Bristol-Myers Squibb Company
BMY 6Price and target zones价格与目标区间
What the company does公司做什么
Bristol-Myers Squibb is a large drug company. It discovers, makes, and sells prescription medicines, mostly for cancer, blood conditions, and immune diseases. Total revenue was $48.2 billion in FY2025.Bristol-Myers Squibb 是一家大型制药公司。它研发、生产并销售处方药，主要用于癌症、血液疾病和免疫类疾病。2025财年的总收入是 $48.2 billion。
Earns from营收来源 sales of prescription drugs. The company splits its drugs into a growing "growth" portfolio and a declining "legacy" portfolio facing patent expiry.处方药的销售。公司把自己的药物分成一个不断增长的“growth（增长）”组合和一个正在下滑、面临专利到期的“legacy（旧有）”组合。
Read the full description查看完整介绍
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.
What the company sells公司卖什么share of revenue营收占比
Growth portfolio增长组合
55%Newer drugs still growing. FY2025 revenue was about $26.4 billion, up 17%.仍在增长的较新药物。2025财年收入约为$26.4 billion，增长17%。
- Reblozyl
- Treats anaemia in certain blood disorders.治疗某些血液病引起的贫血。
- Camzyos
- Treats a heart-muscle-thickening disease.治疗一种心肌增厚的疾病。
- Cobenfy
- A newer schizophrenia treatment.一种较新的精神分裂症疗法。
- Breyanzi
- A cell therapy for blood cancers.一种针对血液癌症的细胞疗法。
Legacy portfolio旧有组合
45%Older, larger drugs near patent expiry. FY2025 revenue was about $21.8 billion.较老、销量较大、临近专利到期的药物。2025财年收入约为$21.8 billion。
- Eliquis
- A blood thinner that prevents strokes and clots (about $14 billion).一种预防中风和血栓的抗凝血药（约$14 billion）。
- Opdivo
- An immunotherapy for many cancers (about $10 billion).一种用于多种癌症的免疫疗法（约$10 billion）。
Company facts公司资料
- Founded成立时间
- 1887
- Headquarters总部
- Princeton, New Jersey
- Employees员工人数
- 32,500
- Industry行业
- Drug Manufacturers - General
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
📋 10.3x fwd, 4.03% yield, 71% GM, ROE 43.6%. Growth portfolio (Cobenfy, Reblozyl, Camzyos) +12% offsetting −6% legacy. The overhang: Eliquis+Opdivo ≈ half of earnings, US exclusivity loss ~2028 (~$38B at risk = largest pharma cliff). 6 pivotal 2026 readouts = free-ish optionality. FV $58-68, support ~$50-52. Add $50-53. Trim $70+. Earnings 7/30. Break: companywide growth negative 2+Q, or a key readout fails. A2026-07-14
📋 前瞻市盈率 10.3x,股息率 4.03%,毛利率 71%,ROE 43.6%。增长组合(Cobenfy、Reblozyl、Camzyos)+12%,抵消了老产品 −6%。悬而未决的隐患: Eliquis+Opdivo 约占盈利的一半,美国独占权约 2028 年到期(约 $38B 面临风险 = 制药业最大的专利悬崖)。2026 年 6 项关键临床数据读出 = 近乎免费的期权价值。合理价值 $58-68,支撑约 $50-52。$50-53 加仓。$70 以上减仓。7/30 财报。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 47%
- Revenue growth营收增长
- +6%
- Dividend yield股息率
- 3.86%
Competitors竞争对手
Why customers stay客户为什么留下
The concrete issue governs this company: Eliquis and Opdivo — about $24 billion of sales together, roughly half the company — lose US patent protection around 2028. The whole case rests on whether the growth portfolio can replace that revenue in time. The growth drugs crossed over to become the larger share during 2025, which is the early sign that must continue.有一个具体的问题主导着这家公司：Eliquis 和 Opdivo——两者合计约 $24 billion 的销售额，约占公司的一半——将在 2028 年前后失去美国的专利保护。整个投资逻辑取决于增长组合能否及时补上那部分收入。增长类药物在 2025 年期间已越过临界点、成为更大的那一部分，这是一个必须持续下去的早期迹象。
Related companies相关公司 🟠 Pharma patent-cliff (new 8/05)
Not "healthcare" — one failure mode: an expiring monopoly against a pipeline that has to replace it in time.
Own ONE of AZN/BMY, not both — they are the same trade with opposite risk profiles. AZN is the better business, BMY the better price; on the evidence AZN wins.
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