BRISTOL MYERS SQUIBB CO (BMY)

Bristol-Myers Squibb Company (BMS) is a global biopharmaceutical company that discovers, develops, licenses, manufactures, markets, distributes and sells innovative medicines for patients with serious diseases. It was incorporated in Delaware in 1933 as Bristol-Myers Company, successor to a New York business started in 1887, and took its current name after a 1989 merger. Its strategy combines the scale and resources of a large pharmaceutical company with the speed and innovation focus typical of biotech. It concentrates on oncology, hematology, immunology, cardiovascular, neuroscience and other areas. It operates as a single segment. In 2025 its business development included the acquisition of Orbital Therapeutics, a global collaboration with BioNTech and a global exclusive licensing agreement with Philochem.

Its research platforms include small molecules (including protein degraders), biologics, antibody-drug conjugates, CAR-T cell therapies and radiopharmaceutical therapeutics. Key marketed products include Opdivo and Opdivo Qvantig (a subcutaneous form), Yervoy and Opdualag in oncology. Reblozyl treats anemia in beta thalassemia and MDS. Breyanzi and Abecma are CAR-T cell therapies. Krazati is a KRAS G12C inhibitor. Revlimid, Pomalyst/Imnovid, Sprycel and Abraxane are further cancer medicines. In immunology and other areas, the portfolio includes Orencia (rheumatoid arthritis and other conditions), Zeposia (multiple sclerosis and ulcerative colitis) and Sotyktu (plaque psoriasis). Camzyos treats obstructive hypertrophic cardiomyopathy, Eliquis is an oral anticoagulant, and Cobenfy treats schizophrenia.

Products are sold worldwide, mainly to wholesalers, distributors and specialty pharmacies, and to a lesser extent to retailers, hospitals, clinics, government agencies and directly to patients. Total revenues were $48,194 million in 2025, compared with $48,300 million in 2024 and $45,006 million in 2023. In 2025 the United States accounted for 69% of revenues, international markets 29% and other revenues (royalties and alliance-related revenues) 2%.

BMS has significant manufacturing operations in the U.S., Puerto Rico, the Netherlands, Ireland and Switzerland. It competes with other global research-based drug companies, smaller research companies with a narrower therapeutic focus and generic drug manufacturers. It relies on patents, trademarks and regulatory exclusivity in the U.S., EU, Japan and other markets to protect its products. Estimated minimum market exclusivity dates vary by product. Generics have already entered for Abraxane, generic Pomalyst entry is expected in the first quarter of 2026, and generic Eliquis entry is expected to begin in 2028 in the U.S. and as early as 2026 in parts of the EU.