A Business at a Glance
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BRISTOL MYERS SQUIBB CO
BMY
$126.6B
Mkt Cap
$62.09
+0.94%
BRISTOL MYERS SQUIBB CO (BMY) has a current P/E ratio of 17.9, compared to its historical median P/E of 16.4. The stock is currently considered Fair based on its historical valuation range.
BRISTOL MYERS SQUIBB CO (BMY) has a 5-year average return on invested capital (ROIC) of 7.5%. This is below average and may indicate limited pricing power.
BRISTOL MYERS SQUIBB CO (BMY) has a market capitalization of $127.1B. It is classified as a large-cap stock.
Yes, BRISTOL MYERS SQUIBB CO (BMY) pays a dividend with a trailing twelve-month yield of 3.99%.
Based on historical P/E analysis, BRISTOL MYERS SQUIBB CO (BMY) appears fair. The current P/E of 17.9 is 10% above its historical median of 16.4. The estimated fair value CAGR (P/E method) is 9.6%.
BRISTOL MYERS SQUIBB CO (BMY) operates in the Pharmaceutical Preparations industry, within the Healthcare sector.
BRISTOL MYERS SQUIBB CO (BMY) reported annual revenue of $48.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
Bristol-Myers Squibb is a biopharmaceutical company engaged in the discovery, development, licensing, manufacturing, marketing, and distribution of innovative medicines for serious diseases across oncology, hematology, immunology, cardiovascular, neuroscience, and other therapeutic areas. The company operates through a single segment combining the scale and resources of a large pharmaceutical company with the speed and innovation focus of biotech, employing differentiated research platforms including small molecule drugs, biologics, antibody-drug conjugates (ADCs), CAR-T cell therapies, and radiopharmaceutical therapeutics. BMS distributes its products worldwide principally through wholesalers, distributors, specialty pharmacies, and to a lesser extent retailers, hospitals, clinics, government agencies, and directly to patients, with approximately 69% of revenues from the United States and 29% from international markets. The company's competitive moat derives from its patent protections, regulatory exclusivity periods, and proprietary platforms, with market exclusivity typically realized during periods of patent protection and regulatory exclusivity before generic or biosimilar competition erodes sales. Key marketed products span a growth portfolio including Opdivo (oncology), Camzyos (cardiovascular), Cobenfy (neuroscience), and CAR-T therapies, alongside a legacy portfolio including Eliquis (anticoagulant), Revlimid (hematology), and other established medicines, with significant manufacturing operations in the U.S., Puerto Rico, the Netherlands, Ireland, and Switzerland.
【Pipeline acceleration and portfolio diversification】 Management expects an accelerating cadence of pivotal clinical readouts throughout 2026 and beyond, with six potential new product registrational data expected in 2026 alone including milvexian in atrial fibrillation and secondary stroke prevention, admilparant in idiopathic pulmonary fibrosis, and multiple hematology assets, alongside meaningful lifecycle extension opportunities. The company is targeting delivery of more than 10 new medicines and 30 meaningful lifecycle management opportunities by the end of the decade, supported by efficiency initiatives including 30% reduction in development cycle times through AI-enabled clinical operations and accelerated lead molecule identification. Growth portfolio momentum is expected to continue with mid-single-digit growth anticipated, while legacy portfolio declines of 12%-16% are projected due to ongoing loss-of-exclusivity impacts, and the company expects to realize the remaining $1 billion of its $2 billion strategic productivity initiative over 2026 and 2027 to fund continued investment in growth initiatives and newer development programs.
| Metric | Target | Period |
|---|---|---|
| Revenue | $46 billion–$47.5 billion | FY2026 |
| Adjusted diluted earnings per share | $6.05–$6.35 | FY2026 |
| Gross margin | 69%–70% | FY2026 |
| Operating expenses | approximately $16.3 billion | FY2026 |
| Eliquis revenue step-down | $1.5–$2 billion | 2026 to 2027 |
Revenue (FY2026): “We currently anticipate 2026 revenue in the range of $46 billion-$47.5 billion.”
Adjusted diluted earnings per share (FY2026): “we expect adjusted diluted earnings per share of between $6.05-$6.35”
Gross margin (FY2026): “We expect our gross margin to be between 69%-70%.”
Operating expenses (FY2026): “We expect total operating expenses to decline from 2025 levels to approximately $16.3 billion.”
Eliquis revenue step-down (2026 to 2027): “we currently expect 2027 Eliquis sales compared to 2026 to show a step down in the range of $1.5-$2 billion”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 48.5B | 48.2B | 48.3B | 45.0B | 46.2B | 46.4B |
| Net Income | 7.3B | 7.1B | -8.9B | 8.0B | 6.3B | 7.0B |
| EPS | $3.40 | $3.46 | $-4.41 | $3.86 | $2.95 | $3.12 |
| Free Cash Flow | 11.9B | 12.8B | 13.9B | 12.7B | 11.9B | 15.2B |
| ROIC | 0.0% | 14.9% | -13.8% | 14.4% | 10.9% | 11.3% |
| Gross Margin | - | 71.1% | 71.1% | 76.2% | 78.0% | 78.6% |
| Debt/Equity | 2.31 | 2.66 | 3.25 | 1.51 | 1.44 | 1.40 |
| Dividends/Share | $2.48 | $2.49 | $2.42 | $2.31 | $2.19 | $2.01 |
| Operating Income | 0 | 11.2B | -6.4B | 9.6B | 8.9B | 9.4B |
| Operating Margin | 0.0% | 23.3% | -13.3% | 21.3% | 19.3% | 20.3% |
| ROE | 36.3% | 40.5% | -39.1% | 26.5% | 18.9% | 19.0% |
| Shares Outstanding | 2,047M | 2,039M | 2,029M | 2,079M | 2,145M | 2,242M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 15.9B | 16.6B | 19.4B | 20.8B | 22.6B | 26.1B | 42.5B | 46.4B | 46.2B | 45.0B | 48.3B | 48.2B | 48.5B |
| Gross Margin | 75.2% | 76.4% | 74.5% | 70.7% | 71.3% | 69.1% | 72.3% | 78.6% | 78.0% | 76.2% | 71.1% | 71.1% | N/A |
| R&D | 4.5B | 5.9B | 5.0B | 6.5B | 6.3B | 6.1B | 10.0B | 10.2B | 9.5B | 9.3B | 11.2B | 10.0B | 10.3B |
| SG&A | 4.8B | 4.8B | 5.0B | 4.8B | 4.6B | 4.9B | 7.7B | 7.7B | 7.8B | 7.8B | 8.4B | 7.3B | 7.3B |
| EBIT | 2.6B | 2.2B | 6.0B | 5.4B | 6.1B | 5.6B | -5.5B | 9.4B | 8.9B | 9.6B | -6.4B | 11.2B | 0 |
| Op. Margin | 16.1% | 13.3% | 31.0% | 25.8% | 27.1% | 21.5% | -12.9% | 20.3% | 19.3% | 21.3% | -13.3% | 23.3% | 0.0% |
| Net Income | 2.0B | 1.6B | 4.5B | 1.0B | 4.9B | 3.4B | -9.0B | 7.0B | 6.3B | 8.0B | -8.9B | 7.1B | 7.3B |
| Net Margin | 12.6% | 9.5% | 22.9% | 4.8% | 21.8% | 13.2% | -21.2% | 15.1% | 13.7% | 17.8% | -18.5% | 14.6% | 15.0% |
| Non-Recurring | 176M | 119M | 122M | 534M | 195M | 1.3B | 1.9B | 920M | 595M | 1.1B | 1.8B | 1.5B | 435M |
| Returns on Capital | |||||||||||||
| ROIC | 12.4% | 10.5% | 21.8% | 22.0% | 27.5% | 7.8% | -10.0% | 11.3% | 10.9% | 14.4% | -13.8% | 14.9% | 0.0% |
| ROE | 13.4% | 10.7% | 29.3% | 7.2% | 38.2% | 10.5% | -20.2% | 19.0% | 18.9% | 26.5% | -39.1% | 40.5% | 36.3% |
| ROA | 5.5% | 4.8% | 13.6% | 3.0% | 14.4% | 4.2% | -7.3% | 6.1% | 6.1% | 8.4% | -9.5% | 7.7% | 8.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 3.1B | 2.1B | 3.1B | 5.3B | 7.1B | 8.2B | 14.1B | 16.2B | 13.1B | 13.9B | 15.2B | 14.2B | 13.3B |
| Free Cash Flow | 2.6B | 1.3B | 1.8B | 4.2B | 6.1B | 7.4B | 13.3B | 15.2B | 11.9B | 12.7B | 13.9B | 12.8B | 11.9B |
| Owner Earnings | 2.5B | 1.5B | 2.5B | 4.3B | 6.2B | 6.0B | 2.9B | 4.9B | 2.3B | 3.6B | 5.1B | 9.6B | 9.2B |
| CapEx | 526M | 820M | 1.2B | 1.1B | 951M | 836M | 753M | 973M | 1.1B | 1.2B | 1.2B | 1.3B | 1.4B |
| Maint. CapEx | 467M | 376M | 382M | 789M | 637M | 1.7B | 10.4B | 10.7B | 10.3B | 9.8B | 9.6B | 4.0B | 3.6B |
| Growth CapEx | 59M | 444M | 833M | 266M | 314M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 467M | 376M | 382M | 789M | 637M | 1.7B | 10.4B | 10.7B | 10.3B | 9.8B | 9.6B | 4.0B | 3.6B |
| CapEx/OCF | 16.7% | 44.8% | 39.7% | 20.0% | 16.0% | 10.2% | 5.4% | 6.0% | 8.6% | 8.7% | 8.2% | 9.3% | 10.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 2.4B | 2.5B | 2.5B | 2.6B | 2.6B | 2.7B | 4.1B | 4.4B | 4.6B | 4.7B | 4.9B | 5.0B | 5.1B |
| Dividend Yield | 4.0% | 3.3% | 3.3% | 3.7% | 3.7% | 4.0% | 3.7% | 3.8% | 3.5% | 4.1% | 5.2% | 5.1% | 4.0% |
| Share Buybacks | 0 | 0 | 231M | 2.5B | 320M | 7.3B | 1.5B | 6.3B | 8.0B | 5.2B | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | 0.3% | 3.3% | 0.5% | 8.4% | 1.4% | 5.4% | 6.0% | 5.4% | N/A | N/A | 0.0% |
| Stock-Based Comp | 213M | 235M | 205M | 199M | 221M | 441M | 779M | 583M | 457M | 518M | 507M | 553M | 555M |
| Debt Repayment | 676M | 2.0B | 15M | 1.2B | 5.0M | 9.3B | 2.8B | 6.0B | 11.4B | 3.9B | 2.9B | 10.9B | 10.9B |
| Balance Sheet | |||||||||||||
| Net Debt | 987M | 2.6B | 224M | 1.1B | -161M | 34.9B | 37.8B | 33.4B | 35.4B | 32.5B | 42.4B | 38.5B | 36.5B |
| Cash & Equiv. | 5.6B | 2.4B | 4.2B | 5.4B | 6.9B | 12.3B | 14.5B | 14.0B | 9.1B | 11.5B | 10.3B | 10.2B | 9.9B |
| Long-Term Debt | 7.2B | 6.5B | 5.7B | 7.0B | 5.6B | 43.4B | 48.3B | 39.6B | 35.1B | 36.7B | 47.6B | 42.9B | 42.2B |
| Debt/Equity | 0.57 | 0.48 | 0.41 | 0.68 | 0.61 | 0.97 | 1.42 | 1.40 | 1.44 | 1.51 | 3.25 | 2.66 | 2.31 |
| Interest Coverage | 12.6 | 11.9 | 36.1 | 27.3 | 33.5 | 8.6 | -3.9 | 7.1 | 7.2 | 8.2 | -3.3 | 5.9 | 5.9 |
| Equity | 14.9B | 14.3B | 16.2B | 11.7B | 14.0B | 51.6B | 37.8B | 35.9B | 31.1B | 29.4B | 16.3B | 18.5B | 20.1B |
| Total Assets | 33.7B | 31.7B | 33.7B | 33.6B | 35.0B | 129.9B | 118.5B | 109.3B | 96.8B | 95.2B | 92.6B | 90.0B | 86.5B |
| Total Liabilities | 18.8B | 17.3B | 17.4B | 21.7B | 20.9B | 78.2B | 80.6B | 73.3B | 65.7B | 65.7B | 76.2B | 71.5B | 66.4B |
| Intangibles | 1.8B | 1.4B | 1.4B | 1.2B | 1.1B | 64.0B | 53.2B | 42.5B | 35.9B | 27.1B | 23.3B | 19.1B | 18.2B |
| Retained Earnings | 32.5B | 31.6B | 33.5B | 31.2B | 34.1B | 34.5B | 21.3B | 23.8B | 25.5B | 28.8B | 14.9B | 16.9B | 18.3B |
| Working Capital | 6.1B | 2.4B | 4.9B | 5.3B | 7.1B | 11.1B | 11.1B | 11.4B | 5.4B | 9.5B | 6.0B | 6.0B | 8.0B |
| Current Assets | 14.6B | 10.4B | 13.7B | 14.9B | 17.7B | 29.4B | 30.2B | 33.3B | 27.3B | 31.8B | 29.8B | 29.4B | 27.2B |
| Current Liabilities | 8.5B | 8.0B | 8.8B | 9.6B | 10.7B | 18.3B | 19.1B | 21.9B | 21.9B | 22.3B | 23.8B | 23.4B | 19.2B |
| Per Share Data | |||||||||||||
| EPS | 1.20 | 0.93 | 2.65 | 0.61 | 3.01 | 2.01 | -3.99 | 3.12 | 2.95 | 3.86 | -4.41 | 3.46 | 3.40 |
| Owner EPS | 1.48 | 0.89 | 1.47 | 2.60 | 3.80 | 3.52 | 1.28 | 2.20 | 1.09 | 1.72 | 2.51 | 4.70 | 4.47 |
| Book Value | 8.89 | 8.48 | 9.62 | 7.11 | 8.58 | 30.16 | 16.74 | 16.04 | 14.48 | 14.16 | 8.05 | 9.06 | 9.80 |
| Cash Flow/Share | 1.89 | 1.25 | 1.82 | 3.20 | 4.32 | 4.80 | 6.22 | 7.23 | 6.09 | 6.67 | 7.49 | 6.94 | 5.31 |
| Dividends/Share | 1.45 | 1.49 | 1.53 | 1.57 | 1.61 | 1.68 | 1.84 | 2.01 | 2.19 | 2.31 | 2.42 | 2.49 | 2.48 |
| Shares Out. | 1.7B | 1.7B | 1.7B | 1.7B | 1.6B | 1.7B | 2.3B | 2.2B | 2.1B | 2.1B | 2.0B | 2.0B | 2.0B |
| Valuation | |||||||||||||
| P/E Ratio | 34.2 | 52.5 | 16.0 | 75.2 | 12.9 | 25.2 | N/A | 16.8 | 21.1 | 11.9 | N/A | 15.6 | 18.2 |
| P/FCF | 26.2 | 64.0 | 38.7 | 18.0 | 10.4 | 11.7 | 8.4 | 7.7 | 11.2 | 7.5 | 7.9 | 8.6 | 10.7 |
| EV/EBIT | N/A | 453.4 | 56.5 | 46.3 | 74.7 | N/A | 64.6 | 208.1 | N/A | 108.8 | N/A | N/A | N/A |
| Price/Book | 4.6 | 5.8 | 4.4 | 6.5 | 4.5 | 1.7 | 3.0 | 3.3 | 4.3 | 3.2 | 6.7 | 6.0 | 6.3 |
| Price/Sales | 3.7 | 4.6 | 3.9 | 3.4 | 3.2 | 2.6 | 2.6 | 2.5 | 2.9 | 2.6 | 1.9 | 2.1 | 2.6 |
| FCF Yield | 3.8% | 1.6% | 2.6% | 5.6% | 9.6% | 8.5% | 11.8% | 13.0% | 8.9% | 13.3% | 12.7% | 11.7% | 9.4% |
| Market Cap | 68.6B | 82.2B | 71.3B | 75.8B | 63.5B | 86.6B | 112.3B | 117.3B | 133.6B | 95.4B | 110.2B | 110.1B | 127.1B |
| Avg. Price | 35.58 | 45.09 | 45.34 | 42.35 | 43.66 | 39.03 | 48.78 | 52.22 | 62.18 | 55.53 | 45.81 | 48.82 | 62.09 |
| Year-End Price | 41.10 | 48.86 | 42.39 | 45.89 | 38.86 | 50.62 | 49.72 | 52.33 | 62.30 | 45.90 | 54.31 | 54.00 | 62.09 |
BRISTOL MYERS SQUIBB CO passes 5 of 9 quality checks, suggesting mixed fundamentals.
BRISTOL MYERS SQUIBB CO trades at 17.9x trailing earnings, compared to its 15-year median P/E of 16.4x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 9.8x vs a median of 9.5x. The company's 5-year average ROIC is 7.5% with a gross margin of 75.0%. Total shareholder yield (dividends) is 4.0%. At current prices, the estimated annualized return to fair value is +7.7%.
BRISTOL MYERS SQUIBB CO (BMY) has a net profit margin of 14.6%. This is a healthy margin.
BRISTOL MYERS SQUIBB CO (BMY) generated $12.8 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
BRISTOL MYERS SQUIBB CO (BMY) has a debt-to-equity ratio of 2.66. This indicates higher leverage, which may increase financial risk.
BRISTOL MYERS SQUIBB CO (BMY) reported earnings per share (EPS) of $3.46 in its most recent fiscal year.
BRISTOL MYERS SQUIBB CO (BMY) has a return on equity (ROE) of 40.5%. This indicates the company generates strong returns for shareholders.
BRISTOL MYERS SQUIBB CO (BMY) has a 5-year average gross margin of 75.0%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 19 years of financial data for BRISTOL MYERS SQUIBB CO (BMY), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
BRISTOL MYERS SQUIBB CO (BMY) has a book value per share of $9.06, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects an accelerating cadence of pivotal clinical readouts throughout 2026 and beyond, with six potential new product registrational data expected in 2026 alone including milvexian in atrial fibrillation and secondary stroke prevention, admilparant in idiopathic pulmonary fibrosis, and multiple hematology assets, alongside meaningful lifecycle extension opportunities. The company is targeting delivery of more than 10 new medicines and 30 meaningful lifecycle management opportunities by the end of the decade, supported by efficiency initiatives including 30% reduction in development cycle times through AI-enabled clinical operations and accelerated lead molecule identification. Growth portfolio momentum is expected to continue with mid-single-digit growth anticipated, while legacy portfolio declines of 12%-16% are projected due to ongoing loss-of-exclusivity impacts, and the company expects to realize the remaining $1 billion of its $2 billion strategic productivity initiative over 2026 and 2027 to fund continued investment in growth initiatives and newer development programs.
Based on recent SEC filings and earnings calls, BRISTOL MYERS SQUIBB CO (BMY) has provided the following forward guidance: Revenue: $46 billion–$47.5 billion (FY2026); Adjusted diluted earnings per share: $6.05–$6.35 (FY2026); Gross margin: 69%–70% (FY2026); Operating expenses: approximately $16.3 billion (FY2026); Eliquis revenue step-down: $1.5–$2 billion (2026 to 2027).