Bristol Myers Squibb (BMY) FY2025 10-K Annual Report
Bristol Myers Squibb (BMY) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 11, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Bristol Myers Squibb FY2025 10-K Analysis
Business Overview
- • Core business model focused on oral immunomodulatory and oncology drugs, primarily treating multiple myeloma and CML
- • FDA-approved volume-unlimited generics launched for Revlimid (2026), pomalidomide generics entering U.S. (Mar 2026), dasatinib generics active since Sept 2024
- • Strategic shift marked by drastic revenue declines (up to 78% U.S. for Abraxane) due to generic erosion and Medicare Part D redesign
- • Total expenses reduced 31% to $38.9B in 2025 driven by 72% drop in acquired IPRD spend and 14% SG&A cuts post productivity initiatives
- • No excess inventory in U.S. distribution channels despite widespread generic competition, reflecting tightly managed supply and demand forecasting
Management Discussion & Analysis
- • Revenue and YoY change: Not disclosed in provided section
- • Profitability or margin change: Not disclosed in provided section
- • Best and worst performing segment: Not disclosed in provided section
- • Cash flow and capital allocation: Not disclosed in provided section
- • Forward-looking: Management highlights multiple regulatory approvals, pipeline expansion via acquisitions and collaborations including Orbital Therapeutics and BioNTech, new radiopharmaceutical facility opened
Risk Factors
- • FDA approval of Breyanzi in Dec 2025 for relapsed/refractory MZL after ≥2 systemic therapies, impacting market access and revenue
- • Exposure to Japan's approval landscape with multiple key drug approvals by Ministry of Health Labour and Welfare in 2025, critical for Asia Pacific growth
- • Dependence on strategic collaboration with BioNTech for co-development of pumitamig, a PD-L1/VEGF-A bispecific in oncology
- • Competitive threat from BioNTech partnership leveraging innovative bispecific technology against IO market leaders Opdivo and Yervoy
- • $2.0B expected cost savings by 2027 through expanded 2025 strategic productivity initiatives impacting R&D, manufacturing, and commercial functions
Bristol Myers Squibb FY2025 Key Financial MetricsXBRL
Revenue
$48.2B
▼ -0.2% YoY
Net Income
$7.1B
▲ +178.8% YoY
Net Margin
14.6%
▲ +3316bp YoY
ROE
38.2%
▲ +9296bp YoY
Total Assets
$90.0B
▼ -2.8% YoY
EPS (Diluted)
$3.46
▲ +178.5% YoY
Operating Cash Flow
$14.2B
▼ -6.8% YoY
Source: XBRL data from Bristol Myers Squibb FY2025 10-K filing on SEC EDGAR. All figures in USD.
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