About Bristol Myers Squibb
Bristol Myers Squibb (NYSE: BMY) is a global biopharmaceutical company focused on discovering, developing, and delivering innovative medicines that help patients with serious diseases. Headquartered in the United States, BMS has a strong presence across major markets worldwide.
The company’s research and development efforts are centered on key therapeutic areas such as oncology, hematology, cardiovascular disease, immunology, and neuroscience. BMS is particularly known for its leadership in cancer treatments and immune-mediated therapies.
Driven by science and patient needs, Bristol Myers Squibb aims to transform patients’ lives through breakthrough medicines while maintaining a strong commitment to ethics, sustainability, and long-term value creation.
4Q25 Results
Growth Portfolio revenues of $7.4 billion increased 16%, or 15% ex-FX. Revenue growth was primarily driven by immuno-oncology (IO) portfolio, Camzyos, Breyanzi and Reblozyl. Legacy Portfolio revenues of $5.1 billion decreased 15%, or 16% ex-FX. Demand increased for Eliquis, which was more than offset by expected continued generic impact across the remainder of the Legacy Portfolio as well as the impacts from higher U.S. government channel rebates. Total revenues of $12.5 billion increased 1%, or were relatively flat ex-FX. U.S. revenues were $8.6 billion. International revenues were $3.9 billion.
FY25 Results
Growth Portfolio revenues of $26.4 billion increased 17% on a reported basis and ex-FX. Revenue growth was primarily driven by our immuno-oncology (IO) portfolio, Breyanzi, Reblozyl and Camzyos. Legacy Portfolio revenues of $21.8 billion decreased 15%, or 16% ex-FX. Demand increased for Eliquis, which was more than offset by expected continued generic impact across the remainder of the Legacy Portfolio as well as the impacts from higher U.S. government channel rebates. Total revenues of $48.2 billion were relatively flat on a reported basis, or decreased 1% ex-FX. U.S. revenues were $33.3 billion. International revenues were $14.9 billion.
Business Development
In January 2026, Bristol Myers Squibb announced a collaboration with Microsoft to accelerate the early detection of lung cancer by deploying U.S. FDA-cleared radiology AI algorithms through Microsoft’s Precision Imaging Network. The partnership aims to improve the identification of hard-to-detect lung nodules, enable earlier diagnosis, and better triage patients for care, while expanding access to early detection in medically underserved communities, including rural hospitals and community clinics across the U.S.
Capital Allocation
In December, the company’s Board of Directors declared a quarterly dividend of $0.63 per share, representing a 1.6% increase year over year. Subject to quarterly review, the annual dividend rate for fiscal year 2026 is expected to be $2.52 per share, marking the 17th consecutive year of dividend increases and the 94th consecutive year of dividend payments.
Financial Guidance
For 2026, Bristol Myers Squibb expects non-GAAP total revenues to be approximately $46.0 billion to $47.5 billion. This outlook reflects an anticipated 12–16% revenue decline in the Legacy Portfolio, which is expected to be partially offset by continued strength in the Growth Portfolio.