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Bristol Myers Squibb
BMY
NYSE $56.06
How effective is Bristol Myers Squibb's capital allocation strategy?
BMS leaned into large acquisitions to backfill the cliff: Karuna (closed March 2024), RayzeBio (closed February 2024) and Mirati (closed January 2024). 2024 cash flows show over 21.8 billion dollars of acquisition and other payments; share repurchases paused in 2024 after 5.2 billion dollars in 2023. The strategy diversifies into neuroscience and radiopharma and adds Krazati in oncology, but raises integration and return‑on‑capital risks; 2024 GAAP results were heavily impacted by 13.4 billion dollars of acquired IPR&D expense.
We view capital allocation as mixed until new assets deliver durable cash returns.
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Overview of Bristol Myers Squibb
Does Bristol Myers Squibb have a strong competitive moat?
Does Bristol Myers Squibb have pricing power in its industry?
How predictable is Bristol Myers Squibb's business?
Is Bristol Myers Squibb financially strong?
How effective is Bristol Myers Squibb's capital allocation strategy?
Does Bristol Myers Squibb have high-quality management?
What is the fair value of Bristol Myers Squibb stock?