• Opdivo (nivolumab): A programmed death-1 (PD-1) blocking antibody used in the treatment of various cancers, including melanoma, lung, and renal cell carcinoma.
• Eliquis (apixaban): An oral anticoagulant prescribed to prevent strokes and systemic embolism in patients with nonvalvular atrial fibrillation, and for the treatment and prevention of deep vein thrombosis and pulmonary embolism.
• Revlimid (lenalidomide): An immunomodulatory drug primarily indicated for the treatment of multiple myeloma, myelodysplastic syndromes, and mantle cell lymphoma.
• Yervoy (ipilimumab): A CTLA-4 blocking antibody used as an immunotherapy for advanced melanoma, renal cell carcinoma, and other cancers, often in combination with Opdivo.
• Orencia (abatacept): A selective T-cell costimulation modulator used to treat rheumatoid arthritis, psoriatic arthritis, and juvenile idiopathic arthritis by inhibiting T-cell activation.
• Sotyktu (deucravacitinib): An oral, selective allosteric tyrosine kinase 2 (TYK2) inhibitor approved for the treatment of moderate-to-severe plaque psoriasis.

Bristol-Myers Squibb (BMY) primarily sells its pharmaceutical products to other companies, specifically major wholesale distributors. These distributors then supply pharmacies, hospitals, and other healthcare providers with Bristol-Myers Squibb's medications.

Based on their 2023 annual report (10-K), the major customer companies that individually accounted for more than 10% of Bristol-Myers Squibb's U.S. gross product sales are:

• AmerisourceBergen Corporation (Symbol: ABC)
• Cardinal Health, Inc. (Symbol: CAH)
• McKesson Corporation (Symbol: MCK)

• Imminent loss of exclusivity for key revenue drivers, most notably Eliquis (Apixaban). Eliquis, a leading oral anticoagulant and one of Bristol-Myers Squibb's top-selling drugs, faces loss of exclusivity in major markets, including the United States, starting around 2028-2029. This will lead to the entry of generic competitors and is projected to result in a substantial decline in revenue, posing a significant financial challenge that requires substantial new pipeline contributions to offset.
• The rapid expansion and therapeutic scope of GLP-1 agonists. The immense success and growing indications of GLP-1 receptor agonists (e.g., Ozempic/Wegovy from Novo Nordisk, Mounjaro/Zepbound from Eli Lilly) for diabetes, obesity, and cardiovascular benefits are profoundly reshaping the pharmaceutical landscape. While Bristol-Myers Squibb does not currently have a significant presence in this drug class, the substantial shift in healthcare spending, R&D focus, and patient demand towards these highly effective therapies could indirectly impact BMY's ability to compete for market share and investment in other therapeutic areas, or potentially alter treatment paradigms for conditions where BMY has existing products.
• Accelerated drug discovery and development through advanced Artificial Intelligence (AI) and Machine Learning (ML). The increasing integration and demonstrated capabilities of AI/ML platforms by competitors and specialized biotechnology companies are enabling faster identification of novel drug targets, more efficient lead optimization, and accelerated clinical development. Companies leveraging these advanced computational methods could potentially bring new, more effective drugs to market more rapidly and at a lower cost, posing a competitive threat to traditional R&D pipelines and potentially eroding market share if Bristol-Myers Squibb does not adequately adopt and scale similar capabilities.

Addressable Markets for Bristol-Myers Squibb's Main Products:

• Eliquis (apixaban):
  • The global market size for Eliquis was estimated at approximately USD 20.70 billion in 2024, with projections to reach USD 18.87 billion by 2033, experiencing a declining compound annual growth rate (CAGR) of -2.2%. Other estimates for the global market vary, including USD 20.15 billion in 2024, projected to grow to USD 31.74 billion by 2034 with a CAGR of 4.65%, and USD 31.04 billion in 2023, projected to reach USD 75.53 billion by 2031 with a CAGR of 9.3%. Another source estimated the global market size at $8 billion in 2025, with a projected market size exceeding $17 billion by 2033 at an estimated 8% CAGR.
  • North America held the largest share of the Eliquis market, accounting for 32.56% in 2024, and 34.1% with a revenue of US$ 6.9 billion in 2024. The U.S. market size was USD 4.94 billion in 2024 and is projected to reach approximately USD 7.94 billion by 2034.
• Opdivo (nivolumab):
  • The global Opdivo market size is projected to grow from $7,709.49 million in 2024 to $8,335.54 million in 2025, at a CAGR of 8.1%. It is expected to reach $11,281.56 million in 2029, with a CAGR of 7.9%. Another projection indicates the global market size will grow from USD 7.2 billion in 2023 to approximately USD 14.5 billion by 2032, at a CAGR of 7.8%. Worldwide sales were $9.3 billion in 2022 and are forecast to reach $14 billion by 2028.
  • North America was the largest region in the Opdivo market in 2024 and is expected to maintain its leading position throughout the forecast period with a CAGR of 6.5%.
• Revlimid (lenalidomide):
  • The global Revlimid market size was valued at approximately USD 14 billion in 2023 and is projected to reach around USD 25 billion by 2032, growing at a CAGR of 6.5%. However, other reports indicate a decline, with an estimated global market size of USD 10.80 billion in 2025 and a projected decrease to USD 4.77 billion by 2032, exhibiting a negative CAGR of -11.0%. Another source valued it at $7.943 billion in 2025, projected to decline with a CAGR of -10.5% from 2025 to 2033. Global drug sales stood at USD 6,173 million in 2023.
  • North America currently dominates the Revlimid market and is expected to hold a significant 32.3% market share in 2025.
• Orencia (abatacept):
  • The global Orencia market size was valued at approximately USD 2.3 billion in 2023 and is projected to reach USD 4.8 billion by 2032, with a CAGR of 8.5%. Other reports show the global market size growing from $3.71 billion in 2024 to $3.92 billion in 2025 (CAGR of 5.9%), and expected to reach $4.98 billion in 2029 (CAGR of 6.1%). Another report indicates a global market size of USD 2.5 billion in 2023, projected to reach around USD 4.3 billion by 2032, reflecting a CAGR of 6.2%. Additionally, the Orencia Abatacept Drug Market size was valued at USD 3.8 billion in 2024 and is projected to reach USD 6.7 billion by 2032, growing at a CAGR of 7.35%.
  • North America was the largest region in the Orencia abatacept drug market in 2024 and has the biggest market share.
• Reblozyl (luspatercept):
  • Reblozyl's projected total annual global sales are anticipated to reach $3.2 billion by 2029. As of Q3 2025, it is generating annualized sales exceeding $2 billion.
  • North America was the largest region in the Reblozyl market in 2024.
• Zeposia (ozanimod):
  • The global Zeposia market was valued at USD 450 million in 2023 and is projected to reach USD 1467.83 million by 2032, at a CAGR of 18.4%. Another source states it was USD 296 million in 2023 and is likely to reach USD 1370 million by 2032, expanding at a CAGR of 18.4%. Estimates for 2025 suggest a market size of $500 million, with projections to reach approximately $1.3 billion by 2033, at a CAGR of 15%. Other figures indicate a global market size of US$ 540 million in 2024, forecast to reach US$ 1695 million by 2031 with a CAGR of 18.0%, and a valuation of USD 350.46 million in 2024, expected to reach USD 414.94 million in 2025, growing to USD 2436.25 million by 2033, reflecting a robust CAGR of 18.4%.
  • North America is expected to hold a significant market share, holding a major share in 2023, and contributing around 50% of the market.
• Camzyos (mavacamten):
  • The addressable market for obstructive hypertrophic cardiomyopathy (oHCM) in the U.S. affects 600,000–700,000 people. Analysts project that achieving 20% penetration of this population could push annual sales above $1 billion. Bristol Myers expects the drug to score $4 billion or more in peak sales (global). The consensus of Wall Street analysts is $2.5 billion in worldwide sales by 2029. Sales of Camzyos were $260 million globally and $214 million in the United States in Q3 2025.
• Sotyktu (deucravacitinib):
  • Sotyktu has a global sales forecast of $2.9 billion by 2029 and is set to become a blockbuster for the treatment of plaque psoriasis.

Bristol-Myers Squibb (BMY) anticipates future revenue growth over the next 2-3 years will be driven by several key factors:

1. Robust Performance of Key Growth Products: The company's "growth portfolio" is expected to continue delivering strong sales. This portfolio includes established products such as Opdivo, Reblozyl, Camzyos, and Breyanzi, which have demonstrated significant year-over-year revenue increases and have achieved or are nearing multi-billion dollar annual sales run rates.
2. Advancements and Launches from a Deep Pipeline: Bristol-Myers Squibb has a robust pipeline with numerous clinical data readouts anticipated in 2025 and 2026, and expects to introduce up to 10 new medicines by 2030. Specific promising new molecular entities mentioned include Milvexian, a next-generation anticoagulant with potential for significant impact, and recently launched products like Cobenfy and Qvantig, which are contributing to growth.
3. Strategic Business Development and Partnerships: Strategic acquisitions and collaborations are critical for expanding the company's therapeutic reach and technological capabilities. The acquisition of Orbital Therapeutics, for instance, aims to advance in-vivo CAR-T and RNA platforms, potentially revolutionizing cell therapy and broadening treatment options for autoimmune diseases. Partnerships, such as the global strategic partnership with BioNTech for the co-development of BNT327 in immuno-oncology, also underscore this driver.
4. Label Expansions and Increased Market Penetration for Existing Therapies: Expanding the approved indications for current growth drivers will unlock new patient populations and market opportunities. Examples include the European approval for Opdivo in neoadjuvant lung cancer and new approvals for Breyanzi across multiple lymphoma and leukemia indications, as well as priority review for Reblozyl for expanded use in anemia patients.

Share Repurchases

• In 2023, Bristol-Myers Squibb repurchased approximately $5.2 billion of its common stock, including $4.0 billion through Accelerated Share Repurchase agreements.
• As of December 31, 2023, the total outstanding share repurchase authorization was approximately $5 billion, following an additional $3 billion authorization in December 2023.
• In December 2021, the Board of Directors authorized an additional $15 billion for a multi-year share repurchase program.

Share Issuance

• Bristol-Myers Squibb's net total equity issued/repurchased for 2024 was $0 billion, indicating no net issuance for the year.
• In 2023, the net total equity issued/repurchased was approximately -$5.155 billion, and in 2022, it was approximately -$8.001 billion, reflecting net repurchases rather than issuances.

Outbound Investments

• In 2020, Bristol-Myers Squibb acquired MyoKardia for $13.1 billion, enhancing its cardiovascular disease therapies portfolio.
• In 2024, the company completed several significant acquisitions, including Mirati Therapeutics for $4.8 billion (plus a potential $1 billion in milestone payments), Karuna Therapeutics for $14 billion, and RayzeBio for $4.1 billion, diversifying its oncology and neuroscience pipelines.
• In December 2023, Bristol-Myers Squibb announced a global strategic collaboration agreement with SystImmune, involving an $800 million upfront payment and potential contingent payments up to $7.1 billion.

Capital Expenditures

• Capital expenditures averaged $1.06 billion annually from fiscal years 2020 to 2024, with reported amounts of $753 million in 2020, $973 million in 2021, $1.118 billion in 2022, $1.209 billion in 2023, and $1.248 billion in 2024.
• Expected capital expenditures are approximately $1.4 billion for both 2024 and 2025, primarily focused on expanding cell therapy and other manufacturing capabilities, research and development, and facility-related activities.
• In February 2024, an investment of $400 million was announced for a new Sterile Drug Product facility at its Dublin 15 Cruiserath Campus, set for completion in 2026, to support manufacturing and supply of existing and pipeline medicines.