Bristol-Myers Squibb Company (BMS) is a global biopharmaceutical company dedicated to discovering, developing, licensing, manufacturing, marketing, distributing, and selling innovative medicines that help patients overcome serious diseases . The company operates in a single business segment, focusing on therapeutic areas such as oncology, hematology, immunology, cardiovascular, and neuroscience . BMS's product portfolio includes in-line products, a new product portfolio, and recent loss of exclusivity (LOE) products .
- In-line Products - Comprises well-established brands like Eliquis and Opdivo, contributing significantly to the company's revenue.
- New Product Portfolio - Includes rapidly growing drugs such as Reblozyl, Opdualag, and Camzyos, showing substantial growth in recent years.
- Recent Loss of Exclusivity (LOE) Products - Consists of products like Revlimid, which have experienced revenue decline due to generic competition.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Christopher Boerner ExecutiveBoard | Chair of the Board and Chief Executive Officer | Board Member of PhRMA | Joined BMY in 2015; held roles including Chief Commercialization Officer and COO; became CEO in Nov 2023 and Chair in Apr 2024. | View Report → |
Adam Lenkowsky Executive | Executive Vice President, Chief Commercialization Officer | None | Joined BMY over 20 years ago; previously led U.S. Oncology and Major Markets; now oversees global commercialization efforts. | |
Amanda Poole Executive | Executive Vice President, Chief People Officer | None | Joined BMY in 2017; held HR leadership roles, including Head of BMS/Celgene Integration and People Strategy. | |
Benjamin Hickey Executive | President, RayzeBio Organization | None | Rejoined BMY in 2024; previously led commercial and oncology roles at BMY and other organizations. | |
Cari Gallman Executive | Executive Vice President, Corporate Affairs | None | Joined BMY in 2015; previously held legal and compliance roles, including Chief Compliance Officer. | |
David V. Elkins Executive | Executive Vice President, Chief Financial Officer | None | Joined BMY in 2019; oversees global finance, procurement, and business operations. Previously CFO at Celgene and held senior roles at Johnson & Johnson. | |
Greg Meyers Executive | Executive Vice President, Chief Digital and Technology Officer | None | Joined BMY in 2022; previously held senior digital and technology roles at Syngenta and Motorola Solutions. | |
Karin Shanahan Executive | Executive Vice President, Global Product Development & Supply | None | Joined BMY in 2022; previously held senior operations roles at Merck and Teva Pharmaceuticals. | |
Lynelle Hoch Executive | President, Cell Therapy Organization | None | Joined BMY through a DuPont acquisition; has held senior roles in immuno-oncology marketing and general management. | |
Phil Holzer Executive | Senior Vice President and Controller | None | Joined BMY in 2001; held various finance leadership roles, including SVP of Treasury and Tax Operations. | |
Samit Hirawat, M.D. Executive | Executive Vice President, Chief Medical Officer, Head of Development | None | Joined BMY in 2019; leads global drug development; instrumental in advancing oncology pipeline and launching new medicines. | |
Sandra Leung Executive | Executive Vice President, General Counsel | None | Joined BMY in 1992; serves as General Counsel, overseeing legal and compliance functions. | |
Deepak L. Bhatt, M.D. Board | Director | Director of Mount Sinai Heart, Dr. Valentin Fuster Professor of Cardiovascular Medicine | Joined BMY Board in 2022; renowned cardiologist and academic leader at Mount Sinai Heart. | |
Derica W. Rice Board | Director | Board Member of Target Corporation, The Walt Disney Company, The Carlyle Group | Joined BMY Board in 2020; former CFO of Eli Lilly and CVS Health; serves on several corporate boards. | |
Michael R. McMullen Board | Director | Board Member of KLA Corporation | Joined BMY Board in 2024; former CEO of Agilent Technologies; led significant growth and transformation at Agilent. | |
Paula A. Price Board | Director | Board Member of Accenture, Warner Brothers Discovery, Blue Cross Blue Shield of Massachusetts, Reddit | Joined BMY Board in 2020; former CFO of Macy's and Ahold USA; serves on multiple corporate and non-profit boards. | |
Peter J. Arduini Board | Director | President and CEO of GE Healthcare; Board Member of GE Healthcare, AdvaMed, National Italian American Foundation | Joined BMY Board in 2016; also leads GE Healthcare and serves on multiple boards. | |
Phyllis R. Yale Board | Director | Advisory Partner at Bain & Company, Chair of Blue Cross Blue Shield of Massachusetts, Director at DaVita and Aledade | Joined BMY Board in 2019; healthcare expert with extensive advisory and board experience. | |
Theodore R. Samuels Board | Lead Independent Director | Board Member of Centene Corporation, Iron Mountain Incorporated | Joined BMY Board in 2017; became Lead Independent Director in 2021; has extensive experience in financial and strategic leadership. |
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Given the challenges you've faced with Sotyktu and Zeposia in the immunology space, particularly regarding market access and competition from IL-23 inhibitors, can you explain what specific actions you're taking to improve performance and overcome these hurdles?
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With the upcoming impact of the Inflation Reduction Act on Eliquis and potential price pressures on non-rebated drugs like Opdivo, how are you strategically preparing for these changes, and what can you share about the negotiations and their implications for your portfolio?
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As you've become more aggressive in business development while prioritizing programs to control costs, what is your current capacity for further deals, and are you considering expanding into new areas such as obesity treatments?
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Competitors are advancing therapies that claim superior efficacy to your growth drivers like Sotyktu and Opdualag, some even conducting head-to-head trials; how are you positioning your products to maintain market share amid this increasing competition?
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With several clinical readouts expected in multiple myeloma by 2026, including your CELMoD agents Iberdomide and Mezigdomide, how do you plan to position these therapies in an increasingly crowded market to ensure they stand out both clinically and commercially?
Research analysts who have asked questions during BRISTOL MYERS SQUIBB earnings calls.
Courtney Breen
AllianceBernstein
6 questions for BMY
David Risinger
Leerink Partners
6 questions for BMY
Evan Seigerman
BMO Capital Markets
6 questions for BMY
Luisa Hector
Berenberg
6 questions for BMY
Akash Tewari
Jefferies
5 questions for BMY
Carter L. Gould
Barclays
5 questions for BMY
Mohit Bansal
Wells Fargo & Company
5 questions for BMY
Steve Scala
Cowen
5 questions for BMY
Asad Haider
Goldman Sachs
4 questions for BMY
James Shin
Analyst
4 questions for BMY
Seamus Fernandez
Guggenheim Partners
4 questions for BMY
Terence Flynn
Morgan Stanley
4 questions for BMY
Chris Schott
JPMorgan Chase & Co.
3 questions for BMY
Christopher Schott
JPMorgan Chase & Co.
3 questions for BMY
David Amsellem
Piper Sandler Companies
3 questions for BMY
Geoff Meacham
Citigroup Inc.
3 questions for BMY
Matthew Phipps
William Blair
3 questions for BMY
Chris Shibutani
Goldman Sachs Group, Inc.
2 questions for BMY
Geoffrey Meacham
Citi
2 questions for BMY
Olivia Brayer
Cantor
2 questions for BMY
Sean McCutcheon
Raymond James
2 questions for BMY
Tim Anderson
Bank of America
2 questions for BMY
Timothy Anderson
BofA Securities
2 questions for BMY
Alexandra Hammond
Wolfe Research
1 question for BMY
Chun Chen
UBS
1 question for BMY
Crypta Devarakonda
Truist Securities
1 question for BMY
Kripa Devarakonda
Truist Securities
1 question for BMY
Sean McCutchen
Raymond James
1 question for BMY
Srikripa Devarakonda
Truist Financial Corporation
1 question for BMY
Steven Scala
TD Cowen
1 question for BMY
Trang Han
UBS
1 question for BMY
Trung Huynh
UBS Group AG
1 question for BMY
| Customer | Relationship | Segment | Details |
|---|---|---|---|
McKesson Corporation | Major Wholesaler | US | 34% of US gross revenues in 2024 ; collectively 74% of total trade receivables (together with other top customers) in 2024 |
Cencora, Inc. (formerly AmerisourceBergen) | Major Wholesaler | US | 29% of US gross revenues in 2024 ; collectively 74% of total trade receivables (together with other top customers) in 2024 |
Cardinal Health, Inc. | Major Wholesaler | US | 22% of US gross revenues in 2024 ; collectively 74% of total trade receivables (together with other top customers) in 2024 |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Karuna Therapeutics | 2024 | BMS acquired Karuna Therapeutics in an all‐cash transaction at $330.00 per share for a total of $14.0 billion (or $12.9 billion net of cash), obtaining the lead asset KarXT, an antipsychotic under FDA review for schizophrenia and with potential in other indications; the deal involved a $12.1 billion IPRD expense and was funded primarily through debt proceeds. |
RayzeBio | 2024 | BMS acquired RayzeBio for $62.50 per share in an all‐cash deal totaling $4.1 billion (or $3.6 billion net of cash), securing its actinium‐based radiopharmaceutical platform and lead asset RYZ101 (in Phase III for gastroenteropancreatic neuroendocrine tumors), with the acquisition funded by cash and debt and meeting regulatory and tender offer conditions. |
Mirati Therapeutics | 2024 | BMS completed the acquisition of Mirati Therapeutics in January 2024, gaining rights to Krazati (adagrasib)—an FDA-approved treatment for KRAS G12C mutated NSCLC—and MRTX1719 in Phase I development, thereby strengthening its oncology portfolio. |
Turning Point Therapeutics, Inc. | 2022 | BMS acquired Turning Point Therapeutics for $76.00 per share in cash (approximately $4.1 billion) to expand its precision oncology portfolio with assets like repotrectinib, a next-generation TKI with three FDA Breakthrough Therapy Designations, with the deal closing in August 2022 after regulatory and tender offer milestones were met. |
Recent press releases and 8-K filings for BMY.
- On November 3, 2025, Bristol Myers Squibb commenced cash tender offers to purchase up to $7 billion aggregate purchase price of its outstanding notes, split into Pool 1 ($4 billion) and Pool 2 ($3 billion).
- Pool 1 offers target six series of notes maturing from 2026 to 2029, with acceptance priority levels 1–6, fixed spreads of 10–20 bps and an early tender premium of $50 per $1,000 note.
- Pool 2 offers cover nine series of notes due between 2031 and 2097, with fixed spreads of 25–140 bps and an early tender premium of $50 per $1,000 note.
- Holders must tender by November 17, 2025 to receive total consideration (including premium); offers expire on December 3, 2025, and are conditioned on a new debt issuance by a subsidiary plus $3 billion of Bristol Myers Squibb’s cash on hand.
- Bristol Myers Squibb has commenced cash tender offers to repurchase up to $4.0 billion of Pool 1 Notes and $3.0 billion of Pool 2 Notes.
- Pool 1 comprises six series of notes due 2026–2029 and Pool 2 comprises nine series due 2031–2097, each ranked by acceptance priority for potential proration.
- The offers are conditioned on a new debt issuance by a BMS subsidiary and the use of approximately $3.0 billion of Bristol Myers Squibb’s cash on hand to fund the purchases.
- Holders must tender by 5:00 p.m. (NYC) on November 17, 2025 to receive the Total Consideration (including the early tender premium), with the offers expiring at 5:00 p.m. on December 3, 2025.
- Bristol Myers Squibb reported $12.22 billion in Q3 revenue and adjusted EPS of $1.63, both above analysts’ estimates.
- The growth portfolio surged 18% to $6.9 billion, led by immuno-oncology products and new launches such as Reblozyl (+37%), Camzyos (+89%) and Breyanzi (+60%).
- The legacy segment declined 12% amid generic competition, while Eliquis sales rose 25% to $3.75 billion.
- Full-year 2025 revenue guidance was raised to $47.5–48.0 billion with adjusted EPS outlook of $6.40–6.60.
- Liquidity remains adequate (current ratio 1.21, quick ratio 1.11), but high leverage (debt-to-equity 2.92) and an Altman Z-Score of 1.79 signal distress risk.
- Total Q3 sales of $12.2 billion with the growth portfolio up 17% YoY, driven by oncology and hematology brands.
- OPDIVO sales reached $2.5 billion (+6%), Eliquis $3.7 billion (+23%), with REBLOZYL ($615 M), BREYANZI ($359 M) and CAMZYOS ($296 M) all demonstrating double-digit growth.
- Raised full-year revenue guidance by $0.75 billion to $47.5–48.0 billion and maintained EPS guidance at $6.40–6.60, reflecting continued portfolio strength.
- Completed acquisition of Orbital Therapeutics for off-the-shelf CAR T asset OTX-201, licensed Onco ACP 3 from Phylochem, and opened a U.S. radiopharmaceutical manufacturing hub.
- Advanced pipeline with positive Phase III Excalibur results for iberdomide, Breakthrough and Fast-Track designations for isobren and anti-tau antibody, and multiple pivotal readouts expected over the next 12–24 months.
- Bristol Myers Squibb reported Q3 sales of $12.2 billion, with the growth portfolio up 17%, driven by IO, Reblozyl, Camzyos, and Breyanzi, and raised top-line guidance while maintaining bottom-line midpoint.
- Key brands saw robust performance: Opdivo at $2.5 billion (+6%), Reblozyl at $615 million, Breyanzi at $359 million, Camzyos at $296 million, and Eliquis at $3.7 billion in Q3.
- Early-stage launch Cabenfi reached $43 million in Q3 and $105 million YTD, with ~2,400 weekly TRXs and near 100% Medicare/Medicaid access, supported by expanding trialist engagement.
- R&D and BD momentum: highlighted protein degradation milestone with iberdomide MRD improvement in Excalibur, acquired Orbital Therapeutics for off-the-shelf CAR-T asset OTX201, and licensed Phylochem’s Onco ACP 3, with seven NME data readouts expected in the next 12–24 months.
- Financial discipline: on track for $1 billion in 2025 productivity savings and $2 billion by 2027, guiding costs from $17.8 billion in 2024 to $16.5 billion in 2025.
- Total company sales were $12.2 billion, with the growth portfolio up 17%, and full-year revenue guidance raised by $750 million to $47.5–48 billion.
- Key product performance: Opdivo sales of $2.5 billion (+6%), Eliquis $3.7 billion (+23%), Reblozyl $615 million (annualizing >$2 billion), Camzyos $296 million (+88%, annualizing >$1 billion), and Breyanzi $359 million (annualizing >$1 billion).
- Overall diluted EPS was $1.63, and full-year non-GAAP EPS guidance narrowed to $6.40–6.60, midpoint unchanged.
- Continued business development: acquired Orbital Therapeutics and licensed Phylochem’s Onco ACP 3 radiopharmaceutical; advanced SystemicMune partnership.
- Strong pipeline momentum: ADEPT 2 (Cabenfi) readout expected by year-end and data for seven new molecular entities over the next 12–24 months.
- Strong cash generation with $6.3 B in Q3 operating cash flow; on track to retire ~$10 B of debt by Q2 2026, having paid down ~$6.7 B as of Q3 2025.
- Robust product growth: Eliquis sales of $3,746 M (+25% YoY) and Camzyos $296 M (+89%) in cardiovascular; Reblozyl $615 M (+37%) and Breyanzi $359 M (+60%) in hematology.
- Revised 2025 guidance: FY revenues raised to $47.5–48.0 B and diluted EPS to $6.40–6.60, reflecting portfolio strength and favorable foreign exchange.
- Capital return: ~$5 B share repurchase authorization remains and the dividend policy is maintained.
- Q3 2025 net revenues of $12.2 billion, up 3% year-over-year ( 2% Ex-FX)
- Growth Portfolio revenues of $6.9 billion, up 18% ( 17% Ex-FX), driven by immuno-oncology and hematology launches
- Q3 EPS of $1.08 (GAAP) and $1.63 (non-GAAP), each reflecting a $(0.20) net impact from acquired IPRD charges and licensing income
- Raised 2025 guidance to $47.5 – 48.0 billion in revenues and $6.40 – 6.60 in non-GAAP EPS, inclusive of a $(0.80) net IPRD impact
- Evotec SE received a $25 million payment from Bristol Myers Squibb for scientific progress in their neuroscience partnership.
- The collaboration, launched in 2016 and extended in 2023 through 2031, targets discovery of disease-modifying treatments for neurodegenerative diseases.
- The joint pipeline’s lead program, EVT8683/BMS-986419, has completed Phase 1 clinical trials, advancing toward clinical development.
- Funds will support ongoing R&D efforts leveraging AI-driven innovation to accelerate transformative therapies for patients.
- The Phase 1 Breakfree-1 study of CD19 NEX-T CAR T therapy included 71 patients with systemic sclerosis, SLE, and idiopathic inflammatory myopathies.
- The therapy showed robust CAR T cell expansion, complete B cell depletion, and re-emergence of naive B cell phenotypes, indicating an immune reset.
- 94% of patients discontinued chronic immunosuppressive therapy at the analysis timepoint, highlighting a significant reduction in medication dependence.
- Adverse events were manageable, occurring shortly after infusion and resolving swiftly with standard treatments.