# Bristol-Myers Squibb Company (BMY)

> Source: Nexqual · https://nexqual.com/BMY · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Bristol-Myers Squibb Company (BMY), nexqual.com/BMY" · informational, not investment advice.

**Price:** USD 63 (+3.08% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 61.12 · day 61.04–63.59 · 52w 42.52–68.64 · market cap $129B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $49.2B, net income $9.28B (18.9% margin), free cash flow $11.4B (SEC filings).
- Valuation: P/E 13.9x (avg 14.4x at the last 2 fiscal year-ends), net debt $31.8B.
- 8 of 80 tracked superinvestors hold BMY (13F, Q2 2026): 0 new, 2 added, 4 reduced, 2 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $437K; 2 not under a Rule 10b5-1 plan ($437K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.54 on a 1–5 scale) (28 analysts), mean target USD 65.42 (range 41–82).
- Total return with dividends: 1Y +50.1% vs S&P 500 +14.9%; 5Y +34.5% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 1.25, revenue estimate $12.7B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $46.4B | $46.2B | $45.0B | $48.3B | $48.2B | $49.2B |
| Gross profit | $36.4B | $36.0B | $34.3B | $34.3B | $34.3B | — |
| Net income | $6.99B | $6.33B | $8.03B | -$8.95B | $7.05B | $9.28B |
| EPS (diluted) | $3.12 | $2.95 | $3.86 | -$4.41 | $3.46 | — |
| Free cash flow | $15.2B | $11.9B | $12.7B | $13.9B | $12.8B | $11.4B |
| Gross margin | 78.6% | 78.0% | 76.2% | 71.1% | 71.1% | — |
| Net margin | 15.1% | 13.7% | 17.8% | -18.5% | 14.6% | 18.9% |
| Revenue growth | +9.1% | -0.5% | -2.5% | +7.3% | -0.2% | — |
| Cash + short-term investments | $17.0B | $9.25B | $12.3B | $10.9B | $10.7B | — |
| Total debt | $44.4B | $39.0B | $39.5B | $49.4B | $44.8B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 13.9x · P/S 2.6x · EV/Sales 3.3x · P/FCF 11.2x · P/B 5.8x · FCF yield 8.89% · Earnings yield 7.21% · Dividend yield (paid, TTM) 3.96% · Net debt $31.8B · EV $160B
P/E at fiscal year-ends: Dec 2025 15.6x, Dec 2023 13.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
8 of 80 tracked investors hold BMY. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Richard Pzena | Pzena Investment Management | 2.88% | $980M | Reduced -0.5% |
| Hillman Capital | Hillman Capital Management | 1.89% | $2.6M | Reduced -14.8% |
| Kahn Brothers | Kahn Brothers Group | 1.83% | $10.3M | Unchanged |
| Bill Miller | Miller Value Partners | 0.95% | $4.0M | Unchanged |
| John Rogers | Ariel Investments | 0.40% | $40.1M | Reduced -3.5% |
| Tweedy Browne |  | 0.16% | $2.2M | Added +43.6% |
| Mairs & Power | Mairs & Power Funds | 0.01% | $1.4M | Added +2.0% |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $2.4M | Reduced -99.1% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-09 | Massacesi Cristian | EVP,Chief Med Offr,Head of Dev | 6,249 | $403K | 25% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-25 | Holzer Phil M | SVP and Controller | 500 | $34K | 2.9% | No | Too little history (no open-market trades in 2023 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.54 on a 1–5 scale), 28 analysts; mean target USD 65.42 (low 41, high 82).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | Wells Fargo | Target lowered | Equal-Weight | $65 → $60 |
| 2026-10-08 | Cantor Fitzgerald | Target lowered | Neutral | $59 → $53 |
| 2026-10-07 | Morgan Stanley | Target raised | Underweight | $40 → $41 |
| 2026-10-05 | Leerink Partners | Downgrade | Outperform → Market Perform | $73 → $59 |
| 2026-09-16 | Piper Sandler | Target raised | Overweight | $75 → $82 |
| 2026-09-10 | HSBC | Target raised | Hold | $60 → $65 |
| 2026-08-05 | Argus Research | Upgrade | Hold → Buy | $75 |
| 2026-08-03 | Citigroup | Target raised | Neutral | $66 → $70 |
| 2026-07-31 | RBC Capital | Target raised | Sector Perform | $60 → $64 |
| 2026-07-31 | JP Morgan | Target raised | Overweight | $67 → $73 |
| 2026-07-31 | Cantor Fitzgerald | Target raised | Neutral | $54 → $59 |
| 2026-07-31 | Wells Fargo | Target raised | Equal-Weight | $60 → $65 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +50.1% | +34.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +50.3% | +6.1% |
| Volatility (annualized) | 28.2% | 24.6% |
| Max drawdown | -15.9% (Sep 2026→Oct 2026) | -47.4% (Nov 2022→Jul 2024) |

## Peers (Drug Manufacturers - General)
GSK (GSK plc) USD 51.21 +2.38% · SNY (Sanofi) USD 41.96 +2.42% · PFE (Pfizer, Inc.) USD 30.42 +1.91% · NVO (Novo Nordisk A/S) USD 39.43 +0.95% · GILD (Gilead Sciences, Inc.) USD 157.19 +2.36% · AMGN (Amgen Inc.) USD 447.28 +2.04%

## More
Full page: https://nexqual.com/BMY · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Gross product sales | $18.18B | 140.1% | -18.0% |
| Net product sales | $12.59B | 97.0% | +5.7% |
| Growth Portfolio | $7.56B | 58.3% | +14.6% |
| Legacy Portfolio | $5.42B | 41.8% | -4.4% |
| Eliquis | $4.48B | 34.5% | +21.8% |
| Opdivo | $2.48B | 19.2% | -2.9% |
| Orencia | $1.03B | 8.0% | +7.4% |
| Yervoy | $769.0M | 5.9% | +5.6% |
| Reblozyl | $735.0M | 5.7% | +29.4% |
| Other Growth products | $653.0M | 5.0% | +17.2% |
| Breyanzi | $484.0M | 3.7% | +40.7% |
| Revlimid | $425.0M | 3.3% | -49.3% |
| — Other Legacy products (part of Revlimid) | $170.0M | 1.3% | -23.8% |
| — Alliance revenues (part of Revlimid) | $104.0M | 0.8% | -12.6% |
| — Sprycel (part of Revlimid) | $88.0M | 0.7% | -26.7% |
| — Cobenfy (part of Revlimid) | $63.0M | 0.5% | +80.0% |
| Camzyos | $416.0M | 3.2% | +60.0% |
| Alliance and other revenues | $385.0M | 3.0% | +6.9% |
| Opdualag | $349.0M | 2.7% | +22.9% |
| Other revenues | $281.0M | 2.2% | +16.6% |
| Opdivo Qvantig | $261.0M | 2.0% | +770.0% |
| Pomalyst/Imnovid | $204.0M | 1.6% | -71.2% |
| Zeposia | $169.0M | 1.3% | +12.7% |
| Sotyktu | $87.0M | 0.7% | +24.3% |
| Krazati | $55.0M | 0.4% | +14.6% |
| Abraxane | $55.0M | 0.4% | -47.6% |
| Total revenue | $12.97B | 100% | — |
The lines above cover 440% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $8.99B | 69.3% | +5.5% |
| International | $3.66B | 28.2% | +5.3% |
| Other | $318.0M | 2.5% | +17.8% |
| Total revenue | $12.97B | 100% | — |

## Customer concentration

Period ended 2025-12-31: 36%, 29%, 22% of revenue from unnamed direct customers (10-K, filed 2026-02-11).

## Company outlook (8-K filed 2026-07-30)

- "Strong Performance Underscores Growth Portfolio Momentum and Pipeline Progress • Second quarter revenues increased 6% (+5% Ex-FX) to $13.0 billion ◦ Growth Portfolio revenues increased 15% (+14% Ex-FX) to $7.6 billion • GAAP EPS was $1.62 and non-GAAP EPS was $2.04 • Raising 2026 revenue guidance to a range of ~$49.0 billion to $50.0 billion;"
- "As a result of our consistent execution and continued momentum, we are raising our 2026 full-year outlook." Second Quarter Results $ in millions, except per share amounts 2026 2025 Change Change Excl."
- "Demand increased for Eliquis , which was more than offset by expected continued generic impacts across the remainder of the Legacy Portfolio. • Total revenues of $13.0 billion increased 6%, or 5% Ex-FX. ◦ U.S. revenues of $9.0 billion increased 6%. ◦ International revenues of $4.0 billion increased 6%, or 5% Ex-FX. *All comparisons are made versus the same period in 2025 unless otherwise stated."

Analysts expect $12.73B for the current quarter, -74.3% vs the guidance midpoint $49.50B. Source: https://www.sec.gov/Archives/edgar/data/14272/000001427226000018/a2026q2ex991-filing.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.25 | $1.61 | -22.3% | $12.73B | 23 |
| Next quarter (ends 2026-12-31) | $1.62 | $1.54 | +5.3% | $12.71B | 21 |
| Current fiscal year (ends 2026-12-31) | $6.57 | $6.34 | +3.5% | $49.91B | 27 |
| Next fiscal year (ends 2027-12-31) | $6.61 | $6.20 | +6.6% | $48.52B | 26 |