# Bristol-Myers Squibb (BMY.US)

Canonical: https://gigainvestors.com/s/BMY

Analysis as of: 2026-10-16T07:27:01.572Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $60.57 per share; close as of 2026-10-15.

Estimated value: low $93.23 per share, central $105.40 per share, high $121.61 per share. Buy at or below the central value $105.40 per share. Valuation as of 2026-10-16T07:27:01.572Z; scenarios are not confidence intervals.

Expected annual return: 15.9% at the stated quote. About 15.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 2

- Operating margin variation: 0.29×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.25×

- FY2018: 0.28×

- FY2019: 0.25×

- FY2020: 0.11×

- FY2021: 0.21×

- FY2022: 0.20×

- FY2023: 0.18×

- FY2024: 0.12×

- FY2025: 0.28×

- LTM to Jun 2026: 0.28×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 19.9%

- ROIC, second-lowest year: 7.3%

- Typical minus recent gross margin: 0.9 pp

- Typical gross margin (annual median): 71.1%

- Recent gross margin (lower of latest and 3-year median): 70.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.7%

- ROIC including acquisitions, ten-year median: 20.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 56.5%

- FY2018: 87.1%

- FY2019: 7.3%

- FY2020: 6.8%

- FY2021: 18.9%

- FY2022: 18.1%

- FY2023: 20.8%

- FY2024: 13.3%

- FY2025: 31.3%

- LTM to Jun 2026: 33.0%

### economics: pass

- Owner earnings / net income, 5-yr: 2.41×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $52B

- Net income, five-year total: $22B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -3.1 pp

- Working capital / revenue, final three-year average: 24.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 2.45×

- FY2023: 2.07×

- FY2024: 0.07×

- FY2025: 1.38×

- LTM to Jun 2026: 1.20×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 56.5% vs 20.8%

- Per-share earnings: 0.93 to 3.46 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.0%

- Ordinary dilution, 5-year annual growth: -2.0%

- Market cap gain: $12B

- Cumulative retained earnings: -$17B

- Diluted shares, 10-year annual growth: 2.0%

- Diluted shares, 5-year annual growth: -2.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 17.8%

- Per-share value change: $2.53

- Per-share value, starting three-year median: $0.93

- Per-share value, ending three-year median: $3.46

- Buybacks concentrated in cheaper years (correlation): -0.05

- Average buyback yield: 3.2%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: $74B

- Cumulative net income, 10 years: $24B

- ROIC, first three-year median: 56.5%

- ROIC, last three-year median: 20.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.65

- FY2017: $0.61

- FY2018: $3.01

- FY2019: $2.01

- FY2020: -$3.98

- FY2021: $3.12

- FY2022: $2.95

- FY2023: $3.86

- FY2024: -$4.41

- FY2025: $3.46

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -7.9%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 3.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.01×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 2.21×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 4.2%

- FY2017: -12.7%

- FY2018: -6.1%

- FY2019: -3.6%

- FY2020: -19.5%

- FY2021: -8.4%

- FY2022: -7.0%

- FY2023: -6.1%

- FY2024: -26.1%

- FY2025: -7.9%

## Holders

- [John Rogers](https://gigainvestors.com/AI): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Mark Hillman](https://gigainvestors.com/HCM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Graham Kahn](https://gigainvestors.com/KB): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Miller](https://gigainvestors.com/LMM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [William Browne](https://gigainvestors.com/TB): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 25% since Nov 2022 · "Some of its older blockbuster drugs are facing patent and generic pressure." (finance.yahoo.com, Oct 2026) · sales +2.1%

Story as of 2026-10-16T09:58:25.037Z; price observation 2026-10-15.

Price needs cash profits to shrink 6.5% a year for ten years

- 2025-04-15: BMY Down on Heart Drug Camzyos Failure in Late-Stage Study ([finance.yahoo.com](https://finance.yahoo.com/news/bmy-down-heart-drug-camzyos-121700186.html))

- 2025-08-20: Agilent, Bristol Myers win FDA nod for cancer diagnostic test ([seekingalpha.com](https://seekingalpha.com/news/4487519-agilent-bristol-myers-win-fda-nod-cancer-test?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-11-28: Bristol-Myers Squibb Surges 15% After Drug Approvals: Is the Stock a Bargain in 2025? ([finance.yahoo.com](https://finance.yahoo.com/news/bristol-myers-squibb-surges-15-141030823.html))

- 2025-12-20: Bristol-Myers blood thinner Eliquis offered free to Medicaid as part of U.S. pricing deal ([seekingalpha.com](https://seekingalpha.com/news/4533831-bristol-myers-blood-thinner-eliquis-offered-free-medicaid?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-02-05: Bristol Myers forecasts upbeat 2026, expecting Eliquis price cut to pay off ([finance.yahoo.com](https://finance.yahoo.com/news/bristol-myers-forecasts-upbeat-2026-122544598.html))

- 2026-07-30: Bristol Myers Squibb raises 2026 forecast after Q2 earnings beat ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/bristol-myers-squibb-raises-2026-121709523.html))

### Sales · FY2025–2026

sales +2.1%; source https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm; observed 2026-02-11.

- FY2017: $21B 

- FY2018: $23B 

- FY2019: $26B 

- FY2020: $43B 

- FY2021: $46B 

- FY2022: $46B 

- FY2023: $45B 

- FY2024: $48B 

- FY2025: $48B 

- FY2026: $49B 

### Gross margin · FY2026

gross margin 70.2%; source https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm; observed 2026-02-11.

- FY2017: 72.0% 

- FY2018: 71.3% 

- FY2019: 66.0% 

- FY2020: 51.0% 

- FY2021: 57.7% 

- FY2022: 78.0% 

- FY2023: 76.2% 

- FY2024: 71.1% 

- FY2025: 71.1% 

- FY2026: 70.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in drug manufacturers general; annual sales are USD 48.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm (filed 2026-02-11); FY2025: revenue 48195000000; grossProfit 34259000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BMY.US: 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.

### Why customers stay

Margins ranged from 71.1% to 76.2% during 2023–25; it earns 19.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2023: grossProfit / revenue = 76.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2024: grossProfit / revenue = 71.1%.

- Source: https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm (filed 2026-02-11); FY2025: grossProfit / revenue = 71.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); 10-year return on capital observations [[2017,0.5649220305242203],[2018,0.8713003959084321],[2019,0.07310715687653843],[2020,0.06759647986589966],[2021,0.18857056468020508],[2022,0.18100561230429354],[2023,0.2084820770305136],[2024,0.13304145092542266],[2025,0.3128303799247991],[2026,0.3303726835799015]]; median 0.19852632085535935. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Prices fell 4%.

- Source: https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm (filed 2026-02-11); [p0]  negatively impacted, and may continue to negatively impact our results of operations (including intangible asset impairment charges), operating cash flow, liquidity and financial flexibility. In August 2024, as part of the first round of government price setting pursuant to the IRA, the HHS announced the "maximum fair price" for a 30-day equivalent supply of Eliquis, which applies to the U.S. Medicare channel effective January 1, 2026. In November 2025, the HHS announced the "maximum fair price" for a 30-day supply of Pomalyst, which applies to the U.S. Medicare channel effective January 1, 2027. In January 2026, the HHS selected Orencia as a medicine subject to "negotiation" for government-set prices beginning in 2028. It is possible that more of our products could be selected in future years based upon the selection criteria currently utilized by the HHS or potentially expanded future criteria, or that the "maximum fair price" for our previously selected products could be renegotiated, each of which could, among other things, accelerate revenue erosion prior to expiry of intellectual property protections. We continue to evaluate the impact of the IRA on our results of operations, and it is possible that these changes may result in a material impact on our business and results of operations. In December 2025, we announced the U.S. Government Agreement pursuant to which we agreed to, among other things: (i) provide Eliquis for free to the Medicaid program effective January 1, 2026; (ii) donate more than seven tons of Eliquis API to fill the U.S. Strategic Active Ingredient Reserve; (iii) enable direct-to-patient access to Sotyktu, Zeposia, Reyataz, Baraclude and Orencia for cash-paying patients at discounts approximately 80% off current list prices; (iv) adopt a more balanced pricing approach for new launches across d

[p1]  of operations (including intangible asset impairment charges), operating cash flow, liquidity and financial flexibility. In August 2024, as part of the first round of government price setting pursuant to the IRA, the HHS announced the "maximum fair price" for a 30-day equivalent supply of Eliquis, which applies to the U.S. Medicare channel effective January 1, 2026. In November 2025, the HHS announced the "maximum fair price" for a 30-day supply of Pomalyst, which applies to the U.S. Medicare channel effective January 1, 2027. In January 2026, the HHS selected Orencia as a medicine subject to "negotiation" for government-set prices beginning in 2028. It is possible that more of our products could be selected in future years based upon the selection criteria currently utilized by the HHS or potentially expanded future criteria, or that the "maximum fair price" for our previously selected products could be renegotiated, each of which could, among other things, accelerate revenue erosion prior to expiry of intellectual property protections. We continue to evaluate the impact of the IRA on our results of operations, and it is possible that these changes may result in a material impact on our business and results of operations. In December 2025, we announced the U.S. Government Agreement pursuant to which we agreed to, among other things: (i) provide Eliquis for free to the Medicaid program effective January 1, 2026; (ii) donate more than seven tons of Eliquis API to fill the U.S. Strategic Active Ingredient Reserve; (iii) enable direct-to-patient access to Sotyktu, Zeposia, Reyataz, Baraclude and Orencia for cash-paying patients at discounts approximately 80% off current list prices; (iv) adopt a more balanced pricing approach for new launches across developed nations; and (v) continue to expand domestic production. This 

[p2] ment price setting pursuant to the IRA, the HHS announced the "maximum fair price" for a 30-day equivalent supply of Eliquis, which applies to the U.S. Medicare channel effective January 1, 2026. In November 2025, the HHS announced the "maximum fair price" for a 30-day supply of Pomalyst, which applies to the U.S. Medicare channel effective January 1, 2027. In January 2026, the HHS selected Orencia as a medicine subject to "negotiation" for government-set prices beginning in 2028. It is possible that more of our products could be selected in future years based upon the selection criteria currently utilized by the HHS or potentially expanded future criteria, or that the "maximum fair price" for our previously selected products could be renegotiated, each of which could, among other things, accelerate revenue erosion prior to expiry of intellectual property protections. We continue to evaluate the impact of the IRA on our results of operations, and it is possible that these changes may result in a material impact on our business and results of operations. In December 2025, we announced the U.S. Government Agreement pursuant to which we agreed to, among other things: (i) provide Eliquis for free to the Medicaid program effective January 1, 2026; (ii) donate more than seven tons of Eliquis API to fill the U.S. Strategic Active Ingredient Reserve; (iii) enable direct-to-patient access to Sotyktu, Zeposia, Reyataz, Baraclude and Orencia for cash-paying patients at discounts approximately 80% off current list prices; (iv) adopt a more balanced pricing approach for new launches across developed nations; and (v) continue to expand domestic production. This agreement, and any potential future agreements with government entities, by us or our competitors, could result in reduced prices and reimbursement for certain of our or comp

[p3] 25, the HHS announced the "maximum fair price" for a 30-day supply of Pomalyst, which applies to the U.S. Medicare channel effective January 1, 2027. In January 2026, the HHS selected Orencia as a medicine subject to "negotiation" for government-set prices beginning in 2028. It is possible that more of our products could be selected in future years based upon the selection criteria currently utilized by the HHS or potentially expanded future criteria, or that the "maximum fair price" for our previously selected products could be renegotiated, each of which could, among other things, accelerate revenue erosion prior to expiry of intellectual property protections. We continue to evaluate the impact of the IRA on our results of operations, and it is possible that these changes may result in a material impact on our business and results of operations. In December 2025, we announced the U.S. Government Agreement pursuant to which we agreed to, among other things: (i) provide Eliquis for free to the Medicaid program effective January 1, 2026; (ii) donate more than seven tons of Eliquis API to fill the U.S. Strategic Active Ingredient Reserve; (iii) enable direct-to-patient access to Sotyktu, Zeposia, Reyataz, Baraclude and Orencia for cash-paying patients at discounts approximately 80% off current list prices; (iv) adopt a more balanced pricing approach for new launches across developed nations; and (v) continue to expand domestic production. This agreement, and any potential future agreements with government entities, by us or our competitors, could result in reduced prices and reimbursement for certain of our or competing products and may impact our cash flows and results of operations. Further, the U.S. and other countries have recently imposed, and may continue to impose, new tariffs. While pharmaceuticals are largely ex

[p4] or government-set prices beginning in 2028. It is possible that more of our products could be selected in future years based upon the selection criteria currently utilized by the HHS or potentially expanded future criteria, or that the "maximum fair price" for our previously selected products could be renegotiated, each of which could, among other things, accelerate revenue erosion prior to expiry of intellectual property protections. We continue to evaluate the impact of the IRA on our results of operations, and it is possible that these changes may result in a material impact on our business and results of operations. In December 2025, we announced the U.S. Government Agreement pursuant to which we agreed to, among other things: (i) provide Eliquis for free to the Medicaid program effective January 1, 2026; (ii) donate more than seven tons of Eliquis API to fill the U.S. Strategic Active Ingredient Reserve; (iii) enable direct-to-patient access to Sotyktu, Zeposia, Reyataz, Baraclude and Orencia for cash-paying patients at discounts approximately 80% off current list prices; (iv) adopt a more balanced pricing approach for new launches across developed nations; and (v) continue to expand domestic production. This agreement, and any potential future agreements with government entities, by us or our competitors, could result in reduced prices and reimbursement for certain of our or competing products and may impact our cash flows and results of operations. Further, the U.S. and other countries have recently imposed, and may continue to impose, new tariffs. While pharmaceuticals are largely exempt from the tariffs imposed in 2025, such exemptions may be terminated or may not apply to any future tariffs. In accordance with the U.S. Government Agreement, BMS will receive certain U.S. tariff relief until January 2029 and wi

[p5] e than seven tons of Eliquis API to fill the U.S. Strategic Active Ingredient Reserve; (iii) enable direct-to-patient access to Sotyktu, Zeposia, Reyataz, Baraclude and Orencia for cash-paying patients at discounts approximately 80% off current list prices; (iv) adopt a more balanced pricing approach for new launches across developed nations; and (v) continue to expand domestic production. This agreement, and any potential future agreements with government entities, by us or our competitors, could result in reduced prices and reimbursement for certain of our or competing products and may impact our cash flows and results of operations. Further, the U.S. and other countries have recently imposed, and may continue to impose, new tariffs. While pharmaceuticals are largely exempt from the tariffs imposed in 2025, such exemptions may be terminated or may not apply to any future tariffs. In accordance with the U.S. Government Agreement, BMS will receive certain U.S. tariff relief until January 2029 and will not be subject to future pricing mandates in the U.S., however, such exemptions may be terminated or may not be extended. In addition, we remain subject to any current or future pricing mandates implemented outside of the U.S. It is possible that such regulations may result in a material impact on our business and results of operations. 42 At the state level, multiple states have passed, are pursuing or are considering government action via legislation or regulations to change drug pricing and reimbursement (e.g., establishing prescription drug affordability boards, implementing manufacturer mandates tied to the Federal Public Health Service Act drug pricing program, etc.). Some of these state-level actions may also influence federal and other state policies and legislation. Given the current uncertainty surrounding the a

[p6]  fill the U.S. Strategic Active Ingredient Reserve; (iii) enable direct-to-patient access to Sotyktu, Zeposia, Reyataz, Baraclude and Orencia for cash-paying patients at discounts approximately 80% off current list prices; (iv) adopt a more balanced pricing approach for new launches across developed nations; and (v) continue to expand domestic production. This agreement, and any potential future agreements with government entities, by us or our competitors, could result in reduced prices and reimbursement for certain of our or competing products and may impact our cash flows and results of operations. Further, the U.S. and other countries have recently imposed, and may continue to impose, new tariffs. While pharmaceuticals are largely exempt from the tariffs imposed in 2025, such exemptions may be terminated or may not apply to any future tariffs. In accordance with the U.S. Government Agreement, BMS will receive certain U.S. tariff relief until January 2029 and will not be subject to future pricing mandates in the U.S., however, such exemptions may be terminated or may not be extended. In addition, we remain subject to any current or future pricing mandates implemented outside of the U.S. It is possible that such regulations may result in a material impact on our business and results of operations. 42 At the state level, multiple states have passed, are pursuing or are considering government action via legislation or regulations to change drug pricing and reimbursement (e.g., establishing prescription drug affordability boards, implementing manufacturer mandates tied to the Federal Public Health Service Act drug pricing program, etc.). Some of these state-level actions may also influence federal and other state policies and legislation. Given the current uncertainty surrounding the adoption, timing and implementation 

[p7] ting higher demand across the Growth Portfolio and for Eliquis, partially offset by the impact of generics on Revlimid, Sprycel and Abraxane. Additionally, U.S. revenues were impacted by higher government channel rebates in 2025. Average net selling prices decreased by 4% in 2025 compared to 2024. International •International revenues increased 5% in 2025 primarily due to higher demand across the Growth Portfolio and for Eliquis, partially offset by generic erosion within the remainder of the Legacy Portfolio. Excluding the impacts of foreign exchange, international revenues increased 3%. No single country outside the U.S. contributed more than 10% of total revenues in 2025 and 2024. Our business is typically not seasonal; however, in the first quarter we typically see an unwinding of sales channel inventory build-up from the fourth quarter of the prior year. GTN Adjustments We recognize revenue net of GTN adjustments that are further described in “—Critical Accounting Policies.” The activities and ending reserve balances for each significant category of GTN adjustments were as follows: Dollars in millions Charge-Backs and Cash Discounts Medicaid and Medicare Rebates Other Rebates, Returns, Discounts and Adjustments Total Balance at January 1, 2025 $ 900 $ 5,385 $ 3,636 $ 9,921 Provision related to sales made in: Current period 14,069 18,351 9,394 41,814 Prior period (2) (342) (141) (485) Payments and returns (13,251) (18,752) (8,951) (40,954) Foreign currency translation and other 4 — 264 268 Balance at December 31, 2025 $ 1,720 $ 4,643 $ 4,202 $ 10,565 46 The reconciliation of gross product sales to net product sales by each significant category of GTN adjustments was as follows: Year Ended December 31, Dollars in millions 2025 2024 % Change Gross product sales $ 88,085 $ 83,671 5 % GTN Adjustment

[p8] egislative and policy changes, including price controls, pharmaceutical market access, discounting, changes to tax and importation laws and other restrictions in the U.S., EU and other regions around the world. These pressures have resulted in lower prices, lower reimbursement rates and smaller populations for whom payers will re changes may result in a material impact on our business and results of operations. In May 2025, President Trump issued an executive order entitled, "Delivering Most-Favored Nation Prescription Drug Pricing to American Patients," which, among various proposals, directs the HHS to facilitate direct-to-consumer purchasing programs for pharmaceutical manufacturers that sell their products to American patients at the most-favored-nation price and to communicate most-favored-nation price targets to manufacturers and propose a rulemaking plan to impose most-favored-nation pricing if “significant progress” is not made towards achieving such pricing. In July 2025, the Trump administration sent letters to several pharmaceutical manufacturers, including BMS, which outlined steps that such manufacturers should take to advance certain objectives of the executive order. In December 2025, we announced an agreement with the U.S. government (the "U.S. Government Agreement") pursuant to which we agreed to, among other things: (i) provide Eliquis for free to the Medicaid program effective January 1, 2026; (ii) donate more than seven tons of Eliquis API to fill the U.S. Strategic Active Ingredient Reserve; (iii) enable direct-to-patient access to Sotyktu, Zeposia, Reyataz, Baraclude and Orencia for cash-paying patients at discounts approximately 80% off current list prices; (iv) adopt a more ba their products to American patients at the most-favored-nation price and to communicate most-favored-nation price target

### Where the cash goes

Reinvests 40.4% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2016: growth capex 793040116.2946233; upkeep 421959883.70537674; cash acquisitions 359000000; owner earnings 4417040116.294623. Growth capex plus acquisitions / owner earnings = 0.2608172183097693.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2017: growth capex 266000000; upkeep 789000000; cash acquisitions 726000000; owner earnings 1007000000. Growth capex plus acquisitions / owner earnings = 0.9851042701092354.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2018: growth capex 314000000; upkeep 637000000; cash acquisitions 2372000000; owner earnings 4920000000. Growth capex plus acquisitions / owner earnings = 0.5459349593495935.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2019: growth capex 0; upkeep 836000000; cash acquisitions 24777000000; owner earnings 4349000000. Growth capex plus acquisitions / owner earnings = 5.697171763623822.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2020: growth capex 0; upkeep 753000000; cash acquisitions 13084000000; owner earnings 632000000. Growth capex plus acquisitions / owner earnings = 20.70253164556962.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2021: growth capex 0; upkeep 973000000; cash acquisitions 1610000000; owner earnings 16707000000. Growth capex plus acquisitions / owner earnings = 0.09636679236248279.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2022: growth capex 0; upkeep 1118000000; cash acquisitions 4286000000; owner earnings 15485000000. Growth capex plus acquisitions / owner earnings = 0.2767839845011301.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2023: growth capex 0; upkeep 1209000000; cash acquisitions 1169000000; owner earnings 16576000000. Growth capex plus acquisitions / owner earnings = 0.07052364864864864.

- Source: https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm (filed 2026-02-11); FY2025: growth capex 0; upkeep 1311000000; cash acquisitions 3944000000; owner earnings 9754000000. Growth capex plus acquisitions / owner earnings = 0.40434693459093707.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); Dividend observations: [[2016,2547000000],[2017,2577000000],[2018,2613000000],[2019,2679000000],[2020,4075000000],[2021,4396000000],[2022,4634000000],[2023,4744000000],[2024,4863000000],[2025,5045000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BMY.US SharesStats.PercentInsiders = 0.097 percentage points; cache date 2026-10-16.

### What could break it

"We could lose market exclusivity of a product earlier than expected." (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm (filed 2026-02-11); We could lose market exclusivity of a product earlier than expected.

### What the price says

The price assumes cash profits shrink 6.5% yearly over ten years; actual growth was 19.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); Ten-year compound average after fade. Initial solved rate -0.10462798246670951. Price 60.57; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.7763205937812361 → FY2025 4.7837175085826384. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $50.91 per share

- 2016-11: $56.44 per share

- 2016-12: $58.44 per share

- 2017-01: $49.16 per share

- 2017-02: $56.71 per share

- 2017-03: $54.38 per share

- 2017-04: $56.05 per share

- 2017-05: $53.95 per share

- 2017-06: $55.72 per share

- 2017-07: $56.90 per share

- 2017-08: $60.48 per share

- 2017-09: $63.74 per share

- 2017-10: $61.66 per share

- 2017-11: $63.19 per share

- 2017-12: $61.28 per share

- 2018-01: $62.60 per share

- 2018-02: $66.20 per share

- 2018-03: $63.25 per share

- 2018-04: $52.13 per share

- 2018-05: $52.62 per share

- 2018-06: $55.34 per share

- 2018-07: $58.75 per share

- 2018-08: $60.55 per share

- 2018-09: $62.08 per share

- 2018-10: $50.54 per share

- 2018-11: $53.46 per share

- 2018-12: $51.98 per share

- 2019-01: $49.37 per share

- 2019-02: $51.66 per share

- 2019-03: $47.71 per share

- 2019-04: $46.43 per share

- 2019-05: $45.37 per share

- 2019-06: $45.35 per share

- 2019-07: $44.41 per share

- 2019-08: $48.07 per share

- 2019-09: $50.71 per share

- 2019-10: $57.37 per share

- 2019-11: $56.94 per share

- 2019-12: $64.19 per share

- 2020-01: $62.95 per share

- 2020-02: $59.06 per share

- 2020-03: $55.74 per share

- 2020-04: $60.81 per share

- 2020-05: $59.72 per share

- 2020-06: $58.80 per share

- 2020-07: $58.66 per share

- 2020-08: $62.20 per share

- 2020-09: $60.29 per share

- 2020-10: $58.45 per share

- 2020-11: $62.40 per share

- 2020-12: $62.03 per share

- 2021-01: $61.43 per share

- 2021-02: $61.33 per share

- 2021-03: $63.13 per share

- 2021-04: $62.42 per share

- 2021-05: $65.72 per share

- 2021-06: $66.82 per share

- 2021-07: $67.87 per share

- 2021-08: $66.86 per share

- 2021-09: $59.17 per share

- 2021-10: $58.40 per share

- 2021-11: $53.63 per share

- 2021-12: $62.35 per share

- 2022-01: $64.89 per share

- 2022-02: $68.67 per share

- 2022-03: $73.03 per share

- 2022-04: $75.27 per share

- 2022-05: $75.45 per share

- 2022-06: $77.00 per share

- 2022-07: $73.78 per share

- 2022-08: $67.41 per share

- 2022-09: $71.09 per share

- 2022-10: $77.47 per share

- 2022-11: $80.28 per share

- 2022-12: $71.95 per share

- 2023-01: $72.65 per share

- 2023-02: $68.96 per share

- 2023-03: $69.31 per share

- 2023-04: $66.77 per share

- 2023-05: $64.44 per share

- 2023-06: $63.95 per share

- 2023-07: $62.19 per share

- 2023-08: $61.65 per share

- 2023-09: $58.04 per share

- 2023-10: $51.53 per share

- 2023-11: $49.38 per share

- 2023-12: $51.31 per share

- 2024-01: $48.87 per share

- 2024-02: $50.75 per share

- 2024-03: $54.23 per share

- 2024-04: $43.94 per share

- 2024-05: $41.09 per share

- 2024-06: $41.53 per share

- 2024-07: $47.56 per share

- 2024-08: $49.95 per share

- 2024-09: $51.74 per share

- 2024-10: $55.77 per share

- 2024-11: $59.22 per share

- 2024-12: $56.56 per share

- 2025-01: $58.95 per share

- 2025-02: $59.62 per share

- 2025-03: $60.99 per share

- 2025-04: $50.20 per share

- 2025-05: $48.28 per share

- 2025-06: $46.29 per share

- 2025-07: $43.31 per share

- 2025-08: $47.18 per share

- 2025-09: $45.10 per share

- 2025-10: $46.07 per share

- 2025-11: $49.20 per share

- 2025-12: $53.94 per share

- 2026-01: $55.05 per share

- 2026-02: $62.37 per share

- 2026-03: $60.65 per share

- 2026-04: $60.59 per share

- 2026-05: $57.18 per share

- 2026-06: $57.62 per share

- 2026-07: $65.31 per share

- 2026-08: $66.81 per share

- 2026-09: $62.40 per share

- 2026-10: $56.67 per share

## Annual estimated value (USD per share)

- FY2016: low $24.12 per share, central $33.55 per share, high $38.81 per share

- FY2017: low $20.71 per share, central $23.03 per share, high $26.12 per share

- FY2018: low $23.53 per share, central $26.07 per share, high $29.46 per share

- FY2019: low $36.45 per share, central $40.28 per share, high $45.38 per share

- FY2020: low $41.14 per share, central $45.86 per share, high $52.15 per share

- FY2021: low $44.82 per share, central $50.00 per share, high $56.90 per share

- FY2022: low $55.15 per share, central $62.22 per share, high $71.63 per share

- FY2023: low $84.89 per share, central $95.84 per share, high $110.42 per share

- FY2024: low $92.25 per share, central $104.30 per share, high $120.34 per share

- FY2025: low $91.43 per share, central $103.38 per share, high $119.29 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:32:40.648Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm); period 2025-12-31, filed 2026-02-11.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [John Rogers](https://gigainvestors.com/AI): 696,430 BMY shares; USD 40,128,000 reported position value; 0.4% of portfolio; reduce; quarter 2026 Q2.
- [David Hoeft](https://gigainvestors.com/DAC): 42,361 BMY shares; USD 2,441,000 reported position value; 0% of portfolio; reduce; quarter 2026 Q2.
- [Mark Hillman](https://gigainvestors.com/HCM): 45,235 BMY shares; USD 2,606,000 reported position value; 1.89% of portfolio; reduce; quarter 2026 Q2.
- [Thomas Graham Kahn](https://gigainvestors.com/KB): 174,152 BMY shares; USD 10,035,000 reported position value; 1.59% of portfolio; add; quarter 2026 Q2.
- [Bill Miller](https://gigainvestors.com/LMM): 69,500 BMY shares; USD 4,005,000 reported position value; 0.95% of portfolio; hold; quarter 2026 Q2.
- [Andrew Adams](https://gigainvestors.com/MPF): 24,684 BMY shares; USD 1,422,000 reported position value; 0.01% of portfolio; add; quarter 2026 Q2.
- [Richard Pzena](https://gigainvestors.com/PIM): 17,007,044 BMY shares; USD 979,945,000 reported position value; 2.88% of portfolio; reduce; quarter 2026 Q2.
- [William Browne](https://gigainvestors.com/TB): 37,570 BMY shares; USD 2,165,000 reported position value; 0.16% of portfolio; add; quarter 2026 Q2.

# BMY — Bristol-Myers Squibb

Held by 8 investors · USD 1,042,747,000 total · 2026 Q2 · reported price USD 57.62 (split-adjusted).
Page: https://gigainvestors.com/s/BMY

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Richard Pzena (https://gigainvestors.com/PIM) | USD 979,945,000 | 2.9% | reduce -0.52% |
| John Rogers (https://gigainvestors.com/AI) | USD 40,128,000 | 0.4% | reduce -3.51% |
| Thomas Graham Kahn (https://gigainvestors.com/KB) | USD 10,035,000 | 1.6% | add +2.21% |
| Bill Miller (https://gigainvestors.com/LMM) | USD 4,005,000 | 1.0% | hold |
| Mark Hillman (https://gigainvestors.com/HCM) | USD 2,606,000 | 1.9% | reduce -14.81% |
| David Hoeft (https://gigainvestors.com/DAC) | USD 2,441,000 | 0.0% | reduce -99.08% |
| William Browne (https://gigainvestors.com/TB) | USD 2,165,000 | 0.2% | add +43.63% |
| Andrew Adams (https://gigainvestors.com/MPF) | USD 1,422,000 | <0.1% | add +2% |

## Total held by quarter

- 2008 Q1: USD 250,274,612 · 1 holder · USD 22.61
- 2008 Q2: USD 1,281,072 · 1 holder · USD 20.53
- 2008 Q3: USD 1,897,850 · 2 holders · USD 20.90
- 2008 Q4: USD 2,115,250 · 2 holders · USD 23.25
- 2009 Q1: USD 2,410,000 · 2 holders · USD 21.92
- 2009 Q2: USD 2,234,000 · 2 holders · USD 20.31
- 2009 Q3: USD 2,477,000 · 2 holders · USD 22.52
- 2009 Q4: USD 3,282,000 · 2 holders · USD 25.25
- 2010 Q1: USD 3,471,000 · 2 holders · USD 26.70
- 2010 Q2: USD 2,992,400 · 2 holders · USD 24.94
- 2010 Q3: USD 2,683,790 · 2 holders · USD 27.11
- 2010 Q4: USD 2,542,280 · 2 holders · USD 26.50
- 2011 Q1: USD 2,536,980 · 2 holders · USD 26.43
- 2011 Q2: USD 289,000 · 1 holder · USD 28.90
- 2011 Q3: USD 314,000 · 1 holder · USD 31.40
- 2011 Q4: USD 352,000 · 1 holder · USD 35.20
- 2012 Q1: USD 39,482,364 · 2 holders · USD 33.80
- 2012 Q2: USD 27,955,948 · 2 holders · USD 36.00
- 2012 Q3: USD 23,717,330 · 2 holders · USD 33.75
- 2012 Q4: USD 21,647,246 · 2 holders · USD 32.59
- 2013 Q1: USD 17,358,228 · 2 holders · USD 41.19
- 2013 Q2: USD 2,476,746 · 1 holder · USD 44.68
- 2013 Q3: USD 1,310,007 · 1 holder · USD 46.29
- 2013 Q4: USD 1,469,874 · 1 holder · USD 53.16
- 2014 Q1: USD 1,540,021 · 1 holder · USD 51.94
- 2014 Q2: USD 1,341,025 · 1 holder · USD 48.50
- 2014 Q3: USD 1,415,127 · 1 holder · USD 51.18
- 2014 Q4: USD 1,675,884 · 1 holder · USD 59.01
- 2015 Q1: USD 1,832,084 · 1 holder · USD 64.51
- 2015 Q2: USD 1,916,064 · 1 holder · USD 66.53
- 2015 Q3: USD 1,704,960 · 1 holder · USD 59.20
- 2015 Q4: USD 1,930,121 · 1 holder · USD 68.81
- 2016 Q1: USD 1,825,882 · 1 holder · USD 63.88
- 2016 Q2: USD 2,101,136 · 1 holder · USD 73.51
- 2016 Q3: USD 1,540,910 · 1 holder · USD 53.91
- 2016 Q4: USD 1,670,105 · 1 holder · USD 58.43
- 2017 Q1: USD 1,554,058 · 1 holder · USD 54.37
- 2017 Q2: USD 1,090,969 · 1 holder · USD 55.71
- 2017 Q3: USD 1,214,057 · 1 holder · USD 63.73
- 2017 Q4: USD 1,167,003 · 1 holder · USD 61.26
- 2018 Q1: USD 1,248,990 · 1 holder · USD 63.24
- 2018 Q2: USD 1,104,033 · 1 holder · USD 55.34
- 2018 Q3: USD 2,852,177 · 2 holders · USD 62.08
- 2018 Q4: USD 2,387,961 · 2 holders · USD 51.98
- 2019 Q1: USD 216,142,479 · 3 holders · USD 47.71
- 2019 Q2: USD 636,908,098 · 3 holders · USD 45.35
- 2019 Q3: USD 562,817,600 · 3 holders · USD 50.71
- 2019 Q4: USD 351,269,811 · 4 holders · USD 64.19
- 2020 Q1: USD 73,755,546 · 4 holders · USD 55.75
- 2020 Q2: USD 83,930,448 · 4 holders · USD 58.80
- 2020 Q3: USD 1,892,160,037 · 5 holders · USD 60.29
- 2020 Q4: USD 2,149,555,331 · 5 holders · USD 62.03
- 2021 Q1: USD 2,019,511,511 · 5 holders · USD 63.13
- 2021 Q2: USD 1,818,000,705 · 5 holders · USD 66.81
- 2021 Q3: USD 1,358,574,710 · 5 holders · USD 59.17
- 2021 Q4: USD 402,998,648 · 6 holders · USD 62.35
- 2022 Q1: USD 92,470,797 · 5 holders · USD 73.03
- 2022 Q2: USD 74,524,480 · 4 holders · USD 77.00
- 2022 Q3: USD 68,426,796 · 4 holders · USD 71.09
- 2022 Q4: USD 68,438,335 · 4 holders · USD 71.95
- 2023 Q1: USD 64,594,571 · 3 holders · USD 69.23
- 2023 Q2: USD 63,353,095 · 3 holders · USD 63.97
- 2023 Q3: USD 51,296,723 · 3 holders · USD 58.06
- 2023 Q4: USD 51,180,892 · 4 holders · USD 51.31
- 2024 Q1: USD 1,643,197,673 · 9 holders · USD 54.23
- 2024 Q2: USD 1,343,783,691 · 10 holders · USD 41.53
- 2024 Q3: USD 1,658,111,392 · 10 holders · USD 51.74
- 2024 Q4: USD 1,756,095,718 · 9 holders · USD 56.56
- 2025 Q1: USD 1,753,709,610 · 10 holders · USD 60.99
- 2025 Q2: USD 1,114,472,714 · 9 holders · USD 46.29
- 2025 Q3: USD 1,030,197,450 · 8 holders · USD 45.10
- 2025 Q4: USD 1,411,301,719 · 9 holders · USD 53.94
- 2026 Q1: USD 1,381,826,985 · 8 holders · USD 60.65
- 2026 Q2: USD 1,042,747,000 · 8 holders · USD 57.62