# Bristol-Myers Squibb Company (BMY)

> Bristol Myers Squibb discovers, makes and sells prescription medicines for cancer, blood disorders, immune conditions, heart disease and mental health conditions.

- Exchange: NYSE · Sector: Healthcare · Industry: Drug Manufacturers General
- Headquarters: Lawrence Township, New Jersey (Princeton area)
- Founded: 1887 (predecessor business; incorporated as Bristol-Myers Company in 1933)
- Employees: Approximately 32,500 (December 31, 2025)
- SEC CIK: 0000014272 ([filings on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000014272))
- Full page: https://inspectstocks.com/stocks/bmy
- Data as of: price 2026-09-28; newest filing used 2026-07-30; latest fiscal period ended 2026-06-30

## Grade

**B+** on the growth-and-cash rubric, 4 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Revenue growing overall | passed | $49.2B | $45.2B |
| Revenue growing recently | passed | $49.2B | $48.2B |
| Free cash flow positive | passed | $11.4B |  |
| Free cash flow growing overall | passed | $11.4B | $10.7B |
| Free cash flow growing recently | failed | $11.4B | $12.8B |

Business quality (the + / − mark): 4 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | 18.9% |  |
| Healthy profit margin | passed | 18.9% |  |
| Good return on equity | passed | 50.2% |  |
| Debt under control | failed | 2.66 |  |
| Turns sales into cash | passed | 23.3% |  |

How the grade works: the letter counts failed checks (none → A, one → B, two → C, three → D, four or more → F). It is built from SEC filings only — the share price never enters it — and describes the business, not whether the stock is worth buying.

## Key figures

In US dollars, as filed.

| Measure | Value |
| --- | --- |
| Revenue, trailing twelve months | $49.2B |
| Net income, trailing twelve months | $9.3B |
| Free cash flow, trailing twelve months | $11.4B |
| Net margin | 18.9% |
| Return on equity | 50.2% |
| Debt to equity | 2.66 |
| Diluted EPS, trailing twelve months | $4.54 |
| Share price | $63.88 |
| Market value | $130.5B |
| Price / earnings | 14.1x |
| Price / sales | 2.7x |

## What the business does

Bristol Myers Squibb researches, develops, manufactures and sells prescription medicines around the world. Its medicines treat diseases including cancer, blood disorders, immune conditions, heart disease and schizophrenia. It sells mainly to wholesalers, distributors and pharmacies, and also earns royalties and other revenue through partnerships.

### How it makes money

- **Prescription medicines, plus royalties and alliance-related revenue** (100% (FY2025)) — The company reports one operating segment: its medicines business. It earns money mainly by selling medicines to wholesalers, distributors and pharmacies; some revenue also comes from royalties and partnerships.

### Products

- **Opdivo** — An immune-based cancer medicine used for several cancers, including lung cancer, melanoma and some blood cancers.
- **Eliquis** — A pill that helps prevent stroke in people with a type of irregular heartbeat and treats blood clots in the legs or lungs.
- **Revlimid** — A pill used to treat multiple myeloma, a cancer of plasma cells, as well as certain lymphomas and bone-marrow disorders.
- **Reblozyl** — An injection that treats anemia, a shortage of healthy red blood cells, in people with certain blood disorders.
- **Breyanzi** — A treatment made from a patient's own immune cells, which are changed and returned to the patient to treat certain blood cancers.
- **Camzyos** — A pill for adults with obstructive hypertrophic cardiomyopathy, a condition in which thickened heart muscle makes it harder for blood to leave the heart.

### Customers

- Wholesalers and distributors that buy medicines for onward sale to pharmacies, hospitals and other care providers.
- Specialty pharmacies that dispense certain medicines, including products subject to restricted distribution programs.
- Retail pharmacies, hospitals and clinics that purchase or dispense medicines.
- Government agencies and public health programs that buy medicines or cover their cost.
- Patients in the United States, including cash-paying patients using direct-to-patient access for certain products.

### Competitors

- Merck & Co., Inc. (MRK) — Prescription medicines in oncology and other treatment areas that overlap with Bristol Myers Squibb's medicines.
- Pfizer Inc. (PFE) — Prescription medicines in treatment areas that overlap with Bristol Myers Squibb's portfolio; Pfizer also partners with Bristol Myers Squibb on Eliquis.
- AstraZeneca PLC (AZN) — Prescription medicines in oncology and other treatment areas that overlap with Bristol Myers Squibb's medicines.
- AbbVie Inc. (ABBV) — Prescription medicines in immune conditions, cancer and other treatment areas that overlap with Bristol Myers Squibb's portfolio.
- Johnson & Johnson (JNJ) — Prescription medicines in cancer, blood disorders and other treatment areas that overlap with Bristol Myers Squibb's portfolio.

### What it depends on

- Patent rights and regulatory approvals protect many branded medicines from competing copies; generic competition can reduce sales when that protection ends.
- Access to insurance coverage and placement on health-plan medicine lists affect whether patients can obtain products and what the company receives for them.
- U.S. sales rely on a small group of wholesalers: the three largest represented about 90% of U.S. product gross sales (six months ended June 30, 2026, high).
- The company relies on outside suppliers for ingredients or drug substances for products including Eliquis, Opdivo, Yervoy, Pomalyst, Sprycel, Camzyos and Cobenfy.
- Some medicines are developed or sold with partners, which can bring shared costs or royalties and affect the company's rights to sell a product.

### What could go wrong

- Generic competition is already reducing sales of products including Revlimid, Pomalyst, Sprycel and Abraxane. Eliquis also faces generic competition in parts of Europe, and certain U.S. generic makers have settlement agreements allowing future launches.
- Government pricing rules, rebates and other limits can reduce the prices or reimbursement Bristol Myers Squibb receives. Medicare price-setting applies to Eliquis and Pomalyst, and Orencia has been selected for a future government price negotiation.
- Clinical trials can fail or be delayed, and regulators may not approve new medicines or expanded uses. That could make it harder for the company to replace sales of older medicines as they lose protection from generic competition.

## More on this company

- [Overview](https://inspectstocks.com/stocks/bmy)
- [Financial statements](https://inspectstocks.com/stocks/bmy/financials)
- [Competitors](https://inspectstocks.com/stocks/bmy/peers)
- [Earnings](https://inspectstocks.com/stocks/bmy/earnings)

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Source: InspectStocks, built from the company’s own SEC filings. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.