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Branded pharma with major oncology (Opdivo), hematology (Eliquis, Revlimid) and neuroscience (Cobenfy) franchises.
Branded pharma with major oncology (Opdivo), hematology (Eliquis, Revlimid) and neuroscience (Cobenfy) franchises.
Sells patented medicines through health systems and payers, with much of revenue from a handful of drugs, several of which lose patent protection this decade. Eliquis is shared with Pfizer. The 2019 Celgene purchase brought Revlimid, and Cobenfy came from the 2024 Karuna deal.
Moat: narrow (IP / patents, scale). Strong patent-protected franchises but facing near-term loss of exclusivity on key products.
Headquarters: New York, New York, United States · Founded: 1989 · Employees: 32,500
Size Bristol Myers Squibb (BMY) is a United States Health Care company (Pharmaceuticals: Major) with a market value of $127B, the 96th largest of 3,117 United States companies the cockpit tracks. Shares closed at $62.14 on 6 Nov 2026.
Performance Over six months the shares gained 11.9%, against +18.0% for the median peer and -1.1% for the United States market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 4.2% over the last twelve months (peer median +5.9%); the operating margin is 32.9% (peer median 25.3%).
Valuation It trades at 9.7× forward earnings against a peer median of 18.3× (2nd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -13% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is -15 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 17.3 points above its cost of capital (6.1% WACC).
Credit Bristol Myers Squibb has 35 bonds outstanding ($36.2B), rated A by the agencies and trading like A+ at a weighted spread of 68 bp.
Short interest Short interest is 2.5% of the free float (15 Oct 2026).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $50.0B | $48.2B | $48.3B | $45.0B | $46.2B |
| Revenue growth | — | 0% | +7% | -2% | — |
| Gross profit | $33.2B | $31.8B | $27.4B | $25.4B | $26.5B |
| EBITDA | $19.4B | $19.2B | $19.3B | $18.3B | $19.6B |
| Net income | $9.24B | $7.05B | -$8.95B | $8.03B | $6.33B |
| Free cash flow | $9.29B | $12.8B | $13.9B | $12.7B | $11.9B |
| Capital expenditure | $1.37B | $1.31B | $1.25B | $1.21B | $1.12B |
| Total debt | $44.8B | $47.1B | $51.2B | $41.5B | $40.7B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Bristol Myers Squibb BMY | $127B | +12% | +4% | 33% | 9.7× | -12.9% |
| Merck & MRK | $362B | +33% | +5% | 18% | 17.4× | 4.1% |
| AbbVie ABBV | $515B | +45% | +11% | 36% | 18.4× | -0.1% |
| Johnson & Johnson JNJ | $665B | +26% | +8% | 26% | 24.5× | 3.5% |
| Pfizer PFE | $168B | +14% | +1% | 26% | 10.4× | -4.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BMY | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.3% | +11.0% | 3rd lowest of 21 |
| 6-month return | +11.9% | +18.0% | 7th lowest of 21 |
| Distance from 52-week high | -9.5% | -7.1% | 8th lowest of 21 |
| Revenue growth (TTM) | +4.2% | +5.9% | 7th lowest of 21 |
| Operating margin | 32.9% | 25.3% | 5th highest of 21 |
| Forward P/E | 9.7× | 18.3× | 2nd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -12.9% | 3.9% | least demanding of 21 |
| Growth delivered (Del g) | +2.5% | +7.8% | 6th lowest of 21 |
| Hurdle (Req g minus delivered) | -15.4 pp | -2.6 pp | 3rd least demanding of 21 |
| ROIC minus cost of capital | +17.3 pp | +8.2 pp | 7th highest of 21 |
| EV / EBITDA | 8.2× | 15.1× | 3rd cheapest of 18 |
| Net debt / EBITDA | 1.7× | 1.2× | 7th most indebted of 18 |
| Bond spread | 68 bp | 67 bp | 7th widest of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bristol Myers Squibb BMY | United States | $127B | +12% | +4% | 33% | 9.7× | -12.9% | +2.5% |
| Vertex Pharmaceuticals VRTX | United States | $139B | +27% | +11% | 35% | 29.0× | 6.1% | +14.2% |
| Sanofi SAN.PA | France | $113B | +14% | +15% | 27% | 9.6× | -5.4% | +3.9% |
| GSK GSK.L | United Kingdom | $102B | 0% | +4% | 25% | 10.6× | -0.1% | -0.9% |
| Pfizer PFE | United States | $168B | +14% | +1% | 26% | 10.4× | -4.3% | +8.5% |
| Regeneron Pharmaceuticals REGN | United States | $93.5B | +27% | +19% | 30% | 11.3× | -2.2% | +11.0% |
| Novo Nordisk A/S NOVO-B.CO | Denmark | $190B | -7% | +6% | 48% | 11.9× | 0.1% | +19.5% |
| Merck KGaA MRK.DE | Germany | $72.5B | +23% | 0% | 20% | 17.5× | 7.7% | +3.8% |
| Chugai Pharmaceutical 4519.T | Japan | $71.0B | -15% | +17% | 50% | 22.1× | 3.6% | +9.8% |
| WuXi AppTec 603259.SS | China | $67.0B | +34% | +32% | 43% | 18.1× | 7.8% | +22.3% |
| Takeda Pharmaceutical 4502.T | Japan | $66.4B | +24% | +6% | 18% | 42.1× | 3.0% | +7.1% |
| Bayer BAYN.DE | Germany | $61.2B | +46% | -2% | 14% | 12.3× | 2.1% | +1.9% |
| AstraZeneca AZN.L | United Kingdom | $291B | +1% | +5% | 23% | 18.3× | 14.5% | +15.7% |
| Galderma GALD.SW | Switzerland | $54.8B | +17% | +16% | 19% | 48.1× | 18.4% | +6.4% |
| Novartis NOVN.SW | Switzerland | $298B | +15% | -4% | 30% | 18.4× | 1.7% | -0.2% |
| Jiangsu Hengrui Pharmaceuticals 600276.SS | China | $49.7B | -6% | +6% | 27% | 36.4× | 14.9% | +2.7% |
| Sun Pharmaceutical Industries SUNPHARMA.NS | India | $47.3B | +1% | +12% | 23% | 35.4× | 28.4% | +11.7% |
| BeOne Medicines 688235.SS | China | $45.8B | +19% | +28% | 15% | 74.5× | 23.3% | +79.3% |
| Merck & MRK | United States | $362B | +33% | +5% | 18% | 17.4× | 4.1% | +9.3% |
| Sandoz SDZ.SW | Switzerland | $44.4B | +24% | +1% | 15% | 25.3× | 7.9% | +0.4% |
| Roche RO.SW | Switzerland | $385B | +22% | -1% | 31% | 19.6× | 0.9% | +1.1% |
Bristol Myers Squibb has 35 bonds outstanding with $36.2B face value. The agencies rate it A; its bonds trade like A+. Weighted yield 5.61%, a spread of 68 bp over government bonds.