At a glance
Bristol-Myers Squibb Company is worth $128.82B, about 18 times its fiscal 2025 earnings. Revenue fell 0.2% to $48.19B in fiscal 2025, with 14.6% kept as profit; over 5 years it has grown 2.5% a year. It pays a 4.0% dividend yield, raised every year for at least 9 years, and returned $43.13B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +42.8% over the past year with dividends reinvested and +5.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 29.4% in the 2020 crash (S&P 500: 33.7%) and 16.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months and 2 months after the lows.
The business in plain English
Bristol Myers Squibb is a global drugmaker that discovers, develops, manufactures and sells prescription medicines for serious diseases. Its main areas are cancer, blood disorders, immune diseases, heart conditions and brain disorders. It reports as one business segment. Most sales go to wholesalers, distributors and specialty pharmacies. Smaller amounts go to retailers, hospitals, clinics, government agencies and directly to patients.
It groups its medicines into two sets. The growth portfolio includes the cancer immunotherapies Opdivo and Yervoy, which help the immune system attack tumors. It also includes the rheumatoid arthritis drug Orencia, the anemia treatment Reblozyl, the heart drug Camzyos, the schizophrenia drug Cobenfy, and Breyanzi and Abecma. Those last two are CAR-T therapies, made by re-engineering a patient's own immune cells. The legacy portfolio includes the blood thinner Eliquis and the blood-cancer drugs Revlimid and Pomalyst. Drugmakers earn most of a medicine's value while patents block copies. Once that protection ends, cheaper generics usually cut sales fast.
Revenue was $48.2 billion in the year ended December 31, 2025, almost unchanged from $48.3 billion a year earlier. The United States supplied 69%, international markets 29%, and royalties and partnership revenue about 2%. In 2025 the company acquired Orbital Therapeutics and signed deals with BioNTech and Philochem. Its major factories are in the U.S., Puerto Rico, the Netherlands, Ireland and Switzerland.
Price history
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BMY +42.8% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By geography
| United States | $33.28B | 69.1% |
| International | $13.83B | 28.7% |
| Other | $1.09B | 2.3% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $13.07B, up 6.9% from a year earlier, and net income was $2.16B (-1.8%).
- For fiscal 2025, revenue was $48.19B (-0.2% year over year; +2.5% a year from FY2020 to FY2025) with a 14.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +2.5% watch |
|---|---|
| Free cash flow margin | 26.7% good |
| Return on equity (FY2025) | 38.2% good |
| Return on assets (FY2025) | 7.8% watch |
| Net cash (cash minus debt) | $-29.66B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $42.52B | $-9.02B | $13.30B |
| FY2021 | $46.38B | $6.99B | $15.23B |
| FY2022 | $46.16B | $6.33B | $11.95B |
| FY2023 | $45.01B | $8.03B | $12.65B |
| FY2024 | $48.30B | $-8.95B | $13.94B |
| FY2025 | $48.19B | $7.05B | $12.85B |
Valuation snapshot
| Market value | $128.82B |
|---|---|
| P/E ratio | 18.2 |
| Dividend yield | 4% |
Rank among 1514 US companies
Market value at each year end
Bristol-Myers Squibb’s market value went from $97.67B at the end of 2016 to $128.82B on Nov 2, 2026, up 32%; since the end of 2025 it is up 17%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $128.82B | +17.3% |
| 2025 | $109.81B | -4.3% |
| 2024 | $114.71B | +9.9% |
| 2023 | $104.40B | -31.8% |
| 2022 | $152.98B | +10.5% |
| 2021 | $138.39B | -1.3% |
| 2020 | $140.17B | +34.0% |
| 2019 | $104.58B | +23.3% |
| 2018 | $84.84B | -15.4% |
| 2017 | $100.30B | +2.7% |
| 2016 | $97.67B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BMY price data to Nov 2, 2026 | +22.0% | +42.8% | +12.4% | +5.7% | +5.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +22.0% |
| 2025 | +0.1% |
| 2024 | +15.8% |
| 2023 | -26.1% |
| 2022 | +19.0% |
| 2021 | +2.9% |
| 2020 | +0.4% |
| 2019 | +27.9% |
| 2018 | -12.9% |
| 2017 | +7.7% |
| 2016 | -13.5% |
| 2015 | +19.2% |
| 2014 | +14.2% |
| 2013 | +70.0% |
| 2012 | -3.8% |
| 2011 | +39.4% |
| 2010 | +8.7% |
| 2009 | +14.8% |
| 2008 | -6.0% |
| 2007 | +4.8% |
| 2006 | +19.9% |
| 2005 | -6.2% |
| 2004 | -7.3% |
| 2003 | +29.0% |
| 2002 | -52.4% |
| 2001 | -26.2% |
| 2000 | +17.0% |
| 1999 | -2.9% |
| 1998 | +42.9% |
| 1997 | +76.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 31.8% over that stretch · deepest drop along the way 39.2%, back to its old high 17.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 29.4% over that stretch · deepest drop along the way 29.4%, back to its old high 7.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 15.5% over that stretch · deepest drop along the way 16%, back to its old high 2.3 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 4 sales ($2.3M), 2 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Apr 1, 2026 | David V Elkins EVP, Chief Financial Officer | sell (plan) | $1.6M |
| Sep 9, 2026 | Cristian Massacesi EVP,Chief Med Offr,Head of Dev | sell | $403K |
| Apr 1, 2026 | David V Elkins EVP, Chief Financial Officer | sell (plan) | $278K |
| Aug 25, 2026 | Phil M Holzer SVP and Controller | sell | $34K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.49% | Mar 31, 2026 |
| BlackRock, Inc. | 7.1% | Mar 31, 2025 |
| JPMORGAN CHASE & CO. | 5.1% | Mar 31, 2025 |
| STATE STREET CORPORATION | 5% | Jun 30, 2026 |
ETFs with the most weight in BMY
| FTXH First Trust Nasdaq Pharmaceuticals ETF | 7.67% |
| MEDX Horizon Kinetics Medical ETF | 6.54% |
| IHE iShares U.S. Pharmaceuticals ETF | 4.72% |
| CANC Tema Oncology ETF | 4.7% |
| PPH VanEck Pharmaceutical ETF | 4.51% |
| CAMX Cambiar Aggressive Value ETF | 4.36% |
| SCHD Schwab US Dividend Equity ETF | 4.03% |
| VFLO VictoryShares Free Cash Flow ETF | 3.91% |
What could go wrong
- Government price setting on key drugs. Under the Inflation Reduction Act, the government set Medicare prices for Eliquis (effective January 1, 2026) and Pomalyst (from January 1, 2027). It also picked Orencia for set prices from 2028. More could follow.
- Reliance on a handful of products. The company says it depends on several key products for most of its revenue, cash flow and earnings. A safety label change or new rival for any one of them could hurt results.
- Replacing sales as patents expire. When patents and other exclusivity end, generic copies usually cut sales quickly. Growth depends on developing and launching new medicines on time, and drug research often fails or runs late.
- Patent fights could bring copies sooner. Makers of generics and biosimilars (copies of biologic drugs) challenge patents in court. Losing a case, or losing exclusivity early for other reasons, could let cheaper copies arrive sooner than expected.
- Royalties are a big profit source. Royalties from other companies make up a significant share of pretax income and operating cash flow. If those payments shrink or end, profits could drop even if the company's own drug sales hold up.
- A heavy debt load. Total debt was $42.9 billion against $11.5 billion of cash and investments as of June 30, 2026. Large debts can limit money available for research, acquisitions, dividends and buybacks.
Recent events
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Other company announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Bristol Myers Squibb has raised its dividend for at least 9 straight fiscal years through 2025, and the streak may be longer. Dividends per share rose from $1.84 in 2020 to $2.49 in 2025, about 6.2% a year. In 2025 dividends took 71.5% of earnings but 39.3% of free cash flow, the cash left after running and investing in the business. Payments continued in 2020 and 2024, years with net losses. The dividend yield (yearly dividends divided by share price) was 4.09% as of October 27, 2026.
Buybacks totaled $19.4 billion from 2021 to 2025, with none in 2024 or 2025. In the 2008 crisis the stock fell 39% and took about 17 months from its low to recover. It fell 29% in the 2020 COVID crash and recovered in about 7 months. It rose 15.5% while the market slid in 2022. The company says dividends are not guaranteed. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Bristol Myers Squibb make money?
It sells prescription medicines for serious diseases, mainly cancer, blood disorders, immune diseases, heart conditions and schizophrenia. Products include Opdivo, Yervoy, Eliquis, Revlimid, Reblozyl, Breyanzi, Camzyos and Cobenfy. Most sales go to wholesalers, distributors and specialty pharmacies. Revenue was $48.2 billion in the year ended December 31, 2025. Of that, 69% came from the United States, 29% from international markets and about 2% from royalties and partnership revenue. Royalties from other companies also make up a significant share of its pretax income and operating cash flow.
Does Bristol Myers Squibb raise its dividend every year?
Yes, through 2025. It has raised its dividend in each of at least 9 straight fiscal years, and the streak may be longer. Dividends per share grew from $1.84 in 2020 to $2.49 in 2025, an average of about 6.2% a year. It kept paying through net losses in 2020 and 2024. Still, the company states there is no guarantee it will keep paying dividends or buying back stock.
What is Bristol Myers Squibb's dividend yield?
The dividend yield was 4.09% as of October 27, 2026. That means yearly dividends equaled about 4% of the share price. In 2025 the company paid out 71.5% of its earnings and 39.3% of its free cash flow as dividends, so cash flow covered the payment with room to spare. On the other hand, it had $42.9 billion of total debt and $11.5 billion of cash and investments as of June 30, 2026, and paying down debt also competes for that cash.
How does Medicare drug price negotiation affect Bristol Myers Squibb?
It lowers, or will lower, what Medicare pays for some of its drugs. Under the Inflation Reduction Act, the government set a "maximum fair price" in Medicare for Eliquis starting January 1, 2026, and for Pomalyst starting January 1, 2027. In January 2026, Orencia was selected for government-set prices beginning in 2028. The company warns that more of its products could be picked, which could speed up revenue declines before patents expire.
How has Bristol Myers Squibb stock performed over the long term?
Modestly, with large swings. As of October 27, 2026, the share price had gained 48.1% over one year. Over longer periods it averaged about 6% a year over five years and 5.4% a year over ten years. Calendar years vary widely: the stock lost 26.2% in 2023, gained 15.8% in 2024 and was nearly flat in 2025. Its worst peak-to-trough drop in about 30 years of price history was 70.7%. These are price-based returns; dividends come on top.