Bristol-Myers Squibb (BMY) FY2025 results: revenue $48.2 billion, down 0.2% on the year

Bristol Myers Squibb discovers, develops, licenses, manufactures, markets, distributes and sells medicines, and operates in a single segment. It was incorporated in Delaware in August 1933 as Bristol-Myers Company, successor to a New York business started in 1887, and took its present name in 1989 following a merger. Its therapeutic focus is oncology, hematology, immunology, cardiovascular and neuroscience. Products are sold worldwide, principally to wholesalers, distributors and specialty pharmacies and to a lesser extent to retailers, hospitals, clinics, government agencies and directly to patients. Manufacturing operations sit in the United States, Puerto Rico, the Netherlands, Ireland and Switzerland. The United States was 69% of revenues in 2025 and international markets 29%.

The company splits its medicines into a Growth Portfolio and a Legacy Portfolio. The split matters because most of a branded medicine's commercial value is usually realised while it still has market exclusivity, and the filing states that when those rights expire and generic versions are approved and marketed there are often substantial and rapid declines in the sales of the original product.

The Growth Portfolio

Opdivo, nivolumab, is a fully human monoclonal antibody binding to PD-1 on T and NKT cells, approved across bladder, blood, colorectal, head and neck, kidney, liver, lung, melanoma, mesothelioma, stomach and esophageal cancers. Opdivo Qvantig is the subcutaneous form, covering most previously approved adult solid tumour indications, and is sold as Opdivo SC in the European Union. Yervoy, ipilimumab, is a CTLA4 immune checkpoint inhibitor for unresectable or metastatic melanoma, and the Opdivo plus Yervoy regimen is approved in multiple markets across lung, melanoma, mesothelioma, kidney, colorectal, liver and esophageal cancers. Opdualag combines nivolumab with relatlimab, a LAG-3 blocking antibody, for unresectable or metastatic melanoma in patients aged 12 and over.

Two cell therapies sit alongside them. Breyanzi is a CD19-directed genetically modified autologous CAR-T cell therapy for several relapsed or refractory lymphomas and leukemias, and Abecma is a BCMA genetically modified autologous CAR-T cell therapy for relapsed or refractory multiple myeloma after two or more prior lines of therapy. Reblozyl is an erythroid maturation agent for anemia in beta thalassemia and in lower-risk myelodysplastic syndromes. Orencia, abatacept, is a fusion protein for rheumatoid arthritis, polyarticular juvenile idiopathic arthritis and psoriatic arthritis, and for preventing acute graft versus host disease.

The rest of the growth portfolio is oral. Sotyktu is a selective allosteric tyrosine kinase 2 inhibitor for moderate-to-severe plaque psoriasis. Zeposia is an immunomodulatory drug for relapsing forms of multiple sclerosis and for moderately to severely active ulcerative colitis. Camzyos is a cardiac myosin inhibitor for adults with symptomatic obstructive hypertrophic cardiomyopathy. Krazati is a small-molecule inhibitor of the KRASG12C mutation, used in lung cancer after prior therapy and, with cetuximab, in colorectal cancer. Cobenfy combines xanomeline, a muscarinic agonist, with trospium chloride, a peripheral muscarinic antagonist, for schizophrenia in adults.

The Legacy Portfolio

Eliquis, apixaban, is an oral Factor Xa inhibitor used to reduce the risk of stroke and systemic embolism in non-valvular atrial fibrillation and to treat deep vein thrombosis and pulmonary embolism. Revlimid, lenalidomide, is an oral immunomodulatory drug used with dexamethasone in multiple myeloma, as maintenance after autologous stem cell transplant, and across several other blood cancers. Pomalyst, sold as Imnovid outside the United States, is for multiple myeloma patients who have already had at least two prior therapies. Sprycel is an oral inhibitor of multiple tyrosine kinases for Philadelphia chromosome-positive chronic myeloid leukemia in adults and in children from the age of one. Abraxane is a solvent-free protein-bound chemotherapy combining paclitaxel with albumin on the company's own Nab technology, used in breast, lung and pancreatic cancer.

How exclusivity works, and who it competes with

Market exclusivity comes from two things. Patents give the originator the right to exclude others from practising an invention, and can cover the active ingredient, uses of the product, formulations, delivery mechanisms and manufacturing processes, running for different periods in different countries. Regulatory exclusivity is separate: a period after approval during which the regulator may not rely on the originator's own data to approve a generic or biosimilar copy, which can extend protection beyond the patent term. The company competes with other global research-based drug companies, with many smaller research companies of narrower therapeutic focus, and with generic drug manufacturers.

From Bristol Myers Squibb's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 11 February 2026: read the full 10-K.