BRISTOL MYERS SQUIBB CO (BMY)

Bristol-Myers Squibb Company, incorporated in Delaware in 1933 as successor to a New York business dating to 1887 and renamed following a 1989 merger, is a biopharmaceutical company operating in a single segment focused on discovering, developing, manufacturing, marketing and selling innovative medicines in oncology, hematology, immunology, cardiovascular disease, neuroscience and other therapeutic areas. Its strategy combines the scale of a large pharmaceutical company with the agility of biotech, prioritizing transformational medicines, operational excellence and disciplined capital allocation, while driving commercial execution of first-in-class and best-in-class marketed products. The company competes with global research-based drug makers, smaller specialized biotech firms, and generic manufacturers, selling products worldwide primarily to wholesalers, distributors and specialty pharmacies, with manufacturing operations in the U.S., Puerto Rico, the Netherlands, Ireland and Switzerland.

Total revenues were $48.2 billion in 2025, $48.3 billion in 2024, and $45.0 billion in 2023, with the U.S. generating roughly 69-71% of revenue and international markets most of the remainder. In 2025, significant business development activity included the acquisition of Orbital Therapeutics, a global strategic collaboration with BioNTech, and a global exclusive licensing agreement with Philochem. The company's portfolio spans small-molecule drugs, protein degraders, biologics, antibody-drug conjugates, CAR-T cell therapies and radiopharmaceuticals, with key marketed products including Opdivo, Opdivo Qvantig, Orencia, Yervoy, Reblozyl, Breyanzi, Opdualag, Camzyos, Zeposia, Abecma, Sotyktu, Krazati, Cobenfy, Eliquis, Revlimid, Pomalyst/Imnovid, Sprycel and Abraxane, addressing indications across cancers, autoimmune and inflammatory diseases, cardiovascular conditions, multiple sclerosis, schizophrenia and blood disorders.

Market exclusivity for these products depends on a complex mix of patents and regulatory exclusivity periods across the U.S., EU and Japan, with several key products, including Abraxane, Sprycel, Revlimid and Pomalyst, already facing generic or biosimilar competition, and others like Eliquis and Yervoy approaching exclusivity loss dates in the near term. R&D is central to the company's long-term competitiveness, with efforts concentrated on novel modalities such as cell therapies, protein degraders, ADCs and radiopharmaceuticals across its core disease areas; R&D expenses totaled $10.0 billion in 2025, $11.2 billion in 2024 and $9.3 billion in 2023, while acquired in-process research and development expenses were $3.7 billion, $13.4 billion and $913 million in the respective years, reflecting the high cost, long timelines (roughly fifteen years from target identification to approval), and high failure rates inherent in pharmaceutical drug development.