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Bristol Myers Squibb

Bristol Myers Squibb's revenue was flat in 2025 as newer medicines offset falling sales of older ones

Revenue was $48.2B, down 0.2%. Its growth portfolio rose 17.0%, while the legacy portfolio fell 15.4%. Net earnings were $7.1B.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 11, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Jul 30, 2026) · Data pulled Oct 25, 2026

Key facts

In fiscal 2025, which ended Dec 31, 2025, Bristol Myers Squibb (NYSE: BMY) took in $48.2B of total revenues (down 0.2% on fiscal 2024); net earnings to BMS was $7.1B (compared with −$8.9B). The most recent quarter, ended Jun 30, 2026, brought revenue of $13.0B, up 5.7% year over year, with net income of $3.3B. Growth portfolio was the biggest single line growth and legacy portfolios: 55% of fiscal 2025 total revenues. Sources: 10-K for fiscal 2025 (filed Feb 11, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Jul 30, 2026).

Revenue$48.2BFY2025 · −0.2% vs FY2024
Net earnings to BMS$7.1BFY2025 · vs −$8.9B in FY2024
Operating cash flow$14.2BFY2025 · −6.8% vs FY2024
Cash & equivalents$8.7Bat Jun 30, 2026 · −14.6% vs FY2025 end
Total debt$43.1Bat Jun 30, 2026 · −4.4% vs FY2025 end
Diluted shares2.04BFY2025 avg · +0.6% vs FY2024
Total revenues and net earnings to BMS, three fiscal yearsBy fiscal year, $bn
Total revenuesNet earnings to BMS
Total revenues and net earnings to BMS by fiscal yearTotal revenues FY2023: $45.0B45.0Net earnings to BMS FY2023: $8.0B8.0FY2023Total revenues FY2024: $48.3B48.3Net earnings to BMS FY2024: −$8.9B-8.9FY2024Total revenues FY2025: $48.2B48.2Net earnings to BMS FY2025: $7.1B7.1FY2025

Source: 10-K FY2025, filed Feb 11, 2026

Quarterly total revenues: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly total revenues, fiscal 2026 vs 2025FY2025 Q1: $11.2B11.2FY2026 Q1: $11.5B11.5Q1FY2025 Q2: $12.3B12.3FY2026 Q2: $13.0B13.0Q2

Source: 10-Q filed Apr 30, 2026 · 10-Q filed Jul 30, 2026

How it makes money

FY2025 total by categoryGrowth portfolio: $26.4B (55%)Legacy portfolio: $21.8B (45%)$48.2BFY2025 total

Growth and legacy portfolios, FY2025

  • LineAmountSharevs FY2024
  • Growth portfolio$26.4B55%+17.0%
  • Legacy portfolio$21.8B45%−15.4%

Source: 10-K FY2025, XBRL breakdown

The growth portfolio was 55% of 2025 revenue and the legacy portfolio 45%. Eliquis brought in $14.4B and Opdivo $10.0B. The US was 69% of revenue.

Growth and legacy portfolios: three-year mixShare of the total each fiscal year
Growth portfolioLegacy portfolio

Source: 10-K FY2025

Largest medicines, FY2025

Eliquis$14.4B30%+8.3%
Opdivo$10.0B21%+8.0%
Orencia$3.7B8%+0.6%
Revlimid$3.0B6%−48.9%

Share is of FY2025 total revenues; the items listed don't cover all of it. The last column is the change from FY2024.

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Revenue
$13.0B Q2 2026
$12.3B Q2 2025
5.7% increase
Net income
$3.3B Q2 2026
$1.3B Q2 2025
153.2% increase

Source: Bristol Myers Squibb 10-Q for the quarter ended Jun 30, 2026, filed Jul 30, 2026

By portfolio

Growth portfolio
$7.6B Q2 2026
$6.6B Q2 2025
14.6% increase
Legacy portfolio
$5.4B Q2 2026
$5.7B Q2 2025
4.4% decrease

Source: Bristol Myers Squibb 10-Q for the quarter ended Jun 30, 2026, filed Jul 30, 2026

Largest medicines

Eliquis
$4.5B Q2 2026
$3.7B Q2 2025
21.8% increase
Opdivo
$2.5B Q2 2026
$2.6B Q2 2025
2.9% decrease
Orencia
$1.0B Q2 2026
$963M Q2 2025
7.4% increase
Revlimid
$425M Q2 2026
$838M Q2 2025
49.3% decrease

Source: Bristol Myers Squibb 10-Q for the quarter ended Jun 30, 2026, filed Jul 30, 2026

  • Cash & equivalents $8.7B at Jun 30, 2026, vs $10.2B at FY2025 end.
  • Total debt $43.1B at Jun 30, 2026, vs $45.1B at FY2025 end.
  • Operating cash flow, first 6 months of fiscal 2026: $4.5B vs $5.9B a year earlier.

The bull case and the bear case

The bull case

  • Growth portfolio revenue rose 17.0% in 2025 to $26.4B. 10-K, FY2025
  • Net earnings were $7.1B in 2025, after a loss of $8.9B in 2024 driven by acquisition charges described in the 10-K. 10-K, FY2025
  • Revenue in the quarter ended Jun 30, 2026 was $13.0B, up 5.7% on a year earlier. 10-Q, quarter ended Jun 30, 2026
  • Eliquis sales rose 8.3% in 2025 to $14.4B. 10-K, FY2025

The bear case

  • Legacy portfolio revenue fell 15.4% in 2025, and Revlimid sales fell 48.9%. 10-K, FY2025
  • Eliquis and Opdivo together were about half of 2025 revenue, so results depend heavily on two medicines. 10-K, FY2025
  • Operating cash flow fell 6.8% in 2025 to $14.2B. 10-K, FY2025
  • The 10-K lists patent expirations and generic competition, US drug pricing laws, pipeline setbacks and its debt among its risks. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Bristol Myers Squibb develops and sells prescription medicines, mainly for cancer, blood disorders, immune diseases, heart disease and brain disorders.

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.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in Bristol Myers Squibb's latest 10-K. Read the original for the full list.

  1. Patent expirationsKey medicines lose exclusivity over time and then face generic or biosimilar competition.
  2. Drug pricingUS laws let Medicare negotiate prices of some of its top-selling medicines.
  3. PipelineNew medicines may fail in trials or win less use than expected.
  4. AcquisitionsIt has bought companies for their drugs, and those bets may not pay off.
  5. DebtIt took on a large amount of debt for acquisitions.
  6. ManufacturingProduction problems could limit supply.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Total revenues$45.0B$48.3B$48.2B
Net earnings to BMS$8.0B−$8.9B$7.1B
Operating cash flow$13.9B$15.2B$14.2B
Cash & equivalents (year end)$11.5B$10.3B$10.2B
Total debt (year end)$39.8B$49.6B$45.1B
Diluted shares2.08B2.03B2.04B
  • Total revenues: Net sales of medicines, plus alliance and other revenues.
  • Net earnings to BMS: Net earnings or loss attributable to Bristol Myers Squibb, after the share belonging to minority owners.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Short-term borrowings and current maturities plus long-term debt, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • Growth and legacy portfolios are Bristol Myers Squibb's own grouping and add up to total revenue.
  • Medicine figures are parts of total revenue; only the four largest are shown.
  • Regional figures are as reported; Other is revenue it doesn't assign to a region.

Recent filings

FormFiledPeriod
10-QJul 30, 2026Jun 30, 2026
10-QApr 30, 2026Mar 31, 2026
DEF 14AMar 25, 2026May 5, 2026
10-KFeb 11, 2026Dec 31, 2025

Latest filings

  1. Oct 54:18 PM ET

    Form 4

    Bristol Myers Squibb General Counsel Cari Gallman reports exercising or converting 4,559 shares

    The filing reports 4,559 shares in an exercise or conversion of a derivative security (code M); and 2,332 shares withheld to pay the exercise price or tax (code F).

  2. Oct 24:26 PM ET

    Form 4

    Bristol Myers Squibb director Phyllis R. Yale reports an award of about 561 deferred share units

    The filing reports about 561 deferred share units in a grant or award (code A).

  3. Oct 24:25 PM ET

    Form 4

    Bristol Myers Squibb director Theodore R. Samuels, Ii. reports an award of about 821 deferred share units

    The filing reports about 821 deferred share units in a grant or award (code A).

  4. Oct 24:24 PM ET

    Form 4

    Bristol Myers Squibb director Derica W. Rice reports an award of about 621 deferred share units

    The filing reports about 621 deferred share units in a grant or award (code A).

  5. Oct 24:23 PM ET

    Form 4

    Bristol Myers Squibb director Michael R. McMullen reports an award of about 561 deferred share units

    The filing reports about 561 deferred share units in a grant or award (code A).

All Bristol Myers Squibb filings notes →

Common questions about Bristol Myers Squibb

How does Bristol Myers Squibb make money?

In fiscal 2025, total revenues totaled $48.2B. The growth portfolio was 55% of 2025 revenue and the legacy portfolio 45%. Eliquis brought in $14.4B and Opdivo $10.0B. The US was 69% of revenue. Source: 10-K for fiscal 2025, filed Feb 11, 2026.

What was Bristol Myers Squibb's revenue in fiscal 2025?

Total revenues came to $48.2B in the year ended Dec 31, 2025. Going back two years, it was $45.0B in fiscal 2023 and $48.3B in fiscal 2024, so the latest year was down 0.2%. Source: 10-K for fiscal 2025, filed Feb 11, 2026.

Is Bristol Myers Squibb profitable?

Yes, by US accounting rules (GAAP): net earnings to BMS was $7.1B in fiscal 2025, compared with −$8.9B from −$8.9B a year earlier. For the quarter ended Jun 30, 2026, net income was $3.3B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 11, 2026.

What did Bristol Myers Squibb report in its latest quarterly filing?

The 10-Q for the quarter ended Jun 30, 2026 shows revenue of $13.0B, against $12.3B in the same quarter a year before (up 5.7%), and net income of $3.3B, against $1.3B (up 153.2%). Source: 10-Q for the quarter ended Jun 30, 2026, filed Jul 30, 2026.

How much cash and debt does Bristol Myers Squibb have?

On Jun 30, 2026, cash and cash equivalents stood at $8.7B and total debt at $43.1B. Total debt here is short-term borrowings and current maturities plus long-term debt, at carrying value. Source: 10-Q filed Jul 30, 2026.

What are the main risks Bristol Myers Squibb lists?

Item 1A of the fiscal 2025 10-K (filed Feb 11, 2026) sets out the risks. Grouped, they fall into 6 areas: Patent expirations; drug pricing; pipeline; acquisitions; debt; manufacturing. To start with the first: Key medicines lose exclusivity over time and then face generic or biosimilar competition. Source: 10-K, Item 1A Risk Factors.

Where do these Bristol Myers Squibb numbers come from?

Two filings Bristol Myers Squibb made with the SEC: its fiscal 2025 10-K, filed Feb 11, 2026, and its 10-Q for the quarter ended Jun 30, 2026, filed Jul 30, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in BMY
The editor holds no position in Bristol Myers Squibb (BMY). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell BMY from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold BMY, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
Bristol Myers SquibbBMYFY2025$48.2B−0.2%$7.1B
MerckMRKFY2025$65.0B+1.3%$18.3B
PfizerPFEFY2025$62.6B−1.6%$7.8B
AbbVieABBVFY2025$61.2B+8.6%$4.2B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.