BRISTOL-MYERS SQUIBB COMPANY
Last · NYSE$59.28+2.61 (+4.61%)close · yahoo · 13h ago
Market cap$121.09B2.04B sh
P/E · TTM13.1fwd 8.9 · eps 4.54
Beta0.18vs S&P 500
Div yield4.43%annual · TTM
52w range
$42.52$68.64
Volume11.1Msession
| Revenue | $49.2B |
|---|---|
| Operating income | $11.9B |
| Net income | $9.3B |
| Free cash flow | $11.4B |
| Operating margin | 24.2% |
| Net margin | 18.9% |
| Return on equity | 41.6% |
| Period | TTM 2026-06-30 |
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OpenFilings analyst
Our analyst
From latest 10-K · 2026-02-11
- Revenue Flat
- Earnings Recovery
- Eliquis Pricing
- Ira Price Negotiation
- Generic Erosion
- Customer Concentration
- High Leverage
- Pipeline Execution
Red flags
- Revenue was nearly flat at $48.194 billion in 2025 versus $48.300 billion in 2024 despite growth in the newer portfolio and Eliquis, indicating that legacy erosion and pricing pressure remain substantial.
- The three largest U.S. customers represented 75% of total trade receivables at December 31, 2025, up from 74% in 2024, creating material customer and payer-channel concentration.
- Charge-backs and cash discounts increased to $1.720 billion at year-end 2025 from $0.900 billion, while the provision for charge-backs, discounts and related items was $14.089 billion in 2025 versus $11.551 billion in 2024.
- Debt remained high at $44.827 billion at December 31, 2025, including $1.977 billion of current long-term debt, against a 2025 net earnings recovery that was partly driven by lower acquired IPRD charges and specified items.
- The IRA maximum fair price for Eliquis applies to the U.S. Medicare channel beginning January 1, 2026; BMS also agreed to provide Eliquis free to Medicaid, creating direct pressure on realized pricing and cash flow.
- BMS reported two notable 2025 clinical setbacks: Opdualag failed the primary endpoint in the Phase III RELATIVITY-098 trial, and Reblozyl failed the primary endpoint in the Phase III INDEPENDENCE trial.
Upcoming earnings
1:30 PM UTC+1
Period
Sep 2026
Est. EPS
$1.34
Est. revenue
12.7B