Bristol Myers Squibb

BMS benefits from multiple moat sources: intangible assets (patents, regulatory exclusivities, brand and clinical data packages) across oncology, hematology, immunology, cardiovascular and neuroscience; scale in R&D, commercialization and manufacturing; and elements of efficient scale in complex modalities such as CAR‑T and radiopharmaceuticals.

Morningstar currently classifies BMY among its wide‑moat cohort, but we judge durability as narrower than the label implies due to approaching U.S. loss of exclusivity for Eliquis and Opdivo and IRA price pressures.

The 2024 Form 10‑K lists estimated minimum exclusivity dates: Eliquis U.S. 2028, Opdivo U.S. 2028, with footnotes noting EU pressure and actual early generic presence in some markets. Subcutaneous Opdivo Qvantig may defend share against biosimilar dynamics, but cannot eliminate the cliff.