Royalties, alliance-related revenues, and non-core product or licensing income.

BMS sells primarily to wholesalers, distributors, specialty pharmacies, hospitals, clinics, and government agencies,...

  • Wholesalers and distributorsprimary

    Buy large volumes for downstream resale and inventory buffering; critical for U.S. and international channel access.

  • Specialty pharmaciesprimary

    Dispense REMS-controlled and specialty medicines such as Revlimid, Pomalyst, and Camzyos.

  • Hospitals and clinicsprimary

    Purchase and administer oncology, hematology, and infusion therapies used in specialist care settings.

  • Physician specialistsprimary

    Prescribe BMS medicines in oncology, cardiology, immunology, and hematology based on clinical evidence.

  • Government and managed caresecondary

    Influence formulary access, rebates, and reimbursement economics, especially in the U.S. and Europe.

BMS reports two main revenue regions: the United States and International markets, with the U.S...

  • United States is the largest revenue region and the main commercial base
  • International revenue is diversified; no single non-U.S. country exceeds 10%
  • Puerto Rico is included in the International revenue reporting line
  • U.S. channel inventory and DSA agreements are important to revenue visibility
  • Indianapolis radiopharmaceutical facility supports U.S. manufacturing expansion
  • Foreign exchange affects international revenue growth and comparability

BMS is focused on concentrating capital and R&D on transformational medicines in areas where it believes it has a...

01
Pipeline expansion through BD and partnershipsshort-term

Offsets patent and generic pressure by adding new assets and indications.

02
Commercial execution on core productsshort-term

Eliquis, Opdivo, Reblozyl, Yervoy, and Orencia remain key revenue and cash drivers.

03
Operational productivity and cost savingsmedium-term

Improves margins and funds R&D and shareholder returns amid pricing pressure.

04
Radiopharmaceutical platform build-outmedium-term

Creates a differentiated growth platform in precision oncology and diagnostics.

BMS faces heavy exposure to pricing pressure, reimbursement changes, and loss of exclusivity on a concentrated set of...

critical

Dependence on key products

A majority of revenue and earnings comes from a small set of medicines, so any loss of exclusivity or demand decline can materially hurt results.

Scope
Eliquis, Opdivo, Opdivo Qvantig, Orencia, Reblozyl, Yervoy
Materiality
high
high

Pricing pressure and reimbursement reform

U.S. and international pricing restrictions, rebates, and channel changes can compress net selling prices and margins.

Scope
Medicare Part D redesign, government rebates, payer negotiations
Materiality
high
high

Generic competition and loss of exclusivity

Generic entrants can rapidly erode sales volumes and pricing for mature products.

Scope
Revlimid, Sprycel, Abraxane, Pomalyst/Imnovid
Materiality
high
medium

Regulatory and controlled-distribution complexity

REMS programs and country-specific distribution rules can limit access and increase operational burden.

Scope
Revlimid, Pomalyst, Camzyos, international distributor networks
Materiality
medium
medium

Cybersecurity and IT disruption

Business operations depend on digital systems and sensitive data, making outages or breaches potentially costly.

Scope
Enterprise systems, AI tools, third-party hosted platforms
Materiality
medium
Gross-to-net revenue adjustments
Can materially change quarterly and annual sales recognition
Channel inventory and seasonality
Makes quarterly comparisons less representative of underlying demand
Alliance and royalty revenue
Affects mix, growth rates, and comparability across periods
Acquisition and licensing accounting
Can affect amortization, balance sheet values, and earnings

: 11/08/2026