Bristol Myers Squibb (BMY)
Market Price (10/15/2026): $59.88 | Market Cap: $122.3 BilInvestor Relations Sector: Health Care | Industry: Pharmaceuticals
Bristol Myers Squibb (BMY)
Market Price (10/15/2026): $59.88Market Cap: $122.3 BilSector: Health CareIndustry: Pharmaceuticals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 4.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.5%, FCF Yield is 9.5% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 28% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 23%, CFO LTM is 13 Bil, FCF LTM is 11 Bil Stock buyback supportStock Buyback 3Y Total is 4.0 Bil Low stock price volatilityVol 12M is 28% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more. | Weak multi-year price returns2Y Excs Rtn is -12%, 3Y Excs Rtn is -59% | Key risks[BMY] key risks include [1] the impending patent expirations for its blockbuster drugs Eliquis, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 4.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.5%, FCF Yield is 9.5% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 28% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 23%, CFO LTM is 13 Bil, FCF LTM is 11 Bil |
| Stock buyback supportStock Buyback 3Y Total is 4.0 Bil |
| Low stock price volatilityVol 12M is 28% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -12%, 3Y Excs Rtn is -59% |
| Key risks[BMY] key risks include [1] the impending patent expirations for its blockbuster drugs Eliquis, Show more. |
Qualitative Assessment
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Bristol Myers Squibb (BMY) stock has gained about 5% since 6/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Performance and Raised Full-Year Guidance Offset by Generic Erosion.
Bristol-Myers Squibb reported robust financial results for fiscal Q2 2026 (ended June 30, 2026), exceeding analyst expectations with an adjusted earnings per share (EPS) of $2.04 against a consensus estimate of $1.60. Total revenues also surpassed estimates, reaching $12.97 billion compared to an $11.74 billion forecast, representing a 6% increase year-over-year. Following these results, the company raised its full-year 2026 non-GAAP EPS outlook to a range of $6.75 to $7.00. However, this positive momentum was partially counteracted by a 4% (5% Ex-FX) decrease in Legacy Portfolio revenues due to continued generic impacts on older drugs, which tempered overall investor enthusiasm.
2. Mixed Outcomes from Late-Stage Clinical Trials.
In early October 2026, Bristol-Myers Squibb announced positive topline results from two Phase 3 clinical trials. The ACTION-1 trial for RYZ101, an investigational radiopharmaceutical, demonstrated a statistically significant and clinically meaningful improvement in progression-free survival for patients with gastroenteropancreatic neuroendocrine tumors. Concurrently, the ALOFT-IPF trial for admilparant in idiopathic pulmonary fibrosis met its primary endpoint at the 60 mg dose, showing a significant improvement in lung function. However, the higher 120 mg dose of admilparant did not achieve statistical significance, introducing some caution, and reports earlier in October 2026 of a death due to liver injury in the broader ALOFT program, though deemed unlikely related to study treatment by the company, added a nuanced perspective to the positive news.
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Bristol Myers Squibb (BMY) stock has gained about 5% since 6/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Performance and Raised Full-Year Guidance Offset by Generic Erosion.
Bristol-Myers Squibb reported robust financial results for fiscal Q2 2026 (ended June 30, 2026), exceeding analyst expectations with an adjusted earnings per share (EPS) of $2.04 against a consensus estimate of $1.60. Total revenues also surpassed estimates, reaching $12.97 billion compared to an $11.74 billion forecast, representing a 6% increase year-over-year. Following these results, the company raised its full-year 2026 non-GAAP EPS outlook to a range of $6.75 to $7.00. However, this positive momentum was partially counteracted by a 4% (5% Ex-FX) decrease in Legacy Portfolio revenues due to continued generic impacts on older drugs, which tempered overall investor enthusiasm.
2. Mixed Outcomes from Late-Stage Clinical Trials.
In early October 2026, Bristol-Myers Squibb announced positive topline results from two Phase 3 clinical trials. The ACTION-1 trial for RYZ101, an investigational radiopharmaceutical, demonstrated a statistically significant and clinically meaningful improvement in progression-free survival for patients with gastroenteropancreatic neuroendocrine tumors. Concurrently, the ALOFT-IPF trial for admilparant in idiopathic pulmonary fibrosis met its primary endpoint at the 60 mg dose, showing a significant improvement in lung function. However, the higher 120 mg dose of admilparant did not achieve statistical significance, introducing some caution, and reports earlier in October 2026 of a death due to liver injury in the broader ALOFT program, though deemed unlikely related to study treatment by the company, added a nuanced perspective to the positive news.
3. Persistent Concerns over Looming Patent Cliffs.
A significant factor contributing to the stock remaining largely range-bound is the ongoing investor apprehension regarding the impending patent expirations for several of Bristol-Myers Squibb's key blockbuster drugs, including Opdivo and Eliquis, in the coming years. While the company's Growth Portfolio is performing well, the anticipated revenue impact from these patent cliffs and the continued generic erosion of drugs like Revlimid create a long-term headwind that dampens sustained upward stock movement, as investors weigh current performance against future revenue challenges.
4. Divided Analyst Sentiment and Valuation.
Analyst opinions on Bristol-Myers Squibb were mixed but largely leaning towards a "Moderate Buy" consensus, with an average 12-month price target ranging from approximately $65 to $69. However, there were instances of analysts adjusting their outlook, such as Cantor Fitzgerald lowering its price target from $59 to $53 in early October 2026 while maintaining a "neutral" rating, citing potential downside. This divergence in analyst sentiment, alongside market perceptions of the stock's valuation and broader industry headwinds, contributed to a balance of buying and selling pressure that kept the stock trading within a relatively stable range.
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Stock Movement Drivers
Fundamental Drivers
The 5.1% change in BMY stock from 6/30/2026 to 10/14/2026 was primarily driven by a 25.8% change in the company's Net Income Margin (%).| (LTM values as of) | 6302026 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 56.39 | 59.28 | 5.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 48,483 | 49,187 | 1.5% |
| Net Income Margin (%) | 15.0% | 18.9% | 25.8% |
| P/E Multiple | 15.8 | 13.0 | -17.4% |
| Shares Outstanding (Mil) | 2,038 | 2,042 | -0.2% |
| Cumulative Contribution | 5.1% |
Market Drivers
6/30/2026 to 10/14/2026| Return | Correlation | |
|---|---|---|
| BMY | 5.1% | |
| Market (SPY) | 3.1% | 1.7% |
| Sector (XLV) | 9.6% | 56.6% |
Fundamental Drivers
The 0.9% change in BMY stock from 3/31/2026 to 10/14/2026 was primarily driven by a 28.9% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 58.75 | 59.28 | 0.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 48,195 | 49,187 | 2.1% |
| Net Income Margin (%) | 14.6% | 18.9% | 28.9% |
| P/E Multiple | 16.9 | 13.0 | -23.0% |
| Shares Outstanding (Mil) | 2,034 | 2,042 | -0.4% |
| Cumulative Contribution | 0.9% |
Market Drivers
3/31/2026 to 10/14/2026| Return | Correlation | |
|---|---|---|
| BMY | 0.9% | |
| Market (SPY) | 18.6% | 2.4% |
| Sector (XLV) | 19.2% | 62.3% |
Fundamental Drivers
The 39.2% change in BMY stock from 9/30/2025 to 10/14/2026 was primarily driven by a 78.3% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 42.59 | 59.28 | 39.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 47,704 | 49,187 | 3.1% |
| Net Income Margin (%) | 10.6% | 18.9% | 78.3% |
| P/E Multiple | 17.2 | 13.0 | -24.0% |
| Shares Outstanding (Mil) | 2,035 | 2,042 | -0.3% |
| Cumulative Contribution | 39.2% |
Market Drivers
9/30/2025 to 10/14/2026| Return | Correlation | |
|---|---|---|
| BMY | 39.2% | |
| Market (SPY) | 16.5% | 9.2% |
| Sector (XLV) | 26.6% | 59.5% |
Fundamental Drivers
The 18.8% change in BMY stock from 9/30/2023 to 10/14/2026 was primarily driven by a 8.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302023 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 49.88 | 59.28 | 18.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 45,187 | 49,187 | 8.9% |
| Net Income Margin (%) | 17.6% | 18.9% | 7.1% |
| P/E Multiple | 13.1 | 13.0 | -0.5% |
| Shares Outstanding (Mil) | 2,093 | 2,042 | 2.5% |
| Cumulative Contribution | 18.8% |
Market Drivers
9/30/2023 to 10/14/2026| Return | Correlation | |
|---|---|---|
| BMY | 18.8% | |
| Market (SPY) | 86.2% | 14.7% |
| Sector (XLV) | 41.5% | 53.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BMY Return | 3% | 19% | -26% | 16% | 0% | 10% | 15% |
| Peers Return | 36% | 21% | 2% | 8% | 26% | 22% | 179% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| BMY Win Rate | 42% | 75% | 25% | 67% | 58% | 60% | |
| Peers Win Rate | 62% | 62% | 43% | 47% | 60% | 62% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| BMY Max Drawdown | -22% | -16% | -33% | -26% | -30% | -16% | |
| Peers Max Drawdown | -16% | -18% | -23% | -21% | -22% | -15% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MRK, PFE, JNJ, ABBV, LLY. See BMY Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/14/2026 (YTD)
How Low Can It Go
| Event | BMY | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -18.9% | -18.8% |
| % Gain to Breakeven | 23.3% | 23.1% |
| Time to Breakeven | 215 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -23.2% | -9.5% |
| % Gain to Breakeven | 30.2% | 10.5% |
| Time to Breakeven | 430 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -13.4% | -6.7% |
| % Gain to Breakeven | 15.5% | 7.1% |
| Time to Breakeven | 1111 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -29.4% | -33.7% |
| % Gain to Breakeven | 41.6% | 50.9% |
| Time to Breakeven | 226 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -26.9% | -19.2% |
| % Gain to Breakeven | 36.9% | 23.8% |
| Time to Breakeven | 340 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -13.9% | -3.7% |
| % Gain to Breakeven | 16.1% | 3.9% |
| Time to Breakeven | 20 days | 6 days |
In The Past
Bristol-Myers Squibb's stock fell -18.9% during the 2025 US Tariff Shock. Such a loss loss requires a 23.3% gain to breakeven.
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Asset Allocation
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| Event | BMY | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -23.2% | -9.5% |
| % Gain to Breakeven | 30.2% | 10.5% |
| Time to Breakeven | 430 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -29.4% | -33.7% |
| % Gain to Breakeven | 41.6% | 50.9% |
| Time to Breakeven | 226 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -26.9% | -19.2% |
| % Gain to Breakeven | 36.9% | 23.8% |
| Time to Breakeven | 340 days | 105 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -34.7% | -53.4% |
| % Gain to Breakeven | 53.2% | 114.4% |
| Time to Breakeven | 403 days | 1085 days |
In The Past
Bristol-Myers Squibb's stock fell -18.9% during the 2025 US Tariff Shock. Such a loss loss requires a 23.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Bristol Myers Squibb (BMY)
Bristol Myers Squibb (BMY) is a global biopharmaceutical company focused on the discovery, development, licensing, manufacturing, and marketing of innovative medicines. The company primarily targets critical therapeutic areas such as hematology (blood disorders), oncology (cancer), cardiovascular diseases, immunology, neuroscience, and fibrotic diseases. Its mission is to address serious unmet medical needs for patients around the world by delivering transformative treatments.
The company's diverse product portfolio includes several leading and high-impact pharmaceuticals. Key offerings include Revlimid and Pomalyst/Imnovid for multiple myeloma, Eliquis for reducing stroke risk and treating deep vein thrombosis/pulmonary embolism, and the immuno-oncology drugs Opdivo and Yervoy for various anti-cancer indications. Other significant products address conditions like rheumatoid arthritis (Orencia), chronic myeloid leukemia (Sprycel), beta thalassemia (Reblozyl), multiple sclerosis (Zeposia), and advanced cell therapies for lymphoma (Breyanzi), among others.
Bristol Myers Squibb distributes its specialized biopharmaceutical products through a comprehensive network to a wide array of healthcare entities. Its primary customers include wholesalers, distributors, pharmacies, retailers, hospitals, clinics, and government agencies. Through these channels, the company ensures its advanced treatments reach patients globally who are battling complex and life-threatening diseases in its focused therapeutic areas.
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- The Pfizer of advanced cancer and immunology treatments.
- A pharmaceutical giant similar to Merck, but with a sharper focus on innovative therapies for oncology and immunology.
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- Revlimid: An oral immunomodulatory drug for the treatment of multiple myeloma.
- Eliquis: An oral inhibitor for reduction in risk of stroke/systemic embolism in NVAF and for the treatment of DVT/PE.
- Opdivo: A product used for various anti-cancer indications.
- Pomalyst/Imnovid: Indicated for patients with multiple myeloma.
- Orencia: Used for adult patients with active rheumatoid arthritis and psoriatic arthritis.
- Sprycel: Treats Philadelphia chromosome-positive chronic myeloid leukemia.
- Yervoy: For the treatment of patients with unresectable or metastatic melanoma.
- Abraxane: A protein-bound chemotherapy product.
- Reblozyl: Treats anemia in adult patients with beta thalassemia.
- Empliciti: Used for the treatment of multiple myeloma.
- Zeposia: Treats relapsing forms of multiple sclerosis.
- Breyanzi: A CD19-directed T cell immunotherapy for relapsed or refractory large B-cell lymphoma.
- Inrebic: An oral kinase inhibitor for adult patients with myelofibrosis.
- Onureg: Treats adult patients with acute myeloid leukemia (AML).
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Major Customers of Bristol Myers Squibb (BMY)
Bristol Myers Squibb (BMY) sells its products primarily to other companies and organizations within the healthcare supply chain rather than directly to individuals. Based on the company's description, its major customers fall into the following categories:
- Wholesalers
- Distributors
- Pharmacies
- Retailers
- Hospitals
- Clinics
- Government agencies
While specific public companies are not named in the provided description, these categories represent the types of entities that purchase products from Bristol Myers Squibb. Therefore, specific stock symbols for these broad categories cannot be provided.
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Chris Boerner, Board Chair and Chief Executive Officer
Christopher Boerner serves as Board Chair and Chief Executive Officer at Bristol Myers Squibb, assuming the CEO role in November 2023 and Board Chair in April 2024. He joined the company in February 2015, holding previous leadership positions including Executive Vice President, Chief Operating Officer and CEO Designate, Executive Vice President, Chief Commercialization Officer, head of international markets, and head of U.S. commercial markets. Before joining Bristol Myers Squibb, Dr. Boerner held leadership roles at Seattle Genetics, Inc. from 2010 to 2015, and marketing leadership roles at Genentech, a member of the Roche Group, from 2002 to 2010. Earlier in his career, he worked for McKinsey & Company, consulting for global pharmaceutical and biotechnology clients.
David Elkins, Executive Vice President and Chief Financial Officer
David Elkins is the Executive Vice President and Chief Financial Officer of Bristol Myers Squibb, a position he has held since November 2019. He is responsible for the company's Global Business Operations, encompassing Finance, Business Development, Global Financial Services & Operational Excellence, Procurement, and Investor Relations. Mr. Elkins joined Bristol Myers Squibb as a result of the acquisition of Celgene, where he served as Executive Vice President and Chief Financial Officer. Prior to Celgene, he held various financial leadership roles at Johnson & Johnson, including Chief Financial Officer for its Consumer Products and Medical Device businesses. He also served as Executive Vice President and Chief Financial Officer of Becton, Dickinson and Company and held roles of increasing responsibility at AstraZeneca from 1995 to 2008. He began his career in finance at The Boeing Company.
Adam Lenkowsky, Executive Vice President, Chief Commercialization Officer
Adam Lenkowsky is the Executive Vice President, Chief Commercialization Officer at Bristol Myers Squibb. In this role, he leads the worldwide Commercial and Medical organizations and is responsible for driving growth across the company's key franchises. With over 25 years of experience in the biopharma industry, he has held numerous strategic and operational roles of increasing responsibility at Bristol Myers Squibb, starting as a sales representative in 1997. He has been instrumental in the company's evolution and the expansion of its portfolio through acquisitions.
Elizabeth M. Mily, Executive Vice President, Strategy & Business Development
Elizabeth Mily was appointed Executive Vice President, Strategy & Business Development at Bristol Myers Squibb, effective March 30, 2020. She is responsible for overseeing company strategy and all business development activities, including strategic partnerships, mergers and acquisitions, and other strategic initiatives. Before joining Bristol Myers Squibb, Mily served as the Managing Director and Chair of the Global Lifesciences group at Barclays. Prior to that, she was the Head of Corporate Strategy and Development at Thermo Fisher Scientific. She also spent 16 years at Goldman, Sachs & Co. as a Managing Director and senior coverage officer within the Healthcare Department of the Investment Banking Division.
Samit Hirawat, Executive Vice President, Chief Medical Officer and Head of Global Drug Development (former)
Samit Hirawat served as Chief Medical Officer, Executive Vice President, and Head of Global Drug Development at Bristol Myers Squibb. In this role, he oversaw early- and late-stage product development across all therapeutic areas, from first-in-human studies to commercialization. During his more than six years at Bristol Myers Squibb, he oversaw the approval of 13 New Molecular Entities and contributed to five major acquisitions and numerous collaborations. Prior to his time at BMS, Dr. Hirawat held senior executive roles and led clinical development programs at Novartis, where he was Executive Vice President and Head of Oncology Development, as well as at PTC Therapeutics and Pfizer.
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The key risks to Bristol Myers Squibb (BMY) are primarily centered around the loss of market exclusivity for its blockbuster drugs, compounded by pricing pressures and the critical need for successful pipeline development to offset these revenue declines.
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Patent Cliff / Loss of Exclusivity: Bristol Myers Squibb faces a significant "patent cliff" with several of its top-selling drugs nearing or having already lost market exclusivity. Blockbuster products such as Eliquis, Opdivo, and Revlimid, which collectively accounted for a substantial portion of the company's revenue, are particularly vulnerable. For instance, the patents for Opdivo are set to expire in 2028 in most major markets, and Eliquis lost exclusivity in the European market in May 2026, with U.S. generics expected by April 2028. The introduction of generic and biosimilar competitors following patent expirations typically leads to substantial and rapid declines in a product's revenues, threatening over half of BMY's revenue base.
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Pricing Pressures and Government Regulations: The pharmaceutical industry, including Bristol Myers Squibb, is subject to intense pricing pressures from governments and insurers, notably highlighted by the U.S. Inflation Reduction Act. This act has led to Medicare-set prices for certain high-expenditure drugs, including Eliquis and Pomalyst, which can negatively impact revenue streams and profit margins.
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Pipeline Execution and R&D Failures: To mitigate the financial impact of patent expirations, Bristol Myers Squibb is highly dependent on its pipeline of new products and strategic acquisitions to replace lost revenue. However, the research and development process for new drugs carries a high rate of failure, meaning there is a significant risk that investments in new programs may not generate the expected financial returns or reach the market within anticipated timeframes. Failures in late-stage clinical trials or a slow uptake of recently approved drugs could exacerbate the revenue gap created by the patent cliff.
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Bristol Myers Squibb (BMY) is expected to drive future revenue growth over the next 2-3 years through several key areas:
- Growth of Recently Launched Products: The company's "Growth Portfolio," including products like Reblozyl, Camzyos, Breyanzi, Opdualag, Opdivo Qvantig, and Sotyktu, is a primary driver of top-line expansion. These brands have demonstrated strong demand and double-digit growth, significantly contributing to overall revenue and are anticipated to continue their momentum. For instance, Reblozyl grew 29% reflecting solid uptake in first-line MDS associated anemia, and Breyanzi posted 41% growth driven by its profile and strong demand across approved indications. Opdualag continues to benefit from strong global demand as a first-line standard of care for melanoma.
- Advancements and Launches of Pipeline Assets, Especially CELMoDs in Oncology: Bristol Myers Squibb has a robust late-stage pipeline with several assets holding multi-billion dollar potential and anticipating pivotal trial readouts in 2026. Key among these are the cereblon E3 ligase modulators (CELMoDs) Mezigdomide and Iberdomide, which are being developed for multiple myeloma and are expected to be significant growth drivers, potentially replacing older drugs like Pomalyst and Revlimid facing generic competition.
- Sustained Performance of Eliquis: Eliquis, an oral inhibitor for reducing the risk of stroke/systemic embolism and treating DVT/PE, continues to exhibit strong demand-driven growth, particularly in the U.S. While international markets face generic pressures, Eliquis's robust performance is projected to contribute positively to the company's revenue in 2026, with an expected 20-25% worldwide revenue growth compared to 2025.
- Expansion into New Therapeutic Areas with Key Pipeline Assets: The company is diversifying its portfolio with promising assets like Cobenfy (neuroscience) and Admilparant (immunology/fibrotic). Cobenfy, initially approved for schizophrenia, is being explored for additional indications such as Alzheimer's disease psychosis. Admilparant, an LPA1 antagonist for idiopathic pulmonary fibrosis (IPF) and progressive pulmonary fibrosis (PPF), recently met its primary endpoint in a pivotal trial for IPF, with regulatory submissions planned, indicating new market opportunities.
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Share Repurchases
- On December 6, 2023, Bristol Myers Squibb's Board of Directors authorized the repurchase of an additional $3 billion of the company's common stock, increasing the total outstanding share repurchase authorization to approximately $5 billion.
- The company utilized a significant amount of cash for share buybacks during fiscal years 2020 to 2023.
- Bristol-Myers Squibb's buyback yield for fiscal years ending December 2021 to 2025 averaged 2.8%, with a peak of 4.9% in December 2023.
Share Issuance
- Bristol Myers Squibb Company's shares outstanding at the end of fiscal 2025 were $2.0 billion, remaining unchanged from fiscal 2024.
- As of June 30, 2026, the shares outstanding were $2.0 billion.
- The number of shares outstanding increased by 0.47% in the year leading up to October 12, 2026.
Outbound Investments
- Bristol Myers Squibb has made strategic acquisitions, including oncology firms Mirati and RayzeBio, and neurology firm Karuna.
- The company's strategy involves partnerships and acquisitions, exemplified by the acquisition of Celgene, which significantly strengthened its pipeline and presence in blood cancer.
Capital Expenditures
- Bristol-Myers Squibb's latest twelve months capital expenditures amounted to $1.342 billion.
- From fiscal years ending December 2021 to 2025, the company's capital expenditures averaged $1.172 billion, showing an increase each year from $973 million in 2021 to $1.311 billion in 2025.
- Capital expenditures decreased by 15.51% in the second quarter of 2026 to $305 million, compared to the same quarter in 2025.
Peer Outperformance in Pharmaceuticals
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| BMY | Bristol Myers Squibb | 2.9% | 12.5x | 35.9% | 15.6% | 22.1% | — |
| MRK | Merck | 4.5% | 110.5x | 70.5% | 49.6% | 109.6% | +87pp |
| JNJ | Johnson & Johnson | 6.0% | 28.5x | 33.2% | 72.6% | 79.6% | +57pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 15.2% | 47.5% | 101.1% | CAH 456% · MCK 395% · COR 193% |
| Health Care Services | 20 | 21.8% | 36.8% | 9.2% | HIMS 256% · RDNT 152% · DGX 80% |
| Managed Health Care | 8 | 40.1% | -2.3% | 8.0% | OSCR 133% · HQY 42% · ELV 22% |
| Health Care Facilities | 24 | 3.2% | 18.1% | 6.2% | THC 337% · NHC 272% · EHC 144% |
| Health Care Equipment | 50 | -2.1% | 3.7% | -13.7% | UFPT 365% · GKOS 252% · TMDX 183% |
| Pharmaceuticals ← | 61 | -8.9% | -4.7% | -32.7% | LQDA 720% · KNSA 573% · CORT 459% |
| Health Care Supplies | 12 | 29.1% | -4.7% | -35.3% | LNTH 328% · HAE 74% · MMSI 22% |
| Life Sciences Tools & Services | 109 | -13.5% | -6.4% | -67.0% | NTRA 257% · MEDP 232% · GH 59% |
| Biotechnology | 361 | -24.8% | -28.4% | -81.2% | DNTH 1023% · ELVN 926% · ADMA 804% |
| Health Care Technology | 22 | -27.8% | -63.0% | -83.6% | VEEV 1% · DOCS -61% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 202.28 |
| Mkt Cap | 437.5 |
| Rev LTM | 65,478 |
| Op Inc LTM | 19,434 |
| FCF LTM | 14,812 |
| FCF 3Y Avg | 13,816 |
| CFO LTM | 19,737 |
| CFO 3Y Avg | 16,454 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.3% |
| Rev Chg 3Y Avg | 4.7% |
| Rev Chg Q | 6.2% |
| QoQ Delta Rev Chg LTM | 1.5% |
| Op Inc Chg LTM | 30.2% |
| Op Inc Chg 3Y Avg | 29.5% |
| Op Mgn LTM | 27.5% |
| Op Mgn 3Y Avg | 24.0% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 29.1% |
| CFO/Rev 3Y Avg | 28.0% |
| FCF/Rev LTM | 23.0% |
| FCF/Rev 3Y Avg | 22.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 437.5 |
| P/S | 5.9 |
| P/Op Inc | 23.4 |
| P/EBIT | 25.2 |
| P/E | 39.6 |
| P/CFO | 20.4 |
| Total Yield | 4.6% |
| Dividend Yield | 2.3% |
| FCF Yield 3Y Avg | 5.1% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 4.4% |
| 3M Rtn | 11.4% |
| 6M Rtn | 19.6% |
| 12M Rtn | 40.0% |
| 3Y Rtn | 67.1% |
| 1M Excs Rtn | 1.9% |
| 3M Excs Rtn | 4.8% |
| 6M Excs Rtn | 8.3% |
| 12M Excs Rtn | 22.9% |
| 3Y Excs Rtn | -14.9% |
Comparison Analyses
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA221075 | ZENBEXUS | iberdomide hydrochloride | capsule | 8132026 | -7.4% | -7.4% | -7.4% | -7.4% | -7.4% |
| NDA220073 | ELIQUIS | apixaban | suspension | 4172025 | -1.1% | -9.5% | 28.3% | 29.2% | 29.2% |
| BLA761381 | OPDIVO QVANTIG | nivolumab | injectable | 12272024 | 5.2% | -17.9% | -0.6% | 12.7% | 12.7% |
| BLA761429 | OPDIVO QVANTIG | nivolumab | injectable | 12272024 | 5.2% | -17.9% | -0.6% | 12.7% | 12.7% |
| NDA216158 | COBENFY | trospium chloride | capsule | 9262024 | 17.0% | 20.1% | -7.8% | 37.6% | 31.1% |
| NDA218213 | AUGTYRO | repotrectinib | capsule | 11152023 | -4.1% | -11.6% | 19.2% | -0.2% | 32.4% |
| NDA216340 | KRAZATI | adagrasib | tablet | 12122022 | -15.7% | -16.6% | -33.7% | -21.9% | -10.4% |
| NDA214958 | SOTYKTU | deucravacitinib | tablet | 9092022 | 13.2% | -4.9% | -10.4% | -24.7% | 1.6% |
| NDA214998 | CAMZYOS | mavacamten | capsule | 4282022 | -2.6% | -2.0% | -10.8% | -37.5% | -7.1% |
| BLA761234 | OPDUALAG | nivolumab | solution | 3182022 | 4.6% | 2.2% | -3.5% | -21.1% | 1.8% |
| ... | |||||||||
| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA221075 | ZENBEXUS | iberdomide hydrochloride | capsule | 8132026 | -7.4% | -7.4% | -7.4% | -7.4% | -7.4% |
| NDA220073 | ELIQUIS | apixaban | suspension | 4172025 | -1.1% | -9.5% | 28.3% | 29.2% | 29.2% |
| BLA761381 | OPDIVO QVANTIG | nivolumab | injectable | 12272024 | 5.2% | -17.9% | -0.6% | 12.7% | 12.7% |
| BLA761429 | OPDIVO QVANTIG | nivolumab | injectable | 12272024 | 5.2% | -17.9% | -0.6% | 12.7% | 12.7% |
| NDA216158 | COBENFY | trospium chloride | capsule | 9262024 | 17.0% | 20.1% | -7.8% | 37.6% | 31.1% |
| NDA218213 | AUGTYRO | repotrectinib | capsule | 11152023 | -4.1% | -11.6% | 19.2% | -0.2% | 32.4% |
| NDA216340 | KRAZATI | adagrasib | tablet | 12122022 | -15.7% | -16.6% | -33.7% | -21.9% | -10.4% |
| NDA214958 | SOTYKTU | deucravacitinib | tablet | 9092022 | 13.2% | -4.9% | -10.4% | -24.7% | 1.6% |
| NDA214998 | CAMZYOS | mavacamten | capsule | 4282022 | -2.6% | -2.0% | -10.8% | -37.5% | -7.1% |
| BLA761234 | OPDUALAG | nivolumab | solution | 3182022 | 4.6% | 2.2% | -3.5% | -21.1% | 1.8% |
| NDA214120 | ONUREG | azacitidine | tablet | 9012020 | 3.1% | 2.1% | 11.3% | 20.5% | 24.3% |
| NDA209899 | ZEPOSIA | ozanimod hydrochloride | capsule | 3252020 | 18.0% | 21.4% | 31.3% | 58.2% | 56.0% |
| NDA212327 | INREBIC | fedratinib hydrochloride | capsule | 8162019 | 25.8% | 43.5% | 38.7% | 52.9% | 66.4% |
| NDA209606 | IDHIFA | enasidenib mesylate | tablet | 8012017 | 10.6% | 15.4% | 9.1% | -14.6% | 47.7% |
| BLA761035 | EMPLICITI | elotuzumab | injectable | 11302015 | -7.1% | 7.6% | -13.9% | -1.3% | 29.3% |
| NDA206843 | DAKLINZA | daclatasvir dihydrochloride | tablet | 7242015 | -0.6% | -1.2% | 17.4% | -11.3% | 32.1% |
| BLA125527 | OPDIVO | nivolumab | injectable | 3042015 | 0.6% | -8.2% | 1.3% | -8.5% | 34.3% |
| NDA206353 | EVOTAZ | atazanavir sulfate | tablet | 1292015 | 4.8% | 6.6% | 4.0% | -18.1% | 44.2% |
| BLA125554 | OPDIVO | nivolumab | injectable | 12222014 | 11.4% | 11.1% | 14.6% | 0.8% | 45.3% |
| NDA206352 | REYATAZ | atazanavir sulfate | powder | 6022014 | 3.9% | 22.0% | 37.6% | 53.9% | 83.4% |
| NDA204026 | POMALYST | pomalidomide | capsule | 2082013 | 10.3% | 19.9% | 40.1% | 70.8% | 152.3% |
| NDA202155 | ELIQUIS | apixaban | tablet, for suspension | 12282012 | 30.5% | 42.8% | 72.5% | 98.9% | 196.1% |
| BLA125288 | NULOJIX | belatacept | injectable | 6152011 | 9.3% | 25.8% | 31.4% | 85.0% | 266.2% |
| BLA125377 | YERVOY | ipilimumab | injectable | 3252011 | 7.3% | 15.9% | 26.2% | 61.0% | 272.5% |
| NDA022393 | ISTODAX | romidepsin | powder | 11052009 | 8.0% | 10.6% | 24.5% | 53.2% | 380.3% |
| NDA021986 | SPRYCEL | dasatinib | tablet | 6282006 | 0.1% | 6.6% | 31.0% | -12.1% | 410.2% |
| NDA022072 | SPRYCEL | dasatinib | tablet | 6282006 | 0.1% | 6.6% | 31.0% | -12.1% | 410.2% |
Clinical Pipeline
| Drug Candidate | Indication | Phase 3 Trials | Est. Primary Completion |
|---|---|---|---|
| BMS-986278 | Idiopathic and progressive pulmonary fibrosis | 2 | Oct 2026 |
| Deucravacitinib (BMS-986165) | Plaque psoriasis, psoriatic arthritis, lupus, and Sjögren's | 10 | Oct 2026 |
| Xanomeline / Trospium Chloride (KarXT) | Schizophrenia, bipolar disorder, and Alzheimer's disease | 12 | Nov 2026 |
| Nivolumab | Melanoma, renal cell, bladder, colorectal, and lung cancers | 8 | Mar 2027 |
| Izalontamab Brengitecan (BMS-986507) | Breast, lung, and urothelial cancers | 3 | Mar 2028 |
| Luspatercept | Myelodysplastic syndromes and anemia | 2 | Mar 2028 |
| Pumitamig (BMS-986012) | Small cell, NSCLC, and gastrointestinal cancers | 5 | Apr 2028 |
| Oral Azacitidine | Myelodysplastic syndromes | 1 | Jul 2028 |
| Iberdomide (CC-220) | Multiple myeloma maintenance therapy | 1 | Mar 2029 |
| Navlimetostat (BMS-986504) | Lung and pancreatic cancers with MTAP deletion | 2 | May 2029 |
| ... |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Eliquis | 14,443 | 13,333 | 12,206 | 11,789 | 10,762 |
| Opdivo | 10,049 | 9,304 | 9,009 | 8,249 | 7,523 |
| Orencia | 3,705 | 3,682 | 3,601 | 3,464 | 3,306 |
| Revlimid | 2,951 | 5,773 | 6,097 | 9,978 | 12,821 |
| Yervoy | 2,900 | 2,530 | 2,238 | 2,131 | 2,026 |
| Pomalyst/Imnovid | 2,733 | 3,545 | 3,441 | 3,497 | 3,332 |
| Reblozyl | 2,327 | 1,773 | 1,008 | 717 | 551 |
| Other Growth products | 1,924 | 1,643 | 1,212 | 1,092 | |
| Breyanzi | 1,358 | 747 | 364 | 182 | 87 |
| Opdualag | 1,185 | 928 | 627 | 252 | 0 |
| Camzyos | 1,068 | 602 | 231 | 24 | 0 |
| Other Legacy products | 798 | 925 | 962 | 1,162 | |
| Zeposia | 577 | 566 | 434 | 250 | 134 |
| Sprycel | 493 | 1,286 | 1,930 | 2,165 | 2,117 |
| Abecma | 427 | 406 | 472 | 388 | 164 |
| Abraxane | 368 | 875 | 1,004 | 811 | 1,181 |
| Sotyktu | 291 | 246 | 170 | 8 | 0 |
| Opdivo Qvantig | 238 | 0 | 0 | ||
| Krazati | 205 | 126 | 0 | 0 | |
| Cobenfy | 155 | 10 | 0 | 0 | |
| Augtyro | 0 | 0 | |||
| Inrebic | 74 | ||||
| Mature and other brands | 2,234 | ||||
| Onureg | 73 | ||||
| Total | 48,195 | 48,300 | 45,006 | 46,159 | 46,385 |
| $ Mil | 2003 | 1999 | 1998 | 1997 | 1996 |
|---|---|---|---|---|---|
| Oncology Therapeutics Network | 14 | ||||
| Beauty Care | 247 | 361 | 292 | ||
| Medical Devices | 365 | 338 | 361 | 562 | |
| Medicines | 4,018 | 3,491 | |||
| Nutritionals | 375 | 376 | 403 | ||
| Consumer Medicines | 125 | ||||
| Pharmaceutical Products | 2,945 | 2,871 | |||
| NonPrescription Health Products | 548 | ||||
| Toiletries & Beauty Aids | 241 | ||||
| Total | 14 | 5,005 | 4,566 | 4,126 | 4,222 |
| $ Mil | 2007 | 2006 | 2005 | 2004 | 2003 |
|---|---|---|---|---|---|
| Pharmaceuticals | 12,549 | 11,768 | 11,671 | 12,436 | 11,531 |
| Nutritionals | 1,274 | 1,167 | 1,088 | 1,055 | 1,037 |
| ConvaTec | 715 | ||||
| Other Healthcare | 1,124 | 1,180 | 1,368 | 1,242 | |
| Oncology Therapeutics Network | 307 | ||||
| Total | 14,538 | 14,059 | 13,939 | 14,859 | 14,117 |
Price Behavior
| Market Price | $59.28 | |
| Market Cap ($ Bil) | 121.0 | |
| First Trading Date | 06/01/1972 | |
| Distance from 52W High | -12.0% | |
| 50 Days | 200 Days | |
| DMA Price | $63.11 | $58.39 |
| DMA Trend | up | up |
| Distance from DMA | -6.1% | 1.5% |
| 3M | 1YR | |
| Volatility | 24.9% | 27.6% |
| Downside Capture | 120.92 | 7.49 |
| Upside Capture | 76.01 | 44.10 |
| Correlation (S&P 500) | 20.8% | 11.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.33 | 0.55 | 0.28 | 0.14 | 0.25 | 0.28 |
| Up Beta | -2.38 | -0.77 | -0.16 | 0.75 | 0.66 | 0.22 |
| Down Beta | 0.31 | 0.27 | -0.48 | -0.50 | -0.11 | 0.22 |
| Up Capture | 33% | 78% | 74% | 10% | 35% | 11% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 9 | 22 | 36 | 65 | 127 | 384 |
| Down Capture | 129% | 139% | 32% | 3% | -1% | 60% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 13 | 20 | 28 | 61 | 123 | 363 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BMY | |
|---|---|---|---|---|
| BMY | 42.4% | 27.6% | 1.25 | - |
| Sector ETF (XLV) | 24.2% | 16.0% | 1.16 | 58.3% |
| Equity (SPY) | 17.1% | 12.7% | 0.96 | 8.5% |
| Gold (GLD) | -0.6% | 29.4% | -0.02 | 6.6% |
| Commodities (DBC) | 49.3% | 20.7% | 1.82 | -17.3% |
| Real Estate (VNQ) | 5.7% | 13.7% | 0.15 | 33.0% |
| Bitcoin (BTCUSD) | -27.9% | 43.7% | -0.63 | 1.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BMY | |
|---|---|---|---|---|
| BMY | 4.3% | 24.8% | 0.14 | - |
| Sector ETF (XLV) | 8.4% | 15.2% | 0.35 | 52.6% |
| Equity (SPY) | 13.6% | 17.1% | 0.60 | 18.6% |
| Gold (GLD) | 17.9% | 18.9% | 0.76 | 3.2% |
| Commodities (DBC) | 10.0% | 19.5% | 0.39 | -3.4% |
| Real Estate (VNQ) | 1.2% | 18.8% | -0.05 | 29.9% |
| Bitcoin (BTCUSD) | 8.5% | 51.8% | 0.34 | 9.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BMY | |
|---|---|---|---|---|
| BMY | 4.4% | 25.0% | 0.18 | - |
| Sector ETF (XLV) | 11.1% | 16.7% | 0.54 | 57.1% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 34.8% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | 2.8% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 4.9% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 33.1% |
| Bitcoin (BTCUSD) | 63.5% | 66.2% | 1.03 | 7.5% |
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Returns Analyses
Earnings Returns History
Updated 9/1/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | 2.8% | 0.8% | 6.1% |
| 4/30/2026 | 5.2% | -1.7% | -0.7% |
| 2/5/2026 | 3.3% | 4.0% | 4.6% |
| 10/30/2025 | 7.1% | 9.1% | 15.4% |
| 7/31/2025 | -5.8% | -2.5% | 2.0% |
| 4/24/2025 | 0.3% | 3.4% | -3.1% |
| 2/6/2025 | -3.8% | -6.0% | 2.3% |
| 10/31/2024 | 5.9% | 5.0% | 12.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 12 | 11 |
| # Negative | 11 | 12 | 13 |
| Median Positive | 2.3% | 3.6% | 6.1% |
| Median Negative | -3.8% | -2.6% | -2.7% |
| Max Positive | 11.4% | 9.1% | 15.4% |
| Max Negative | -8.5% | -9.5% | -15.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | 2.8% | 0.8% | 6.1% |
| 4/30/2026 | 5.2% | -1.7% | -0.7% |
| 2/5/2026 | 3.3% | 4.0% | 4.6% |
| 10/30/2025 | 7.1% | 9.1% | 15.4% |
| 7/31/2025 | -5.8% | -2.5% | 2.0% |
| 4/24/2025 | 0.3% | 3.4% | -3.1% |
| 2/6/2025 | -3.8% | -6.0% | 2.3% |
| 10/31/2024 | 5.9% | 5.0% | 12.5% |
| 7/26/2024 | 11.4% | 6.4% | 6.3% |
| 4/25/2024 | -8.5% | -9.5% | -15.0% |
| 2/2/2024 | 0.1% | 0.1% | 4.6% |
| 10/26/2023 | -6.4% | -9.4% | -12.1% |
| 7/27/2023 | -4.2% | -2.6% | -3.4% |
| 4/27/2023 | -0.6% | -2.0% | -5.1% |
| 2/2/2023 | 2.2% | 3.4% | -2.7% |
| 10/26/2022 | 2.3% | 6.8% | 8.8% |
| 7/27/2022 | 1.6% | -0.5% | -1.6% |
| 4/29/2022 | -2.5% | -1.2% | -1.4% |
| 2/4/2022 | 1.4% | 3.8% | 7.3% |
| 10/27/2021 | -3.0% | 0.7% | -2.5% |
| 7/28/2021 | 1.8% | 2.7% | 0.2% |
| 4/29/2021 | -4.8% | -2.0% | -0.5% |
| 2/4/2021 | -0.8% | -3.3% | -2.6% |
| 11/5/2020 | -2.6% | -3.1% | -4.8% |
| SUMMARY STATS | |||
| # Positive | 13 | 12 | 11 |
| # Negative | 11 | 12 | 13 |
| Median Positive | 2.3% | 3.6% | 6.1% |
| Median Negative | -3.8% | -2.6% | -2.7% |
| Max Positive | 11.4% | 9.1% | 15.4% |
| Max Negative | -8.5% | -9.5% | -15.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/11/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 02/12/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/13/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-K |
| 09/30/2022 | 10/26/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/11/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 02/12/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/13/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-K |
| 09/30/2022 | 10/26/2022 | 10-Q |
| 06/30/2022 | 07/27/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
| 12/31/2021 | 02/09/2022 | 10-K |
| 09/30/2021 | 10/27/2021 | 10-Q |
| 06/30/2021 | 07/28/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 02/10/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/24/2020 | 10-K |
| 09/30/2019 | 10/31/2019 | 10-Q |
Recent Forward Guidance
Updated 7/31/2026Latest: Q2 2026 Earnings Reported 7/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 49.00 Bil | 49.50 Bil | 50.00 Bil | 5.9% | Raised | Guidance: 46.75 Bil for 2026 | |
| 2026 Worldwide Eliquis Revenue Growth | Reported | 20.0% | 22.5% | 25.0% | 10.0% | Raised | Guidance: 12.5% for 2026 | |
| 2026 Operating Expenses | Reported | 16.50 Bil | 1.2% | Raised | Guidance: 16.30 Bil for 2026 | |||
| 2026 Diluted EPS | Reported | 6.75 | 6.88 | 7 | 10.9% | Raised | Guidance: 6.2 for 2026 | |
Prior: Q1 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Other income/(expense) | Reported | -700.00 Mil | 0 | Affirmed | Guidance: -700.00 Mil for 2026 | |||
| 2026 Total Revenues | Reported | 46.00 Bil | 46.75 Bil | 47.50 Bil | 0 | Affirmed | Guidance: 46.75 Bil for 2026 | |
| 2026 2026 WW Eliquis Revenue Growth | Reported | 10.0% | 12.5% | 15.0% | 0 | Affirmed | Guidance: 12.5% for 2026 | |
| 2026 Gross Profit | Calculated | 31.74 Bil | 32.49 Bil | 33.25 Bil | Rev x Gross Margin | |||
| 2026 Gross Margin % | Reported | 69.0% | 69.5% | 70.0% | 0 | Affirmed | Guidance: 69.5% for 2026 | |
| 2026 Operating Expenses | Reported | 16.30 Bil | 0 | Affirmed | Guidance: 16.30 Bil for 2026 | |||
| 2026 Operating Income | Calculated | 15.44 Bil | 16.19 Bil | 16.95 Bil | Rev x Gross Margin - Opex | |||
| 2026 Operating Margin | Calculated | 33.57% | 34.63% | 35.68% | Implied by guided Rev/GM/Opex | |||
| 2026 Effective tax rate | Reported | 18.0% | 0 | Affirmed | Guidance: 18.0% for 2026 | |||
| 2026 Diluted EPS | Reported | 6.05 | 6.2 | 6.35 | 0 | Affirmed | Guidance: 6.2 for 2026 | |
Q4 2025 Earnings Reported 2/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Other income/(expense) | Reported | -700.00 Mil | -240.0% | Lower New | Actual: 500.00 Mil for 2025 | |||
| 2026 Revenue | Reported | 46.00 Bil | 46.75 Bil | 47.50 Bil | -2.1% | Lower New | Actual: 47.75 Bil for 2025 | |
| 2026 Eliquis Revenue Growth | Reported | 10.0% | 12.5% | 15.0% | ||||
| 2026 Gross Profit | Calculated | 31.74 Bil | 32.49 Bil | 33.25 Bil | Rev x Gross Margin | |||
| 2026 Gross Margin % | Reported | 69.0% | 69.5% | 70.0% | ||||
| 2026 Operating Expenses | Reported | 16.30 Bil | ||||||
| 2026 Effective tax rate | Reported | 18.0% | ||||||
| 2026 Diluted EPS | Reported | 6.05 | 6.2 | 6.35 | -4.6% | Lower New | Actual: 6.5 for 2025 | |
Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Other income/(expense) | Reported | 500.00 Mil | 100.0% | Raised | Guidance: 250.00 Mil for 2025 | |||
| 2025 Revenue | Reported | 47.50 Bil | 47.75 Bil | 48.00 Bil | 1.6% | Raised | Guidance: 47.00 Bil for 2025 | |
| 2025 Diluted EPS | Reported | 6.4 | 6.5 | 6.6 | 0 | Affirmed | Guidance: 6.5 for 2025 | |
Insider Activity
Updated 10/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Massacesi, Cristian | EVP,Chief Med Offr,Head of Dev | Direct | Sell | 9102026 | 64.57 | 6,249 | 403,498 | 1,210,558 | Form |
| 2 | Holzer, Phil M | SVP and Controller | Direct | Sell | 8262026 | 67.50 | 500 | 33,750 | 1,138,185 | Form |
| 3 | Elkins, David V | EVP, Chief Financial Officer | Direct | Sell | 4022026 | 61.67 | 30,000 | 1,850,016 | 9,820,381 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Massacesi, Cristian | EVP,Chief Med Offr,Head of Dev | Direct | Sell | 9102026 | 64.57 | 6,249 | 403,498 | 1,210,558 | Form |
| 2 | Holzer, Phil M | SVP and Controller | Direct | Sell | 8262026 | 67.50 | 500 | 33,750 | 1,138,185 | Form |
| 3 | Elkins, David V | EVP, Chief Financial Officer | Direct | Sell | 4022026 | 61.67 | 30,000 | 1,850,016 | 9,820,381 | Form |
Investor Activity (13F)
Updated Oct 15, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Sector Gamma AS | $50.2 Mil | 11.9% | 42 | ADD +11.0% | 13F |
| Independent Franchise Partners LLP | $1.3 Bil | 9.0% | 26 | Hold | 13F |
| Catalio Capital Management, LP | $25.5 Mil | 5.3% | 41 | TRIM -35.1% | 13F |
| Nepsis Inc. | $15.9 Mil | 5.3% | 29 | Hold | 13F |
| Colrain Capital LLC | $12.3 Mil | 4.7% | 26 | ADD +33.5% | 13F |
| Keystone Financial Planning, Inc. | $9.7 Mil | 2.6% | 40 | Hold | 13F |
| Oaktop Capital Management Ii, L.P. | $29.1 Mil | 2.2% | 14 | Hold | 13F |
| Kinsale Capital Group, Inc. | $11.6 Mil | 1.9% | 41 | ADD +6.4% | 13F |
| Kahn Brothers Group Inc | $10.3 Mil | 1.8% | 48 | TRIM -15.7% | 13F |
| Promethos Capital, LLC | $6.4 Mil | 1.7% | 46 | TRIM -5.7% | 13F |
| Blackhill Capital Inc | $16.7 Mil | 0.9% | 49 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Masters Capital Management LLC | $16.2 Mil | 2.2% | 43 | Exited | Dec 31, 2025 | 13F |
| Catalio Capital Management, LP | $25.5 Mil | 5.3% | 41 | TRIM -35.1% | Mar 31, 2026 | 13F |
| Kahn Brothers Group Inc | $10.3 Mil | 1.8% | 48 | TRIM -15.7% | Mar 31, 2026 | 13F |
| Promethos Capital, LLC | $6.4 Mil | 1.7% | 46 | TRIM -5.7% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Independent Franchise Partners LLP | $1.3 Bil | 9.0% | 26 | Hold | 13F |
| Sector Gamma AS | $50.2 Mil | 11.9% | 42 | ADD +11.0% | 13F |
| Oaktop Capital Management Ii, L.P. | $29.1 Mil | 2.2% | 14 | Hold | 13F |
| Catalio Capital Management, LP | $25.5 Mil | 5.3% | 41 | TRIM -35.1% | 13F |
| Blackhill Capital Inc | $16.7 Mil | 0.9% | 49 | Hold | 13F |
| Nepsis Inc. | $15.9 Mil | 5.3% | 29 | Hold | 13F |
| Colrain Capital LLC | $12.3 Mil | 4.7% | 26 | ADD +33.5% | 13F |
| Kinsale Capital Group, Inc. | $11.6 Mil | 1.9% | 41 | ADD +6.4% | 13F |
| Kahn Brothers Group Inc | $10.3 Mil | 1.8% | 48 | TRIM -15.7% | 13F |
| Keystone Financial Planning, Inc. | $9.7 Mil | 2.6% | 40 | Hold | 13F |
| Promethos Capital, LLC | $6.4 Mil | 1.7% | 46 | TRIM -5.7% | 13F |
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Industry Resources
| Health Care Resources |
| U.S. National Library of Medicine |
| ClinicalTrials.gov |
| Modern Healthcare |
| Healthcare Dive |
| Fierce Healthcare |
| Health Affairs |
| Health Data Management |
| FDA Tracker |
| Pharmaceuticals Resources |
| Fierce Pharma |
| Pharm Exec |
| Endpoints News |
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| FinViz |
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