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.
Revenue breakdown营收构成 share of revenue营收占比
This group covers Bristol Myers Squibb's newer medicines, led by two cancer immunotherapies plus treatments for autoimmune disease, blood disorders, and a heart-muscle-thickening condition. These products are still expanding into new patients and regions, and their combined sales overtook the older drug group during 2025. The company depends on this group to replace the revenue that older drugs will lose to patent expiry.该类别涵盖百时美施贵宝较新的药物，包括治疗血液疾病、一种心肌增厚疾病、血癌细胞疗法，以及一种较新的精神分裂症药物。这些产品仍在向新患者群体和新地区扩展，其合计销售额在2025年超过了较老药物类别。公司依靠这一类别来替代老药因专利到期而流失的收入。
- Opdivo $10.0B — An immunotherapy (PD-1 inhibitor) used against many cancers.一种用于多种癌症的免疫疗法（PD-1 抑制剂）。
- Orencia $3.7B — A treatment for rheumatoid arthritis and other autoimmune disease.一种治疗类风湿关节炎及其他自身免疫疾病的药物。
- Yervoy $2.9B — A cancer immunotherapy (CTLA-4 inhibitor), often paired with Opdivo.一种癌症免疫疗法（CTLA-4 抑制剂），常与 Opdivo 联用。
- Reblozyl $2.3B — Treats anaemia in certain blood disorders.治疗某些血液病引起的贫血。
- Breyanzi $1.4B — A CAR-T cell therapy for lymphoma.一种针对淋巴瘤的 CAR-T 细胞疗法。
- Opdualag $1.2B — A combination immunotherapy for melanoma.一种用于黑色素瘤的联合免疫疗法。
- Camzyos $1.1B — Treats a heart-muscle-thickening disease.治疗一种心肌增厚的疾病。
This group covers Bristol Myers Squibb's established, high-volume medicines, led by a blood thinner that makes up most of the group's sales. These drugs built the company's scale over many years, but they face the loss of US patent protection around 2028, which opens the door to cheaper generic and biosimilar competition. Their decline sets the pace at which the newer drug group must grow to keep total sales steady.该类别涵盖百时美施贵宝成熟的大销量药物，以一种血液稀释剂和一种癌症免疫疗法为主，二者合计占该类别销售额的大部分。这些药物在多年间支撑了公司的规模，但将在2028年前后失去美国专利保护，为更便宜的仿制药和生物类似药竞争打开大门。它们的下滑速度决定了较新药物类别必须以多快的速度增长，才能维持总销售额稳定。
- Eliquis $14.4B — A blood thinner that prevents strokes and clots; BMY's largest product.一种预防中风和血栓的抗凝血药；百时美施贵宝最大的产品。
- Revlimid $3.0B — A treatment for multiple myeloma, already eroding to generics.一种治疗多发性骨髓瘤的药物，已在被仿制药侵蚀。
- Pomalyst $2.7B — Another multiple-myeloma treatment.另一种治疗多发性骨髓瘤的药物。
- Sprycel $0.5B — A treatment for chronic myeloid leukaemia.一种治疗慢性髓性白血病的药物。
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.
📋 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
- 4.01%
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.
Recent news近期新闻 last 7 days近7天
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