Bristol-Myers Squibb Company
Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, markets, distributes, and sells biopharmaceutical products worldwide. The company offers products for oncology, hematology, immunology, cardiovascular, and neuroscience indications. Its products include Opdivo for anti-cancer indications; Opdivo Qvantig, a subcutaneous PD-1 inhibitor for solid tumors; Orencia for active rheumatoid arthritis and psoriatic arthritis; Yervoy for the treatment of unresectable or metastatic melanoma; Reblozyl to treat anemia; Breyanzi for the treatment of relapsed or refractory large B-cell lymphoma; Opdualag to treat unresectable or metastatic melanoma; and Camzyos for the treatment of symptomatic obstructive HCM. The company also offers Zeposia to treat relapsing forms of multiple sclerosis; Abecma for the treatment of patients with relapsed or refractory multiple myeloma; Sotyktu to treat moderate-to-severe plaque psoriasis; Krazati for the treatment of KRASG12C-mutated locally advanced or metastatic non-small cell lung cancer (NSCLC); and Cobenfy to treat schizophrenia. In addition, it offers Eliquis for the reduction of risk of stroke/systemic embolism and for the treatment of DVT/PE; Revlimid, an oral immunomodulatory drug for multiple myeloma; Pomalyst/Imnovid for multiple myeloma; Sprycel for Philadelphia chromosome-positive chronic myeloid leukemia; and Abraxane to treat breast cancer. Further, the company provides Augtyro for the treatment of locally advanced or metastatic ROS1-positive NSCLC, as well as NSCLC and pancreatic cancer. It sells its products to wholesalers, distributors, specialty pharmacies, retailers, hospitals, clinics, and government agencies. The company has a strategic collaboration with Arcus Biosciences, Inc. to develop a treatment regimen that delivers tumor control in kidney cancer. The company was formerly known as Bristol-Myers Company. The company was founded in 1887 and is headquartered in Princeton, New Jersey.
What does it do?
Bristol-Myers Squibb (BMS) is one of the world's largest pharmaceutical companies — it discovers and sells prescription medicines that treat serious diseases like cancer, heart disease, and autoimmune conditions. You've probably never heard of most of its drug names, but doctors prescribe them millions of times a year. For example, Opdivo is a cancer drug that helps the immune system attack tumors, used in everything from lung cancer to melanoma. Yervoy is another cancer drug often used alongside Opdivo, and Orencia helps people with rheumatoid arthritis — a painful joint disease — live more normal lives.
BMS is one of the biggest players in cancer immunotherapy — one of the fastest-growing areas in all of medicine, where drugs teach your own immune system to fight tumors instead of using traditional chemotherapy. With a $113 billion market cap and nearly $50 billion in annual revenue, it's a giant that institutional investors — large funds managing billions — closely watch as a bellwether for the whole drug sector. Right now, investors are laser-focused on whether BMS can replace revenue from drugs losing patent protection, making it a live test case for how big pharma navigates one of its biggest recurring challenges.
How does it make money?
BMS makes virtually all of its money by selling prescription drugs — it generated $48.2 billion in revenue last year, almost identical to the prior year's $48.3 billion, suggesting growth has stalled. Its biggest revenue driver is Opdivo, a cancer immunotherapy drug that alone generates several billion dollars annually across dozens of approved uses worldwide. Eliquis, a blood thinner it co-sells with Pfizer to prevent strokes, is another blockbuster contributing billions more. The company operates globally, selling into the US, Europe, and Asia, with the US market typically accounting for well over half of total sales.
Why do investors care?
The core investment question for BMS is simple: can it grow again after years of flat revenue? Its near-term pipeline includes drugs in neuroscience and cardiovascular disease that could open entirely new revenue streams. Investors who are bullish believe the company's newer acquisitions — like Karuna Therapeutics (bought for roughly $14 billion) and its schizophrenia drug KarXT — could be the next blockbusters. For the thesis to work, those new drugs need to win regulatory approvals, get adopted by doctors quickly, and more than offset revenue lost as older drugs face cheaper generic competition.
Deep Dive
MemberA full investor briefing on Bristol-Myers Squibb Company — history, leadership, risks, and outlook.