{"schemaVersion":1,"research":true,"symbol":"bmy","name":"Bristol Myers Squibb Co","topic":"moat","path":"/stock/bmy/moat","status":"published","version":3,"updatedAt":"2026-10-17T23:01:20.229Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Bristol Myers Squibb has a narrow moat supported by product intellectual property, regulatory barriers and demonstrated demand for marketed medicines. Growth products are replenishing an eroding legacy portfolio, but durable company-wide superiority is not established. Pricing power is uneven: several newer products achieved higher net prices, while portfolio net prices declined and an Eliquis price reduction weakened cash receipts. Generic entry, patent challenges and government pricing materially limit durability.","advantages":[{"mechanism":"intangible_assets","claim":"Marketed product rights and the costly clinical evidence required of innovative medicines create product-specific barriers. Actual commercial demand and growth support a current advantage; pipeline candidates represent potential replenishment rather than established advantages.","durability":"Finite and product-dependent. Growth Portfolio sales rose 17% in 2025, and selected products continued demand-led growth in 2026. However, the passages do not provide a comprehensive patent-expiry schedule or establish sustained superiority through successive exclusivity losses.","risks":"Generic competition is already eroding legacy products. Camzyos faces identified generic patent challengers. Government pricing and reimbursement restrictions can weaken economics before patent expiry, while competing therapies can reduce demand. Clinical setbacks and impairments demonstrate that pipeline replenishment is uncertain.","invalidation":"The company-level narrow-moat assessment would fail if growth-product demand persistently declined, successful patent challenges enabled material early generic entry, and newer products and approvals failed to offset continuing legacy erosion. Persistent net-price deterioration despite growing volumes would further weaken the economic value of remaining exclusivity.","competitors":["Aurobindo Pharma Ltd.","Zenara Pharma Pvt. Ltd.","Apotex Inc."],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7"],"counterEvidenceIds":["e8","e9","e10","e11","e12","e13","e14","e15","e16","e17","e18","e19","e20"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Competition: generic exemption from costly clinical studies","excerpt":"and in the EU, the regulatory approval process exempts generics from costly and time-consuming clinical studies to demonstrate their safety and efficacy, allowing generic manufacturers to rely on the safety and efficacy of the innovator product."},{"id":"e2","sourceId":"filing-2","location":"Note 4: completed acquisition providing full U.S. product rights","excerpt":"9 Note 4. ACQUISITIONS, DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS Acquisitions 2seventy bio On May 13, 2025, BMS completed the acquisition of 2seventy bio, which provided BMS with full U.S."},{"id":"e3","sourceId":"filing-2","location":"Note 4: Abecma marketed treatment and rights","excerpt":"rights to Abecma, a cell therapy for the treatment of adult patients with relapsed or refractory multiple myeloma."},{"id":"e4","sourceId":"filing-3","location":"2025 operating achievements: portfolio sales, approvals, cash generation and debt repayment","excerpt":"Delivering Sustainable Growth & Innovation $48.2B Total Revenues in 2025 Strong Commercial Performance $26.4B $21.8B Growth Portfolio* net sales compared to $22.6B in 2024 Legacy Portfolio** net sales compared to $25.7B in 2024 $3.46 $6.15 GAAP diluted EPS† Non-GAAP diluted EPS† (>200%) versus 2024 Pipeline Progress Continued Pipeline Progress 18 25+ Approvals in the U.S., E.U., JP & CN Early-stage assets In 2025, Completed Key Business Development Including: •Acquisition of Orbital Therapeutics •Global Strategic Collaboration Agreement with BioNTech Balanced Capital Allocation Strategy $14.2B 3.3% cash flow from operating activities quarterly dividend increase for 2025 $10.9B 16th debt repayment consecutive year of annual increase * Growth Portfolio includes Opdivo® (nivolumab), Opdivo QvantigTM (nivolumab and hyaluronidase-nvhy), Orencia® (abatacept), Yervoy® (ipilimumab), Reblozyl® (luspatercept-aamt), Breyanzi® (lisocabtagene maraleucel), Opdualag® (nivolumab and relatlimab-rmbw), Camzyos® (mavacamten), Zeposia® (ozanimod), Abecma® (idecabtagene vicleucel), Sotyktu® (deucravacitinib), Krazati®, CobenfyTM (xanomeline and trospium chloride), and other growth products, including AugtyroTM (repotrectinib), Onureg® (azacitidine), Inrebic® (fedratinib), Empliciti® (elotuzumab), and Nulojix® (belatacept), and royalty revenue."},{"id":"e5","sourceId":"filing-2","location":"Product revenues: demand-led Opdualag growth","excerpt":"•Opdualag revenues increased 23% during the second quarter of 2026 and 20% year-to-date, primarily due to higher demand and foreign exchange impacts of 1% in both periods."},{"id":"e6","sourceId":"filing-2","location":"Product revenues: demand-led Camzyos growth","excerpt":"•Camzyos revenues increased 60% during the second quarter of 2026 and 74% year-to-date, primarily due to higher demand and foreign exchange impacts of 1% and 2%, respectively."},{"id":"e7","sourceId":"filing-2","location":"Significant approvals: June 2026 Opdivo indication approval","excerpt":"28 Significant Product and Pipeline Approvals The following is a summary of the significant approvals received in 2026 as of July 30, 2026: Product Date Approval Opdivo June 2026 EC approval of Opdivo in combination with doxorubicin, vinblastine and dacarbazine (AVD), for the treatment of adult and pediatric patients 12 years and older with previously untreated, Stage III or IV cHL."},{"id":"e8","sourceId":"filing-1","location":"2025 U.S. revenues: higher demand and realized generic erosion","excerpt":"United States •U.S. revenues decreased 2% in 2025 reflecting higher demand across the Growth Portfolio and for Eliquis, partially offset by the impact of generics on Revlimid, Sprycel and Abraxane."},{"id":"e9","sourceId":"filing-1","location":"2025 U.S. revenues: average net selling-price decline","excerpt":"Average net selling prices decreased by 4% in 2025 compared to 2024."},{"id":"e10","sourceId":"filing-1","location":"Gross-to-net reconciliation: rebates, discounts and net sales","excerpt":"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 Adjustments Charge-backs and cash discounts (14,067) (11,510) 22 % Medicaid and Medicare rebates (18,010) (16,551) 9 % Other rebates, returns, discounts and adjustments (9,253) (8,832) 5 % Total GTN Adjustments (41,329) (36,893) 12 % Net product sales $ 46,756 $ 46,778 — % GTN adjustments percentage 47 % 44 % 3 % U.S."},{"id":"e11","sourceId":"filing-2","location":"Intellectual property: Camzyos notice letter from Aurobindo Pharma Ltd.","excerpt":"In May and June 2026, BMS received Notice Letters from Aurobindo Pharma Ltd."},{"id":"e12","sourceId":"filing-2","location":"Intellectual property: Camzyos challenger Zenara Pharma Pvt. Ltd.","excerpt":"(\"Aurobindo\"), Zenara Pharma Pvt. Ltd."},{"id":"e13","sourceId":"filing-2","location":"Intellectual property: Camzyos challenger Apotex Inc.","excerpt":"Reddy's Laboratories Limited (\"DRL\"), Annora Pharma Private Limited (\"Annora\"), Apotex Inc."},{"id":"e14","sourceId":"filing-2","location":"Intellectual property: challengers' generic mavacamten ANDA filings","excerpt":"Ltd. (\"MSN\") notifying BMS that each had filed an ANDA containing a paragraph IV certification seeking approval to market a generic mavacamten product in the U.S."},{"id":"e15","sourceId":"filing-2","location":"Intellectual property: attempted entry before BMS patent expiration","excerpt":"before the expiration of certain BMS patents."},{"id":"e16","sourceId":"filing-2","location":"Governmental actions: realized pricing, reimbursement and financial pressure","excerpt":"These pressures have resulted in lower prices, lower reimbursement rates and smaller populations for whom payers will reimburse, which have negatively impacted, and may continue to negatively impact our results of operations (including intangible asset impairment charges), operating cash flow, liquidity and financial flexibility."},{"id":"e17","sourceId":"filing-2","location":"Operating cash flows: Eliquis list-price reduction and productivity savings","excerpt":"Cash Flows The following is a discussion of cash flow activities: Six Months Ended June 30, Dollars in millions 2026 2025 Cash flow provided by/(used in): Operating activities $ 4,497 $ 5,871 Investing activities (1,745) (972) Financing activities (4,190) (2,829) Operating Activities The $1.4 billion decrease in cash provided by operating activities compared to 2025 was driven by lower net customer receipts, primarily due to a list price reduction for Eliquis, partially offset by lower expenses due to the ongoing strategic productivity initiative."},{"id":"e18","sourceId":"filing-1","location":"Clinical development: Cobenfy adjunctive trial missed primary endpoint","excerpt":"BMS remains blinded to study data. Schizophrenia April 2025 Announced that the Phase III ARISE trial evaluating Cobenfy as an adjunctive treatment to atypical antipsychotics in adults with schizophrenia did not meet the threshold for statistical significance for the primary endpoint."},{"id":"e19","sourceId":"filing-2","location":"R&D expenses: higher impairment charges, voucher purchase and cost savings","excerpt":"Research and Development Research and development expense increased by $379 million in the second quarter of 2026 and $771 million year-to-date, primarily due to higher IPRD impairment charges and the purchase of a priority review voucher, partially offset by cost savings from the Company's ongoing strategic productivity initiative in 2026."},{"id":"e20","sourceId":"filing-1","location":"Competition: highly competitive Opdivo marketplace","excerpt":"Our IO products, particularly Opdivo, operate in a highly competitive marketplace."},{"id":"e21","sourceId":"filing-2","location":"Product revenues: higher Zeposia average net selling prices and demand","excerpt":"•Zeposia revenues increased 12% during the second quarter of 2026 and year-to-date, primarily due to higher average net selling prices, higher demand, and foreign exchange impacts of 1% and 2%, respectively."},{"id":"e22","sourceId":"filing-2","location":"Product revenues: higher Sotyktu average net selling prices and demand","excerpt":"•Sotyktu revenues increased 23% during the second quarter of 2026 and 24% year-to-date, primarily due to higher average net selling prices, higher demand, and foreign exchange impacts of 1% and 2%, respectively."},{"id":"e23","sourceId":"filing-1","location":"Pricing constraints: HHS authority over selected Medicare drug prices","excerpt":"Under the IRA, the HHS can effectively set prices for units of certain single-source drugs and biologics reimbursed under Medicare Part B, Medicare Advantage and Part D."},{"id":"e24","sourceId":"filing-2","location":"Government Agreement: time-limited tariff relief and future U.S. pricing-mandate exemption","excerpt":"tariff relief until January 2029, including for recently imposed tariffs relating to patented pharmaceuticals and associated pharmaceutical ingredients pursuant to the Presidential Proclamation dated April 2, 2026, and will not be subject to future pricing mandates in the U.S."},{"id":"e25","sourceId":"filing-2","location":"Government Agreement: exemption applies while agreement remains effective","excerpt":"while the agreement remains in effect."},{"id":"e26","sourceId":"filing-2","location":"Government Agreement: continuing exposure to pricing mandates outside the U.S.","excerpt":"In addition, we remain subject to any current or future pricing mandates implemented outside of the U.S."},{"id":"e27","sourceId":"filing-2","location":"First-half 2026 cash-flow statement: cash generation, investment, dividends, debt repayment and impairments","excerpt":"4 BRISTOL-MYERS SQUIBB COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS Dollars in millions (UNAUDITED) Six Months Ended June 30, 2026 2025 Cash Flows From Operating Activities: Net earnings/(loss) $ 5,994 $ 3,775 Adjustments to reconcile net earnings/(loss) to net cash provided by operating activities: Depreciation and amortization, net 1,188 2,023 Deferred income taxes (34) (214) Stock-based compensation 281 281 Impairment charges 834 318 Divestiture gains and royalties (176) (585) Acquired IPRD 94 1,695 Equity investment (gains)/losses, net (248) 100 Contingent consideration fair value adjustments — 336 Other adjustments 22 (2) Changes in operating assets and liabilities: Receivables 504 (469) Inventories (22) (165) Accounts payable 380 (72) Rebates and discounts (3,135) 254 Income taxes payable (335) (567) Other (850) (837) Net cash provided by operating activities 4,497 5,871 Cash Flows From Investing Activities: Sale and maturities of marketable debt securities 964 744 Purchase of marketable debt securities (2,851) (1,257) Proceeds from sales of equity investments 429 12 Capital expenditures (652) (621) Divestiture and other proceeds 521 513 Acquisition and other payments, net of cash acquired (156) (363) Net cash provided by/(used in) investing activities (1,745) (972) Cash Flows From Financing Activities: Other short-term financing obligations, net 191 426 Repayments of long-term debt (1,720) (643) Dividends (2,570) (2,520) Stock option proceeds and other, net (91) (92) Net cash provided by/(used in) financing activities (4,190) (2,829) Effect of exchange rates on cash, cash equivalents and restricted cash (58) 194 Increase/(decrease) in cash, cash equivalents and restricted cash (1,496) 2,264 Cash, cash equivalents and restricted cash at beginning of period 10,218 10,347 Cash, cash equivalents and restricted cash at end of period $ 8,722 $ 12,611 The accompanying notes are an integral part of these consolidated financial statements."},{"id":"e28","sourceId":"filing-2","location":"BioNTech collaboration: anniversary payments and contingent milestone commitments","excerpt":"BioNTech will also receive $2.0 billion in aggregate of anniversary payments, which will be payable beginning in the third quarter of 2026 through 2028, provided that there is no prior termination of the agreement by BMS, and up to $7.6 billion of contingent development, regulatory and sales-based milestones."},{"id":"e29","sourceId":"filing-3","location":"Compensation discussion: three-year performance-share metrics and weights","excerpt":"Growth Portfolio Revenue •Foundation of long-term sustainable growth and competitive superiority •Increases focus on strategic priority of revenue renewal Pipeline Near-Term Value Each designed to: •Drive improved decision-making and operational rigor •Ensure alignment with company’s portfolio Long-Term Growth Potential Qualitative Overlay Sustainability & Social Impact Scorecard •Aligned to our externally-stated commitments on sustainability and social impact Long-Term Incentive (Delivered in shares) Performance Share Units •Reward the achievement of financial goals and further align executive compensation with the interests of our shareholders — Non-GAAP Operating Income (25%), Growth Portfolio Revenue (40%), and relative Total Shareholder Return CAGR (35%), each measured over an applicable three-year performance period."},{"id":"e30","sourceId":"filing-1","location":"Stock compensation: market conditions for granted 2025 and 2024 MSUs","excerpt":"For the 2025 and 2024 MSUs, the number of shares issued upon vesting is based on a specified payout factor requiring that the market price per share at a specified measurement date plus the value of accumulated dividends during the performance period be at least 80% of the grant-date share price (market condition) or the relative total shareholder return percentile rank versus our peers be equal to or greater than the 50th percentile (market condition)."},{"id":"e31","sourceId":"filing-3","location":"Existing compensation practices: ownership, retention, hedging restrictions and buyback neutralization","excerpt":"What We Do: What We Do Not Do: ü 100% performance-based annual and long-term incentives X Provide guaranteed incentives ü Caps on the payouts under our annual and long-term incentive award programs X Allow speculative and hedging transactions ü Robust share ownership and share retention guidelines X Allow pledging shares and holding them in a margin account ü Neutralize share buyback impact on share-denominated compensation metrics X Create the potential for windfall gains ü Robust recoupment and clawback policies X Enter into employment contracts ü Proactive shareholder engagement X Re-price or backdate of equity awards ü “Double trigger” change-in-control compensation arrangements X Provide unusual or excessive perquisites Management Accountability & Compensation Recoupment BMS employs a number of long-standing compensation best practices, which are designed to engage our employees and align pay to the achievement of both our short-term and long-term goals, the achievement of our mission, delivery of value to our shareholders, and reinforcement of BMS Values."},{"id":"e32","sourceId":"filing-3","location":"Governance: fully independent Board committees","excerpt":"•Fully independent Board Committees: All members of the Audit Committee, Compensation and Management Development Committee, Committee on Directors and Corporate Governance and Science and Technology Committee are “independent” in accordance with or as defined in the rules adopted by the SEC and the New York Stock Exchange and the Company’s own Corporate Governance Guidelines."},{"id":"e33","sourceId":"filing-3","location":"Governance: regular independent-director executive sessions","excerpt":"•Regular executive sessions: Executive sessions of the independent Directors of the Board generally take place at every regular Board meeting."},{"id":"e34","sourceId":"filing-1","location":"Signatures: combined Board Chair and CEO roles as of February 11, 2026","excerpt":"Christopher Boerner, Ph.D. Chair of the Board and Chief Executive Officer Date: February 11, 2026 127 Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated."},{"id":"e35","sourceId":"filing-2","location":"Pipeline progress: accepted applications and interim clinical results","excerpt":"In 2026, we made meaningful progress advancing our pipeline, highlighted by: (i) FDA acceptance of our NDA for iberdomide in RRMM with a PDUFA date of August 17, 2026; (ii) FDA acceptance of our NDA for mezigdomide in RRMM with a PDUFA date of May 13, 2027; (iii) positive interim Phase II results from the ROSETTA Lung-02 study of pumitamig in patients with previously untreated advanced NSCLC; (iv) positive interim results from two Phase III studies conducted in China for iza-bren in heavily pretreated, unresectable locally advanced or metastatic TNBC and recurrent or metastatic ESCC; and (v) FDA acceptance of our sNDA for Camzyos in adolescents with symptomatic oHCM with a PDUFA date of September 30, 2026."}],"changes":["No comparable previous version."],"limitations":["Assessment uses only supplied passages from filings dated February 11, March 25 and July 30, 2026; these dates are filing dates. No subsequent approval, litigation or operating outcome is assumed.","The disclosures establish product-specific barriers but omit a comprehensive exclusivity schedule, comparative clinical outcomes and market-share history. Accounting values for intangible assets do not establish a moat.","Named competitors are limited to explicitly identified Camzyos generic challengers. Trademark owners, glossary entries and collaboration partners are not treated as established competitors. Broader branded and generic competitor coverage is incomplete.","Operating results and contractual disclosures support numerical grades, but all supplied sources are issuer filings. Management descriptions of competitive superiority, AI productivity and pipeline potential are not independently demonstrated advantages.","Demand growth provides indirect evidence of continued customer use; patient persistence, switching behavior and retention rates are absent.","Product-level margins and a comparable consolidated operating-margin series are missing. Pricing and margin-pressure evidence supports a weak resilience assessment without establishing its precise magnitude.","Proxy and granted-award disclosures support alignment and governance assessment, but executive beneficial ownership amounts, realized incentive payouts and full governance effectiveness are not established. Proposed 2026 plan provisions are not treated as evidence of adoption or vesting."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Marketed product rights, the clinical-development barrier faced by innovators and substantial sales of newer medicines demonstrate a current intangible-asset advantage. They do not establish exceptional comparative superiority.","evidenceIds":["e1","e2","e3","e4"]},{"criterion":"durability","grade":2,"rationale":"Growth products and further approvals demonstrate replenishment, while legacy erosion and active patent challenges show that protection is finite. Missing patent-expiry coverage prevents a strong long-term durability conclusion.","evidenceIds":["e4","e7","e8","e14","e15"]},{"criterion":"customer_dependency","grade":2,"rationale":"Higher demand for multiple marketed treatments indicates continued clinical use indirectly. The passages do not demonstrate patient-level switching friction or dependence, and generic erosion shows substitution after protection weakens.","evidenceIds":["e5","e6","e8"]},{"criterion":"erosion_resilience","grade":2,"rationale":"The growing portfolio offset much of the legacy decline in 2025, demonstrating partial resilience. Realized pricing pressure and weaker cash receipts show that replenishment has not insulated the economics.","evidenceIds":["e4","e8","e16","e17"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"U.S. average net selling prices fell 4% in 2025, gross-to-net deductions increased, and the Eliquis list-price reduction weakened 2026 receipts. Higher net prices for Zeposia and Sotyktu demonstrate pockets of pricing strength but do not overcome the broader adverse evidence.","evidenceIds":["e9","e10","e17","e21","e22"]},{"criterion":"retention","grade":2,"rationale":"Demand-led Opdualag and Camzyos growth supports continued use indirectly, rather than a measured retention rate. Generic substitution and reduced reimbursed populations constrain persistence across the portfolio.","evidenceIds":["e5","e6","e8","e16"]},{"criterion":"margin_resilience","grade":1,"rationale":"Realized pricing and reimbursement pressure has harmed results, cash flow and flexibility. Productivity savings provide a partial offset, but the passages do not demonstrate sustained protection of operating margins.","evidenceIds":["e16","e17","e19"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Government price-setting authority and realized reimbursement restrictions materially limit pricing discretion. The disclosed agreement provides conditional relief from future U.S. mandates, while foreign mandates remain applicable; it does not establish unrestricted pricing freedom.","evidenceIds":["e16","e23","e24","e25","e26"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"2025 cash generation and debt repayment, followed by further 2026 repayments, support financial discipline. First-half 2026 operating cash flow covered capital expenditure and dividends, but declined; impairments and substantial collaboration commitments leave investment returns mixed and incompletely demonstrated.","evidenceIds":["e4","e27","e28","e19"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Disclosed multi-year performance metrics, share-retention practices and buyback neutralization support alignment. Granted MSUs can satisfy their market condition at 80% of the grant-date price including dividends, or through the specified relative-return alternative, weakening downside alignment. Actual executive holdings and realized payouts are missing.","evidenceIds":["e29","e30","e31"]},{"criterion":"execution","grade":2,"rationale":"Growth-product sales, demand expansion and a completed indication approval demonstrate commercial and regulatory execution. Clinical failure and impairments make the overall record mixed. Accepted applications and interim trial results are progress, not completed approvals or proven commercial returns.","evidenceIds":["e4","e6","e7","e18","e19","e35"]},{"criterion":"governance","grade":2,"rationale":"Independent committees, regular independent-director sessions and disclosed compensation safeguards establish substantive governance practices. Combined Chair and CEO roles concentrate leadership, and the passages do not establish exceptional oversight effectiveness.","evidenceIds":["e31","e32","e33","e34"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"1b11d8448f4913aeedca63bb8deaaa0e583ad5e761dab338120f0636a4687223","updatedAt":"2026-10-17T23:01:20.229Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm","publishedAt":"2026-02-11","sha256":"9a0816efa66f8e3d5fac63f55e3e72b88ed18273bd57d4a2eb90d129d7d626d0","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/14272/000001427226000020/bmy-20260630.htm","publishedAt":"2026-07-30","sha256":"5a2a518679265ede684f090e60cd7036abe67d32398dc4f99fb383beb1753847","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/14272/000001427226000006/bmy-20260325.htm","publishedAt":"2026-03-25","sha256":"84622cd762076327413122c031686e6b98647808254258598a2ba988fb4ace5a","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:c7b3b537addcb3b37b74c0b759c10064eb87b4a0c47134a6b2517c80dd7203c5","usage":{"input_tokens":52591,"cached_input_tokens":20992,"cache_write_input_tokens":0,"output_tokens":3847,"reasoning_output_tokens":143}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":78.57065861808775,"operating_margin":null,"roic":null,"fcf_margin":32.84251374366713,"sbc_revenue":1.2568718335668858},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":78.03895231699127,"operating_margin":null,"roic":null,"fcf_margin":25.884442903875733,"sbc_revenue":0.9900561104010053},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":76.24094565169088,"operating_margin":null,"roic":null,"fcf_margin":28.10958538861485,"sbc_revenue":1.150957650091099},"issues":{"ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":71.0807453416149,"operating_margin":null,"roic":null,"fcf_margin":28.865424430641824,"sbc_revenue":1.049689440993789},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":71.08353736979707,"operating_margin":null,"roic":null,"fcf_margin":26.652695356268413,"sbc_revenue":1.1474457401336267},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm","publishedAt":"2026-02-11","sha256":"9a0816efa66f8e3d5fac63f55e3e72b88ed18273bd57d4a2eb90d129d7d626d0","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/14272/000001427226000020/bmy-20260630.htm","publishedAt":"2026-07-30","sha256":"5a2a518679265ede684f090e60cd7036abe67d32398dc4f99fb383beb1753847","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/14272/000001427226000006/bmy-20260325.htm","publishedAt":"2026-03-25","sha256":"84622cd762076327413122c031686e6b98647808254258598a2ba988fb4ace5a","dateKind":"filed"}],"history":[{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}