Short answer
Bristol Myers Squibb (BMY) filed its fiscal 2025 10-K annual report with the SEC on Feb 11, 2026. It reported revenue of $48.2B (−0.2% year over year) and net income of $7.1B.
- Top risk flagged: FDA approval of Breyanzi in Dec 2025 for relapsed/refractory MZL after ≥2 systemic therapies, impacting market access and revenue
FY2025 key financial metrics · XBRL
- Revenue
- $48.2B
- −0.2% YoY
- Net income
- $7.1B
- +178.8% YoY
- EPS (diluted)
- $3.46
- +178.5% YoY
- ROE
- 38.2%
- +93.0 pp YoY
- Operating cash flow
- $14.2B
- −6.8% YoY
Source: XBRL data from the Bristol Myers Squibb (BMY) FY2025 10-K on SEC EDGAR. USD.
Bristol Myers Squibb FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
- 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
Generated from the filing text; verify against the original. How to read a 10-K
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