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Bristol Myers Squibb vs. Merck
Revenue, growth, margins, cash flow and cash returned, side by side from each company's latest annual report.
Each has a cancer immunotherapy among its biggest medicines: Opdivo at Bristol Myers Squibb, Keytruda at Merck. Bristol Myers Squibb also sells the blood thinner Eliquis with Pfizer; Merck sells vaccines and has an Animal Health business. Below are the figures each one reported in its latest annual report (Form 10-K), side by side, with links to the filing behind every number. Both fiscal years end in December, so the periods line up. Why fiscal years differ.
Comparing Bristol Myers Squibb fiscal 2025 (ended Dec 31, 2025) with Merck fiscal 2025 (ended Dec 31, 2025)
Bristol Myers SquibbMerck
Each pair of bars shows both companies on one scale.
Revenue and growth
| Company | Prior year | Latest year | Change |
|---|---|---|---|
| Bristol Myers Squibb (FY2024 to FY2025) | $48.3B | $48.2B | −0.2% |
| Merck (FY2024 to FY2025) | $64.2B | $65.0B | +1.3% |
Bristol Myers Squibb reports total revenues: net sales of medicines, plus alliance and other revenues. Merck reports sales: sales of prescription medicines, vaccines and animal health products, plus some alliance revenue.
Margins
| Company | Revenue | Net income | Net margin |
|---|---|---|---|
| Bristol Myers Squibb FY2025 | $48.2B | $7.1B | 14.6% |
| Merck FY2025 | $65.0B | $18.3B | 28.1% |
Operating income is shown only when both companies report it as a line in their income statement.
Margin is the profit line divided by revenue, worked out by Ticker Sage from the linked figures. What profit margins measure.
Cash flow and cash returned
| Company | Cash from operations | Capital spending | Free cash flow | Buybacks | Dividends paid |
|---|---|---|---|---|---|
| Bristol Myers Squibb FY2025 | $14.2B | $1.3B | $12.8B | $0 | $5.0B |
| Merck FY2025 | $16.5B | $4.1B | $12.4B | $5.1B | $8.2B |
Capital spending is property and equipment for both companies, as each company labels it in the cash flow statement. Free cash flow isn't a GAAP line; Ticker Sage works it out the same way for both. How free cash flow works · How buybacks work · How dividends work.
How each one makes money
Bristol Myers Squibb
Its biggest medicines include Eliquis, a blood thinner sold with Pfizer, and Opdivo, a cancer immunotherapy. It groups products into a growth portfolio of newer medicines and a legacy portfolio of older ones, several of which face generic competition.
Most sales are in the US. Its fiscal year is the calendar year.
Merck
Merck reports two operating segments. Pharmaceutical covers human health medicines and vaccines, led by Keytruda for many types of cancer, the Gardasil HPV vaccines, the childhood vaccines ProQuad, M-M-R II and Varivax, and newer products such as Winrevair for pulmonary arterial hypertension. Animal Health sells vaccines and medicines for livestock and pets.
It sells mostly to drug wholesalers, retailers, hospitals, governments and health care providers. Its fiscal year is the calendar year.
Main risks each one lists
Bristol Myers Squibb
- Key medicines lose exclusivity over time and then face generic or biosimilar competition.
- US laws let Medicare negotiate prices of some of its top-selling medicines.
- New medicines may fail in trials or win less use than expected.
- It has bought companies for their drugs, and those bets may not pay off.
- It took on a large amount of debt for acquisitions.
Merck
- Sales of a product usually fall fast once patent protection ends; Keytruda is its largest product by far.
- US Medicare price negotiation, government pricing rules and payer pressure can cut prices.
- Drug development is costly and uncertain, and many candidates fail or are delayed.
- Buying companies and licensing products can bring large charges, and the deals may not deliver the expected sales.
- Problems at plants or suppliers could interrupt supply of medicines and vaccines.
How they differ
- Size. Merck reported $65.0B of revenue for fiscal 2025, and Bristol Myers Squibb $48.2B for fiscal 2025.
- Growth. Bristol Myers Squibb's revenue fell 0.2% in its latest year and Merck's grew 1.3%.
- Margins. Merck kept 28.1% of revenue as net income and Bristol Myers Squibb 14.6%.
- Portfolio. Bristol Myers Squibb groups products into a growth portfolio of newer medicines and a legacy portfolio of older ones, several of which face generic competition.
- Animal health. Merck has an Animal Health segment for livestock and pets.
- Where the money goes. In the latest year Merck spent $5.1B on buybacks and $8.2B on dividends, and Bristol Myers Squibb $0 and $5.0B.
Differences in size, growth or margin describe the past year only. None of this says which business will do better.
Sources
- Bristol Myers Squibb Form 10-K for fiscal 2025, filed Feb 11, 2026
- Merck Form 10-K for fiscal 2025, filed Feb 24, 2026
Bristol Myers Squibb company file → · Merck company file →
Common questions
Which is bigger by revenue, Merck or Bristol Myers Squibb?
Merck reported $65.0B of revenue for fiscal 2025 and Bristol Myers Squibb $48.2B for fiscal 2025.
What is Eliquis?
A blood thinner that Bristol Myers Squibb sells with Pfizer.
How do their profit margins compare?
In the latest fiscal year Merck's net margin was 28.1% and Bristol Myers Squibb's was 14.6%, worked out from the net income and revenue in each 10-K.
Where do these numbers come from?
From each company's latest Form 10-K filed with the SEC. Every figure on this page links to the filing it came from.
Disclosures
- Editor holdings
- The editor holds no position in any company named on this page. As of Oct 25, 2026.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- Each company's own SEC filings, linked next to each number.
- Last updated
- Oct 26, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold any security, and it doesn't consider your situation.
More in Learn · Methodology & Disclosures explains where every number comes from.