BRISTOL MYERS SQUIBB CO BMY
Bristol-Myers Squibb Company ("we", the "Company", "Bristol Myers Squibb", or "BMS") was incorporated under the laws of the State of Delaware in August 1933 under the name Bristol-Myers Company, as successor to a New York business started in 1887. In 1989, Bristol-Myers Company changed its name to Bristol-Myers Squibb Company as a result of a merger.
We operate in a single segment engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of innovative medicines that help patients prevail over serious diseases. Our principal strategy is to combine the resources, scale and capability of a large pharmaceutical company with the speed, agility and focus on innovation typically found in the biotech industry. Our focus as a biopharmaceutical company is on discovering, developing and delivering transformational medicines for patients facing serious diseases in areas where we believe that we have an opportunity to make a meaningful difference: oncology, hematology, immunology, cardiovascular, neuroscience and other areas where we can also create long-term value. Our priorities are to focus on transformational medicines where we have a competitive advantage, drive operational excellence throughout the organization and strategically allocate capital for long-term growth and shareholder returns. We are driving commercial execution in our key first-in-class and/or best-in-class marketed products, where we continue to expand and see potential for further expansion into the future. For a further discussion of our strategy initiatives, refer to "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations—Strategy."
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $48.19B | $48.30B | $45.01B | $46.16B | $46.38B | $42.52B | $26.14B | $22.56B | $20.78B | $19.43B |
| Cost of revenue | $13.94B | $13.97B | $10.69B | $10.14B | $9.94B | $11.77B | $8.08B | $6.47B | $6.01B | $4.97B |
| Gross profit | $34.26B | $34.33B | $34.31B | $36.02B | $36.45B | $30.75B | $18.07B | $16.09B | $14.68B | $14.48B |
| R&D | $9.95B | $11.16B | $9.30B | $9.51B | $10.20B | $10.05B | $6.15B | $6.33B | $6.47B | $5.01B |
| SG&A | $7.27B | $8.41B | $7.77B | $7.81B | $7.69B | $7.66B | $4.87B | $4.55B | $4.75B | $4.98B |
| Total operating expenses | $38.87B | $56.68B | $36.57B | $38.45B | $38.29B | $49.39B | $21.17B | $16.59B | $15.64B | $13.51B |
| Interest expense | $1.89B | $1.95B | $1.17B | $1.23B | $1.33B | $1.42B | $656.0M | $183.0M | $196.0M | $167.0M |
| Pre-tax income | $9.33B | -$8.38B | $8.44B | $7.71B | $8.10B | -$6.87B | $4.97B | $5.97B | $5.13B | $5.92B |
| Income tax | $2.27B | $554.0M | $400.0M | $1.37B | $1.08B | $2.12B | $1.51B | $1.02B | $4.16B | $1.41B |
| Net income | $7.05B | -$8.95B | $8.03B | $6.33B | $6.99B | -$9.02B | $3.44B | $4.92B | $1.01B | $4.46B |
| EPS, basic | 3.47 | -4.41 | 3.88 | 2.97 | 3.15 | -3.99 | 2.02 | 3.01 | 0.61 | 2.67 |
| EPS, diluted | 3.46 | -4.41 | 3.86 | 2.95 | 3.12 | -3.99 | 2.01 | 3.01 | 0.61 | 2.65 |
| Shares, diluted (wtd. avg.) | $2.04B | $2.03B | $2.08B | $2.15B | $2.25B | $2.26B | $1.71B | $1.64B | $1.65B | $1.68B |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $10.21B | $10.35B | $11.52B | $9.32B | $14.32B | $14.97B | $12.82B | $6.91B | $5.42B | $4.24B |
| Short-term investments | $464.0M | $513.0M | $816.0M | $130.0M | $2.99B | $1.28B | $3.05B | $1.85B | $1.39B | $2.11B |
| Receivables | $9.59B | $9.01B | $8.88B | $8.15B | $7.98B | $7.22B | $6.48B | $4.64B | $4.35B | $3.77B |
| Inventory | $2.69B | $2.56B | $2.66B | $2.34B | $2.10B | $2.07B | $4.29B | $1.20B | $1.17B | $1.24B |
| Total current assets | $29.39B | $29.78B | $31.77B | $27.27B | $33.26B | $30.19B | $29.35B | $17.72B | $14.85B | $13.70B |
| Property, plant and equipment | $7.54B | $7.14B | $6.65B | $6.25B | $6.05B | $5.89B | $6.25B | $5.03B | $5.00B | $4.98B |
| Goodwill | $21.75B | $21.72B | $21.17B | $21.15B | $20.50B | $20.55B | $22.49B | $6.54B | $6.86B | $6.88B |
| Other intangibles | $19.10B | $23.31B | $27.07B | $35.86B | $42.53B | $53.24B | $63.97B | $1.09B | $1.21B | $1.39B |
| Total assets | $90.04B | $92.60B | $95.16B | $96.82B | $109.31B | $118.48B | $55.16B | $34.83B | $33.08B | $32.94B |
| Accounts payable | $3.58B | $3.60B | $3.26B | $3.04B | $2.95B | $2.71B | $2.44B | $1.89B | $2.25B | $1.66B |
| Short-term debt | $1.98B | $1.83B | $2.87B | $3.90B | $4.76B | $2.00B | $2.76B | $1.25B | $0 | $749.0M |
| Total current liabilities | $23.42B | $23.77B | $22.26B | $21.89B | $21.87B | $19.08B | $18.30B | $10.65B | $9.56B | $8.84B |
| Long-term debt | $42.85B | $47.60B | $36.65B | $35.06B | $39.60B | $48.34B | $43.39B | $5.63B | $5.78B | $7.24B |
| Total liabilities | $71.53B | $76.22B | $65.67B | $65.70B | $73.31B | $80.60B | $78.25B | $20.86B | $21.70B | $17.36B |
| Retained earnings | $16.90B | $14.91B | $28.77B | $25.50B | $23.82B | $21.28B | $34.47B | $34.06B | $31.16B | $33.51B |
| Total equity | $18.47B | $16.34B | $29.43B | $31.06B | $35.95B | $37.82B | $51.60B | $15.32B | $12.91B | $14.54B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $14.16B | $15.19B | $13.86B | $13.07B | $16.21B | $14.05B | $8.21B | $7.07B | $5.28B | $3.06B |
| Depreciation and amortisation | $4.01B | $9.60B | $9.76B | $10.28B | $10.69B | $10.38B | $1.75B | $637.0M | $789.0M | $382.0M |
| Stock-based compensation | $553.0M | $507.0M | $518.0M | $457.0M | $583.0M | $779.0M | $441.0M | $221.0M | $199.0M | $205.0M |
| Capital expenditure | $1.31B | $1.25B | $1.21B | $1.12B | $973.0M | $753.0M | $836.0M | $951.0M | $1.05B | $1.22B |
| Investing cash flow | -$4.13B | -$21.35B | -$2.29B | -$1.06B | -$538.0M | -$10.86B | -$9.91B | -$2.00B | -$66.0M | $1.48B |
| Financing cash flow | -$10.35B | $5.13B | -$9.42B | -$16.96B | -$16.22B | -$1.15B | $7.62B | -$3.54B | -$4.08B | -$2.65B |
| Dividends paid | $5.04B | $4.86B | $4.74B | $4.63B | $4.40B | $4.08B | $2.68B | $2.61B | $2.58B | $2.55B |
| Buybacks | $0 | $0 | $5.16B | $8.00B | $6.29B | $1.55B | $7.30B | $320.0M | $2.47B | $231.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000014272-26-000004.
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