Revenue growth remains range-bound between a 5.6% contraction and 8.7% expansion, though gross margins have improved from 55.5% in 2024Q1 to 70.2% by 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 48.48B | 48.19B | 48.3B | 45.01B | 46.16B | 46.38B | 42.52B | 26.14B | 22.56B | 20.78B | 19.43B | 16.56B | 15.88B | 16.39B | 17.62B | 21.24B | 19.48B | 18.81B | 20.6B | 19.35B | 17.91B | 19.21B | 19.38B | 20.89B | 18.12B | 19.42B | 18.22B | 20.22B | 18.28B | 16.7B | 15.06B |
| Revenue Growth % | 1.78% | -0.22% | 7.32% | -2.5% | -0.49% | 9.1% | 62.62% | 15.89% | 8.59% | 6.94% | 17.31% | 4.29% | -3.09% | -7.01% | -17.05% | 9.03% | 3.59% | -8.69% | 6.46% | 8% | -6.73% | -0.89% | -7.25% | 15.32% | -6.71% | 6.63% | -9.92% | 10.6% | 9.48% | 10.86% | 9.43% |
| Cost of Goods Sold | 15.15B | 15.59B | 20.87B | 19.65B | 19.67B | 19.62B | 20.82B | 8.89B | 6.49B | 5.82B | 4.93B | 3.75B | 3.88B | 4.58B | 4.43B | 5.52B | 5.15B | 5.03B | 6.16B | 6.14B | 5.57B | 5.83B | 5.81B | 7.59B | 6.39B | 5.58B | 4.01B | 4.86B | 4.23B | 3.87B | 3.45B |
| COGS % of Revenue | - | 32.35% | 43.2% | 43.66% | 42.61% | 42.31% | 48.96% | 34.02% | 28.75% | 28% | 25.39% | 22.67% | 24.43% | 27.98% | 25.16% | 26% | 26.45% | 26.75% | 29.89% | 31.74% | 31.1% | 30.33% | 29.99% | 36.34% | 35.26% | 28.7% | 22.03% | 24.04% | 23.14% | 23.19% | 22.87% |
| Gross Profit | 33.33B | 32.6B | 27.43B | 25.36B | 26.49B | 26.76B | 21.7B | 17.25B | 16.07B | 14.96B | 14.49B | 12.81B | 12B | 11.8B | 13.19B | 15.72B | 14.33B | 13.78B | 14.44B | 13.21B | 11.68B | 13.38B | 13.57B | 13.3B | 11.73B | 13.85B | 14.2B | 15.36B | 14.05B | 12.83B | 11.62B |
| Gross Margin % | 68.75% | 67.65% | 56.79% | 56.34% | 57.39% | 57.69% | 51.04% | 65.98% | 71.25% | 72% | 74.61% | 77.33% | 75.57% | 72.02% | 74.84% | 74% | 73.55% | 73.25% | 70.11% | 68.26% | 65.22% | 69.67% | 70.01% | 63.66% | 64.74% | 71.3% | 77.97% | 75.96% | 76.86% | 76.81% | 77.13% |
| Gross Profit Growth % | - | 18.85% | 8.18% | -4.28% | -1.01% | 23.32% | 25.8% | 7.31% | 7.47% | 3.19% | 13.19% | 6.72% | 1.69% | -10.52% | -16.11% | 9.71% | 4.01% | -4.6% | 9.34% | 13.03% | -12.68% | -1.38% | 2% | 13.39% | -15.29% | -2.5% | -7.54% | 9.31% | 9.55% | 10.41% | 9.84% |
| Operating Expenses | 20.88B | 19.91B | 17.77B | 16.89B | 17.22B | 17.22B | 17.21B | 10.81B | 9.68B | 9.72B | 9.32B | 8.87B | 8.87B | 8.67B | 8.92B | 8.97B | 8.19B | 8.73B | 9.57B | 9.44B | 9.04B | 9.26B | 8.87B | 8.36B | 7.44B | 7.59B | 8.22B | 9.51B | 8.93B | 8.39B | 7.67B |
| OpEx % of Revenue | - | 41.3% | 36.8% | 37.52% | 37.3% | 37.13% | 40.47% | 41.35% | 42.91% | 46.78% | 47.95% | 53.55% | 55.83% | 52.91% | 50.63% | 42.22% | 42.05% | 46.41% | 46.44% | 48.79% | 50.47% | 48.19% | 45.76% | 39.99% | 41.04% | 39.1% | 45.11% | 47.02% | 48.85% | 50.24% | 50.89% |
| Selling, General & Admin | 7.28B | 7.24B | 7.87B | 7.68B | 7.81B | 7.69B | 7.65B | 4.86B | 4.55B | 4.75B | 4.91B | 4.83B | 4.82B | 4.94B | 5.02B | 5.13B | 4.63B | 5.08B | 6.34B | 6.32B | 6.14B | 6.58B | 6.43B | 6.08B | 5.22B | 5.34B | 5.53B | 6.99B | 6.73B | 6.41B | 5.87B |
| SG&A % of Revenue | - | 15.03% | 16.28% | 17.06% | 16.92% | 16.57% | 17.99% | 18.6% | 20.17% | 22.86% | 25.28% | 29.17% | 30.37% | 30.14% | 28.47% | 24.15% | 23.75% | 27.02% | 30.79% | 32.66% | 34.25% | 34.27% | 33.16% | 29.08% | 28.8% | 27.47% | 30.37% | 34.55% | 36.81% | 38.4% | 38.97% |
| Research & Development | 10.03B | 9.61B | 9.78B | 9.21B | 9.41B | 9.53B | 9.56B | 5.95B | 5.13B | 4.97B | 4.41B | 4.04B | 4.04B | 3.73B | 3.9B | 3.84B | 3.57B | 3.65B | 3.22B | 3.12B | 2.91B | 2.67B | 2.44B | 2.28B | 2.22B | 2.26B | 1.94B | 1.84B | 1.58B | 1.39B | 1.28B |
| R&D % of Revenue | - | 19.94% | 20.25% | 20.46% | 20.39% | 20.55% | 22.48% | 22.75% | 22.74% | 23.92% | 22.67% | 24.38% | 25.46% | 22.77% | 22.16% | 18.07% | 18.3% | 19.39% | 15.65% | 16.13% | 16.22% | 13.92% | 12.6% | 10.91% | 12.24% | 11.63% | 10.64% | 9.11% | 8.63% | 8.29% | 8.47% |
| Other Operating Expenses | 3M | 3.05B | 127M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 746M | 678M | 625M | 591M | 519M |
| Operating Income | 12.45B | 12.7B | 9.66B | 8.47B | 9.27B | 9.54B | 4.49B | 6.44B | 6.39B | 5.24B | 5.18B | 3.94B | 3.13B | 3.13B | 4.27B | 6.75B | 6.14B | 5.05B | 4.88B | 3.77B | 2.64B | 4.13B | 4.7B | 4.93B | 4.1B | 5.16B | 5.99B | 5.24B | 4.46B | 4.44B | 3.95B |
| Operating Margin % | 25.67% | 26.34% | 20% | 18.82% | 20.08% | 20.57% | 10.56% | 24.63% | 28.34% | 25.22% | 26.66% | 23.78% | 19.74% | 19.1% | 24.22% | 31.78% | 31.49% | 26.84% | 23.67% | 19.47% | 14.75% | 21.48% | 24.25% | 23.61% | 22.63% | 26.56% | 32.86% | 25.91% | 24.37% | 26.57% | 26.24% |
| Operating Income Growth % | - | 31.46% | 14% | -8.62% | -2.82% | 112.38% | -30.24% | 0.7% | 22.05% | 1.16% | 31.51% | 25.61% | 0.16% | -26.65% | -36.79% | 10.02% | 21.55% | 3.55% | 29.41% | 42.58% | -35.95% | -12.22% | -4.74% | 20.29% | -20.49% | -13.83% | 14.26% | 17.57% | 0.41% | 12.27% | 9.35% |
| EBITDA | 15.73B | 16.56B | 19.26B | 18.23B | 19.55B | 20.23B | 14.87B | 8.19B | 7.03B | 6.03B | 5.56B | 4.31B | 3.6B | 3.89B | 4.95B | 7.38B | 6.74B | 5.75B | 5.69B | 4.66B | 3.57B | 5.05B | 5.61B | 5.72B | 4.84B | 5.89B | 6.73B | 5.92B | 5.08B | 5.03B | 4.47B |
| EBITDA Margin % | 32.45% | 34.35% | 39.87% | 40.51% | 42.35% | 43.6% | 34.98% | 31.31% | 31.16% | 29.01% | 28.63% | 26.05% | 22.68% | 23.76% | 28.08% | 34.73% | 34.61% | 30.6% | 27.63% | 24.08% | 19.92% | 26.31% | 28.94% | 27.39% | 26.69% | 30.3% | 36.96% | 29.26% | 27.79% | 30.11% | 29.68% |
| EBITDA Growth % | -17.22% | -14.03% | 5.63% | -6.73% | -3.36% | 36% | 81.7% | 16.41% | 16.64% | 8.4% | 28.91% | 19.77% | -7.47% | -21.32% | -32.94% | 9.43% | 17.17% | 1.12% | 22.15% | 30.54% | -29.38% | -9.88% | -1.99% | 18.32% | -17.84% | -12.57% | 13.77% | 16.45% | 1.03% | 12.46% | 10.07% |
| D&A (Non-Cash Add-back) | 3.29B | 3.86B | 9.6B | 9.76B | 10.28B | 10.69B | 10.38B | 1.75B | 637M | 789M | 382M | 376M | 467M | 763M | 681M | 628M | 607M | 707M | 816M | 892M | 927M | 929M | 909M | 789M | 735M | 728M | 746M | 678M | 625M | 591M | 519M |
| EBIT | 10.49B | 10.68B | -6.43B | 9.61B | 8.95B | 9.43B | -5.45B | 5.63B | 6.15B | 5.33B | 6.08B | 2.26B | 2.58B | 3.09B | 2.52B | 7.13B | 6.34B | 5.9B | 5.78B | 3.94B | 2.9B | 4.92B | 4.91B | 4.93B | 4.1B | 5.16B | 5.99B | 5.24B | 4.46B | 4.44B | 3.95B |
| Net Interest Income | -716M | -1.21B | -1.95B | -1.17B | -1.23B | -1.33B | -1.42B | -656M | -183M | -196M | -167M | -184M | -203M | -199M | -182M | -54M | -198M | -130M | -180M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 300M | 300M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 91M | 75M | 54M | 130M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.02B | 1.51B | 1.95B | 1.17B | 1.23B | 1.33B | 1.42B | 656M | 183M | 196M | 167M | 184M | 203M | 199M | 182M | 145M | 273M | 184M | 310M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -2.85B | -3.37B | -18.04B | -32M | -1.56B | -1.44B | -11.36B | -1.46B | -426M | -108M | 736M | -1.86B | -754M | -239M | -1.93B | 230M | -65M | 554M | 596M | -233M | -242M | 391M | -281M | -253M | -1.34B | -2.94B | -508M | -81M | -818M | 44M | 60M |
| Pretax Income | 9.6B | 9.33B | -8.38B | 8.44B | 7.71B | 8.1B | -6.87B | 4.97B | 5.97B | 5.13B | 5.92B | 2.08B | 2.38B | 2.89B | 2.34B | 6.98B | 6.07B | 5.6B | 4.78B | 3.53B | 2.4B | 4.3B | 4.42B | 4.68B | 2.76B | 2.22B | 5.48B | 5.16B | 3.64B | 4.48B | 4.01B |
| Pretax Margin % | 19.79% | 19.36% | -17.35% | 18.75% | 16.71% | 17.46% | -16.16% | 19.03% | 26.45% | 24.7% | 30.45% | 12.54% | 14.99% | 17.64% | 13.28% | 32.86% | 31.16% | 29.79% | 23.19% | 18.27% | 13.4% | 22.41% | 22.8% | 22.4% | 15.24% | 11.42% | 30.07% | 25.51% | 19.9% | 26.84% | 26.64% |
| Income Tax | 2.32B | 2.27B | 554M | 400M | 1.37B | 1.08B | 2.12B | 1.51B | 1.02B | 4.16B | 1.41B | 446M | 352M | 311M | -161M | 1.72B | 1.56B | 1.18B | 1.09B | 803M | 538M | 870M | 1.52B | 1.21B | 391M | 73M | 1.38B | 1.37B | 888M | 1.28B | 1.16B |
| Effective Tax Rate % | 24.22% | 24.36% | -6.61% | 4.74% | 17.74% | 13.39% | -30.91% | 30.45% | 17.11% | 81% | 23.8% | 21.47% | 14.78% | 10.76% | -6.88% | 24.65% | 25.66% | 21.1% | 22.82% | 22.72% | 22.42% | 20.21% | 34.38% | 25.85% | 14.16% | 3.29% | 25.23% | 26.54% | 24.41% | 28.49% | 28.98% |
| Net Income | 7.28B | 7.05B | -8.95B | 8.03B | 6.33B | 6.99B | -8.99B | 3.44B | 4.92B | 1.01B | 4.46B | 1.56B | 2B | 2.56B | 1.96B | 3.71B | 3.1B | 10.61B | 5.25B | 2.17B | 1.58B | 3B | 2.39B | 3.11B | 2.14B | 4.83B | 4.71B | 4.17B | 3.14B | 3.21B | 2.85B |
| Net Margin % | 15.01% | 14.63% | -18.53% | 17.83% | 13.71% | 15.08% | -21.16% | 13.15% | 21.81% | 4.85% | 22.94% | 9.45% | 12.62% | 15.64% | 11.12% | 17.46% | 15.92% | 56.42% | 25.47% | 11.19% | 8.85% | 15.62% | 12.32% | 14.87% | 11.79% | 24.89% | 25.86% | 20.61% | 17.18% | 19.19% | 18.92% |
| Net Income Growth % | 34.25% | 178.82% | -211.5% | 26.84% | -9.54% | 177.75% | -361.56% | -30.1% | 388.58% | -77.41% | 184.79% | -21.91% | -21.81% | 30.77% | -47.16% | 19.57% | -70.77% | 102.25% | 142.36% | 36.59% | -47.17% | 25.63% | -23.12% | 45.34% | -55.79% | 2.61% | 13.05% | 32.66% | -2% | 12.46% | 57.28% |
| Net Income (Continuing) | 7.27B | 7.06B | -8.93B | 8.04B | 6.34B | 7.01B | -8.99B | 3.46B | 4.95B | 975M | 4.51B | 1.63B | 2.03B | 2.58B | 2.5B | 5.26B | 4.51B | 4.42B | 3.69B | 2.73B | 1.86B | 2.84B | 2.9B | 3.1B | 2.07B | 2.04B | 4.1B | 3.79B | 2.75B | 3.21B | 2.85B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.44B | 2.56B | 197M | 163M | 158M | 10M | 9M | 70M | 2.79B | 615M | 378M | 391M | 0 | 0 |
| Minority Interest | 34M | 33M | 53M | 55M | 57M | 60M | 60M | 100M | 96M | 106M | 170M | 158M | 131M | 82M | 15M | -89M | -75M | -58M | -33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.56 | 3.45 | -4.41 | 3.86 | 2.95 | 3.12 | -3.98 | 2.01 | 3.03 | 0.61 | 2.65 | 0.97 | 1.20 | 1.54 | 1.16 | 2.16 | 1.80 | 5.37 | 2.62 | 1.09 | 0.81 | 1.51 | 1.21 | 1.59 | 1.02 | 2.67 | 2.36 | 2.06 | 1.55 | 1.57 | 1.40 |
| EPS Growth % | 33.57% | 178.23% | -214.25% | 30.85% | -5.45% | 178.39% | -298.01% | -33.66% | 396.72% | -76.98% | 173.2% | -19.17% | -22.08% | 32.76% | -46.3% | 20% | -66.48% | 104.96% | 140.37% | 34.57% | -46.36% | 24.79% | -23.9% | 55.88% | -61.8% | 13.14% | 14.56% | 32.9% | -1.27% | 12.14% | 57.3% |
| EPS (Basic) | - | 3.46 | -4.41 | 3.88 | 2.97 | 3.15 | -3.98 | 2.02 | 3.03 | 0.61 | 2.67 | 0.97 | 1.21 | 1.56 | 1.17 | 2.18 | 1.81 | 5.38 | 2.65 | 1.10 | 0.81 | 1.54 | 1.23 | 1.60 | 1.03 | 2.70 | 2.40 | 2.10 | 1.58 | 1.61 | 1.42 |
| Diluted Shares Outstanding | 2.04B | 2.04B | 2.03B | 2.08B | 2.15B | 2.25B | 2.26B | 1.71B | 1.64B | 1.65B | 1.68B | 1.68B | 1.67B | 1.66B | 1.69B | 1.72B | 1.73B | 1.98B | 2B | 1.98B | 1.96B | 1.98B | 1.98B | 1.95B | 2.02B | 1.97B | 2B | 2.03B | 2.03B | 2.04B | 2.04B |
| Basic Shares Outstanding | 2.04B | 2.04B | 2.03B | 2.07B | 2.13B | 2.22B | 2.26B | 1.71B | 1.63B | 1.65B | 1.67B | 1.67B | 1.66B | 1.64B | 1.67B | 1.7B | 1.71B | 1.97B | 1.98B | 1.97B | 1.96B | 1.95B | 1.94B | 1.94B | 2B | 1.94B | 1.97B | 1.98B | 1.99B | 1.99B | 2.01B |
| Dividend Payout Ratio | - | 71.53% | - | 59.12% | 73.24% | 62.85% | - | 77.9% | 53.11% | 255.91% | 57.15% | 158.27% | 119.66% | 90.09% | 116.63% | 60.77% | 70.99% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
IRA pricing negotiation impact
As reported in recent financial filings, BMY's revenue growth has remained largely range-bound, fluctuating between a 5.6% contraction and an 8.7% expansion over the last ten quarters, reflecting the ongoing struggle to offset legacy product erosion with new product launches in a highly competitive therapeutic landscape.
The inconsistent top-line performance suggests that the company is currently in a difficult transition phase where the ramp-up of newer assets has yet to fully compensate for the decline of established blockbusters. Investors should monitor whether the recent pivot toward neuroscience and radiopharmaceuticals can provide the necessary growth durability to break this cycle of low-single-digit volatility.
Based on the provided income statement data, gross margins have demonstrated a notable recovery from a low of 55.5% in 2024Q1 to 70.2% by 2026Q1, suggesting that the company is successfully navigating the cost pressures associated with its complex biologic manufacturing and recent portfolio integration efforts.
The significant expansion in gross margin over the last two years implies improved operational efficiency or a favorable shift in the product mix toward higher-margin specialty therapies. However, maintaining these levels will likely require sustained pricing power in the face of increasing scrutiny from pharmacy benefit managers and legislative pricing pressures.
According to the quarterly income statement, operating margins have swung wildly from 11.4% to 33.6% over the past two years, indicating that the company's ability to scale operating income relative to gross profit remains constrained by lumpy R&D investments and significant administrative overhead related to recent M&A.
The lack of consistent operating leverage suggests that the firm's cost structure is heavily burdened by the integration of acquired pipelines, which may continue to mask underlying operational improvements. Analysts should investigate whether the current SG&A discipline is sufficient to protect profitability as the company continues to pursue aggressive external growth strategies.
As evidenced by the dramatic swings in net income, including a $11.9 billion loss in 2024Q1, BMY's bottom-line results appear heavily influenced by non-operating charges and acquisition-related accounting, which complicates the assessment of true recurring earnings power for the average institutional investor.
The volatility in EPS, ranging from a significant loss to $1.31 per share, highlights the impact of intangible asset amortization and one-time costs associated with the company's 'string of pearls' acquisition strategy. Investors should focus on adjusted metrics to better understand the underlying cash-generating capacity of the core oncology and cardiovascular franchises.
Based on the provided figures, the company's reliance on high-priced biologics and the looming threat of Medicare price negotiations for key assets like Eliquis suggest that the current margin profile may be vulnerable to significant compression in the coming fiscal periods, challenging the long-term sustainability of current returns.
Short-term margin improvements may be masking the long-term risk of legislative intervention, which could fundamentally alter the revenue retention of the company's most critical products. The market's current valuation may be failing to fully account for the potential for a permanent reset in pricing power, warranting a cautious outlook on future profitability.
Quick answers to the most common questions about buying BMY stock.
For fiscal year 2025, Bristol-Myers Squibb Company (BMY) reported total revenue of $48.19B. This represents a 219.9% increase compared to $15.06B in 1996.
Bristol-Myers Squibb Company (BMY) is profitable, generating $7.05B in net income for the fiscal year ending 2025 with a net profit margin of 14.6%.
Bristol-Myers Squibb Company (BMY) reported an operating income of $12.70B, resulting in an operating profit margin of 26.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Bristol-Myers Squibb Company (BMY) generated $32.60B in gross profit for the year, representing a gross profit margin of 67.6%. This demonstrates the company's core pricing power and production efficiency.