Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Bristol-Myers Squibb returned to profitability in FY2025 with net income of $7.05B (vs. a loss of $8.95B in the prior year), driven by significant cost reductions in R&D and SG&A, even as revenue remained essentially flat at $48.19B.
Revenue
$48.19B
-0.22% YoY
EPS (Diluted)
$3.46
+178.46% YoY
Source: SEC XBRL
Bristol Myers Squibb (BMY) reported FY2025 revenue of $48.19B, down 0.2% year over year. Operating cash flow was $14.16B, down 6.8% year over year.
Last 4 quarters: 4 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | 2.04 | 1.60 | Beat +27.2% |
| Mar 2026 | 1.58 | 1.43 | Beat +10.4% |
| Dec 2025This filing | 1.26 | 1.13 | Beat +11.9% |
| Sep 2025 | 1.63 | 1.52 | Beat +6.9% |
Reported EPS of $1.26 versus the $1.13 analyst consensus — a +11.9% beat for Dec 2025.
Compiled by AI from this SEC filing
Total revenue declined marginally by 0.2% to $48.19B in FY2025 from $48.30B in the prior year, suggesting the company's product portfolio is holding steady but facing headwinds from patent cliffs and competitive pressures on key franchises.
Source: 10-K Income Statement
Net income surged to $7.05B in FY2025 compared to a net loss of $8.95B in the prior year, a swing of approximately $16B, primarily driven by lower acquired in-process research and development charges and reduced operating expenses.
Source: 10-K Income Statement
R&D expenses fell 10.8% to $9.95B and SG&A expenses declined 13.6% to $7.27B, reflecting the company's ongoing cost optimization and restructuring efforts to improve operating leverage.
Source: 10-K Income Statement
Long-term debt decreased by 9.3% to $44.83B from $49.43B, indicating the company is actively deleveraging its balance sheet following large acquisitions in prior years, supported by strong operating cash flow of $14.16B.
Source: 10-K Balance Sheet & Cash Flow Statement
Operating cash flow of $14.16B, while down 6.8% from $15.19B in the prior year, remains robust and comfortably covers the $5.05B in dividends paid, underscoring the company's ability to sustain shareholder returns.
Source: 10-K Cash Flow Statement
Compiled by AI from this SEC filing · 3 high, 2 medium, 0 low
BMY carries $44.83B in long-term debt with a debt-to-equity ratio of 3.87, leaving the company highly leveraged. Servicing this debt constrains financial flexibility and increases vulnerability to interest rate changes or revenue shortfalls.
Source: 10-K Balance Sheet
With revenue essentially flat at $48.19B and prior-year losses tied to large acquisition charges, BMY faces significant risk from patent expirations on key drugs such as Eliquis and Opdivo. Loss of exclusivity could materially erode revenues without successful pipeline commercialization.
Source: 10-K Income Statement
R&D spending of $9.95B represents a substantial ongoing investment with uncertain returns. Failure of late-stage pipeline candidates or regulatory setbacks could impair future revenue growth and the rationale for prior large acquisitions.
Source: 10-K Income Statement
D&A dropped sharply by 58.2% to $4.01B from $9.60B, which may reflect the full amortization of certain acquired intangible assets. This could signal that the revenue contribution from previously acquired assets is waning, increasing pressure on organic growth.
Source: 10-K Cash Flow Statement
The current ratio stands at 1.26, meaning current assets of $29.39B only modestly exceed current liabilities of $23.42B. While not alarming, this leaves limited buffer for unexpected near-term cash demands or litigation settlements.
Source: 10-K Balance Sheet
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 48.19 $B | 48.30 $B | -0.22% |
Cost of Revenue $B | 13.94 $B | 13.97 $B | -0.23% |
Net Income $B | 7.05 $B | -8.95 $B | +178.83% |
EPS (Basic) $ | 3.47 $ | -4.41 $ | +178.68% |
EPS (Diluted) $ | 3.46 $ | -4.41 $ | +178.46% |
R&D Expense $B | 9.95 $B | 11.16 $B | -10.83% |
SG&A Expense $B | 7.27 $B | 8.41 $B | -13.63% |
Answers draw on this SEC filing and the data on this page
In Q2 FY2026, Bristol-Myers Squibb delivered strong financial results with revenue growing 5.7% YoY to $12.97B and net income surging 153.2% YoY to $3.32B, driven by 15% growth in its new product portfolio and reduced Acquired IPRD charges.
Bristol-Myers Squibb delivered Q1 2026 revenue of $11.49B (+2.6% YoY) and net income of $2.68B (+9.0% YoY), though operating cash flow fell sharply by 43.5% to $1.10B amid a 17.4% surge in R&D spending and elevated long-term debt of $44.1B.
Other companies in Pharmaceuticals