# Bristol Myers Squibb Co Moat

Status: published. Policy: company-analysis-1.

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.

## intangible_assets

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.
- [https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm](https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm) · 2026-02-11
- [https://www.sec.gov/Archives/edgar/data/14272/000001427226000020/bmy-20260630.htm](https://www.sec.gov/Archives/edgar/data/14272/000001427226000020/bmy-20260630.htm) · 2026-07-30
- [https://www.sec.gov/Archives/edgar/data/14272/000001427226000006/bmy-20260325.htm](https://www.sec.gov/Archives/edgar/data/14272/000001427226000006/bmy-20260325.htm) · 2026-03-25

[JSON](https://beanvest.com/stock/bmy/moat.json)