Bristol-Myers Squibb (BMY)
Develops medicines for cancer, blood disorders, immunology, cardiovascular disease and neuroscience.
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Bristol Myers Squibb sells patented medicines, but two medicine families still pay for most of the company. Fast-growing cancer, blood, heart and brain drugs are taking more of the load as older medicines meet cheaper copies. The whole transition hangs on replacing those fading sales before more exclusivity runs out.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
8 in detail · 10 more below
Opdivo, Opdivo Qvantig, Yervoy and Opdualag
A family of cancer medicines led by Opdivo made $14.37 billion in FY2025. The under-the-skin Qvantig is growing while infused Opdivo slips, so watch whether the easier version preserves sales as exclusivity nears its end.
Competes with Keytruda and Keytruda Qlex (Merck) · Tecentriq and Tecentriq Hybreza (Roche)
In plain English
Cancer can hide from the body's defenses. These medicines help remove different brakes on those defenses, alone or in combinations, so doctors can use the family across several tumors. Qvantig gives Opdivo under the skin instead of through a vein.
Cancer centers buy each dose for eligible patients, and Bristol Myers Squibb collects the sale while paying Ono a share tied to Opdivo. The commercial handoff matters: Qvantig is rising quickly, but part of that growth appears to be patients moving from the older infused version rather than entirely new demand.
Reblozyl
A treatment for certain blood disorders, Reblozyl grew 31% to $2.33 billion in FY2025. Avoiding repeated blood transfusions drives demand; watch competition for the narrower groups of patients who qualify.
Competes with Rytelo (Geron) · Aranesp (Amgen)
In plain English
Think of a blood-cell factory that is running below capacity. Reblozyl treats certain patients with anemia—the condition of having too few healthy red blood cells—and can reduce their need for repeated transfusions. It is used only in selected forms of two uncommon blood disorders.
Specialist blood doctors choose the patients and treatment centers buy the injections. Bristol Myers Squibb receives the sale revenue, then pays Merck roughly one-fifth to one-quarter of it because the medicine is licensed from Merck. More eligible patients and longer use mean more revenue.
Breyanzi
A made-for-one-patient cell treatment for certain blood cancers, Breyanzi rose 82% from a smaller base to $1.36 billion in FY2025. Manufacturing success, delivery time and hospital payment determine how far it can scale.
Competes with Yescarta (Gilead / Kite) · Kymriah (Novartis)
In plain English
This medicine starts with the patient, not a shelf. A hospital collects that person's immune cells, Bristol Myers Squibb has an individualized treatment made from them, and the cells return to the same patient. That custom round trip is used after certain blood cancers have returned or resisted earlier treatment.
Authorized hospitals order one treatment at a time. Revenue grows when more centers can collect cells and safely give the finished treatment, but every order depends on manufacturing working and the shipment returning promptly. It behaves less like a bottle of pills and more like a tightly scheduled custom job.
Zenbexus
A newly approved pill used with two other treatments after multiple myeloma returns. It had no revenue before its August 2026 approval; watch insurer access and the follow-up study needed to confirm its benefit.
Competes with Generic lenalidomide and pomalidomide (Multiple manufacturers) · Tecvayli plus Darzalex Faspro (Johnson & Johnson)
In plain English
A fresh replacement has just reached the shelf. Zenbexus is a pill for multiple myeloma, a cancer of blood-making cells, and is used with two other medicines after at least one earlier treatment stops being enough. Its faster approval came with a requirement to confirm that the benefit holds up.
Community blood-cancer doctors are the intended prescribers, while approved dispensing and insurer coverage govern how quickly patients can start. Bristol Myers Squibb earns on Zenbexus sales, but Johnson & Johnson supplies one of the required companion medicines. The commercial story begins after the fiscal-year revenue snapshot used for this map.
Eliquis
The company's largest medicine prevents and treats dangerous blood clots, producing $14.44 billion in FY2025. Pfizer receives half the profit; watch cheaper European copies and the expected sales step-down in FY2027.
Competes with Xarelto (Bayer / Johnson & Johnson) · Pradaxa and generic dabigatran (Boehringer Ingelheim / multiple manufacturers)
In plain English
A blood clot can block blood flow to the brain or lungs. Eliquis is a pill that lowers that risk for people with an irregular heartbeat and for patients being treated for, or protected from, clots in veins. Many patients keep taking it because the risk does not vanish after one dose.
Doctors prescribe it, pharmacies dispense it and insurers decide how easy it is to obtain. Bristol Myers Squibb records every sale but shares the worldwide profit and loss equally with Pfizer, its development partner. That makes Eliquis enormous on the revenue line while leaving Bristol Myers Squibb with only part of the economics.
Orencia
A steady treatment for several immune diseases, Orencia brought in $3.71 billion in FY2025 with little growth. Its job is dependable sales; watch insurer restrictions and competition from cheaper copies of rival medicines.
Competes with Humira and biosimilar adalimumab (AbbVie / multiple manufacturers) · Rinvoq (AbbVie)
In plain English
The unglamorous steady seller. Orencia calms an immune system that is attacking the body's own joints or tissues. Depending on the illness, it can be given through a vein or injected under the skin, which makes it a repeated treatment rather than a one-time cure.
Rheumatology practices and other treatment centers prescribe it for eligible patients, then insurers often require people to try other medicines first. Bristol Myers Squibb earns from each continuing course. Demand is broad, but rival injections, lower-cost copies of those rivals and oral alternatives leave Orencia with the job of holding a durable base rather than racing ahead.
Camzyos
A pill for a heart muscle that squeezes too forcefully, Camzyos grew 77% from a modest base to $1.07 billion in FY2025. Required heart scans slow access but also support careful long-term use.
Competes with Myqorzo (Cytokinetics) · Norpace and generic disopyramide (Pfizer / multiple manufacturers)
In plain English
When the heart muscle squeezes too hard, blood can struggle to leave the heart. Camzyos is a pill that reduces that excessive squeeze for people with a particular heart condition and symptoms. It is not handed out casually: doctors, pharmacies and patients must follow a safety program.
Specialist heart doctors write the prescriptions, and patients need repeated ultrasound pictures of the heart to check how it is pumping. Those extra steps can delay or limit starts, yet every newly diagnosed and monitored patient can become a continuing prescription. A newer medicine that works in a similar way now competes for the same group.
Cobenfy
A differently acting schizophrenia pill acquired with Karuna, Cobenfy made $155 million in FY2025. Growth is still off a tiny base, and delays to studies in additional illnesses make wider use less certain.
Competes with Vraylar (AbbVie / Gedeon Richter) · Caplyta (Johnson & Johnson)
In plain English
Most familiar schizophrenia medicines act on one kind of chemical message in the brain; Cobenfy uses a different set of message receivers. It pairs two ingredients so the main effect can work while unwanted effects elsewhere in the body are held back. Adults take it as a pill.
Psychiatrists create demand one prescription at a time, pharmacies fill it and public insurance coverage determines whether patients can stay on it. Bristol Myers Squibb bought the medicine with Karuna and now keeps the product sales. The first market is schizophrenia; hoped-for uses in other illnesses still depend on delayed studies producing convincing results.
Opdivo, Opdivo Qvantig, Yervoy and OpdualagA family of cancer medicines led by Opdivo made $14.37 billion in FY2025. The under-the-skin Qvantig is growing while infused Opdivo slips, so watch whether the easier version preserves sales as exclusivity nears its end.A family of cancer medicines led by Opdivo made $14.37 billion in FY2025. The under-the-skin Qvantig is growing while infused Opdivo slips, so watch whether the easier version preserves sales as exclusivity nears its end.
In plain English
Cancer can hide from the body's defenses. These medicines help remove different brakes on those defenses, alone or in combinations, so doctors can use the family across several tumors. Qvantig gives Opdivo under the skin instead of through a vein.
Cancer centers buy each dose for eligible patients, and Bristol Myers Squibb collects the sale while paying Ono a share tied to Opdivo. The commercial handoff matters: Qvantig is rising quickly, but part of that growth appears to be patients moving from the older infused version rather than entirely new demand.
Competes with Keytruda and Keytruda Qlex (Merck) · Tecentriq and Tecentriq Hybreza (Roche)
ReblozylA treatment for certain blood disorders, Reblozyl grew 31% to $2.33 billion in FY2025. Avoiding repeated blood transfusions drives demand; watch competition for the narrower groups of patients who qualify.A treatment for certain blood disorders, Reblozyl grew 31% to $2.33 billion in FY2025. Avoiding repeated blood transfusions drives demand; watch competition for the narrower groups of patients who qualify.
In plain English
Think of a blood-cell factory that is running below capacity. Reblozyl treats certain patients with anemia—the condition of having too few healthy red blood cells—and can reduce their need for repeated transfusions. It is used only in selected forms of two uncommon blood disorders.
Specialist blood doctors choose the patients and treatment centers buy the injections. Bristol Myers Squibb receives the sale revenue, then pays Merck roughly one-fifth to one-quarter of it because the medicine is licensed from Merck. More eligible patients and longer use mean more revenue.
Competes with Rytelo (Geron) · Aranesp (Amgen)
BreyanziA made-for-one-patient cell treatment for certain blood cancers, Breyanzi rose 82% from a smaller base to $1.36 billion in FY2025. Manufacturing success, delivery time and hospital payment determine how far it can scale.A made-for-one-patient cell treatment for certain blood cancers, Breyanzi rose 82% from a smaller base to $1.36 billion in FY2025. Manufacturing success, delivery time and hospital payment determine how far it can scale.
In plain English
This medicine starts with the patient, not a shelf. A hospital collects that person's immune cells, Bristol Myers Squibb has an individualized treatment made from them, and the cells return to the same patient. That custom round trip is used after certain blood cancers have returned or resisted earlier treatment.
Authorized hospitals order one treatment at a time. Revenue grows when more centers can collect cells and safely give the finished treatment, but every order depends on manufacturing working and the shipment returning promptly. It behaves less like a bottle of pills and more like a tightly scheduled custom job.
Competes with Yescarta (Gilead / Kite) · Kymriah (Novartis)
ZenbexusA newly approved pill used with two other treatments after multiple myeloma returns. It had no revenue before its August 2026 approval; watch insurer access and the follow-up study needed to confirm its benefit.A newly approved pill used with two other treatments after multiple myeloma returns. It had no revenue before its August 2026 approval; watch insurer access and the follow-up study needed to confirm its benefit.
In plain English
A fresh replacement has just reached the shelf. Zenbexus is a pill for multiple myeloma, a cancer of blood-making cells, and is used with two other medicines after at least one earlier treatment stops being enough. Its faster approval came with a requirement to confirm that the benefit holds up.
Community blood-cancer doctors are the intended prescribers, while approved dispensing and insurer coverage govern how quickly patients can start. Bristol Myers Squibb earns on Zenbexus sales, but Johnson & Johnson supplies one of the required companion medicines. The commercial story begins after the fiscal-year revenue snapshot used for this map.
Competes with Generic lenalidomide and pomalidomide (Multiple manufacturers) · Tecvayli plus Darzalex Faspro (Johnson & Johnson)
EliquisThe company's largest medicine prevents and treats dangerous blood clots, producing $14.44 billion in FY2025. Pfizer receives half the profit; watch cheaper European copies and the expected sales step-down in FY2027.The company's largest medicine prevents and treats dangerous blood clots, producing $14.44 billion in FY2025. Pfizer receives half the profit; watch cheaper European copies and the expected sales step-down in FY2027.
In plain English
A blood clot can block blood flow to the brain or lungs. Eliquis is a pill that lowers that risk for people with an irregular heartbeat and for patients being treated for, or protected from, clots in veins. Many patients keep taking it because the risk does not vanish after one dose.
Doctors prescribe it, pharmacies dispense it and insurers decide how easy it is to obtain. Bristol Myers Squibb records every sale but shares the worldwide profit and loss equally with Pfizer, its development partner. That makes Eliquis enormous on the revenue line while leaving Bristol Myers Squibb with only part of the economics.
Competes with Xarelto (Bayer / Johnson & Johnson) · Pradaxa and generic dabigatran (Boehringer Ingelheim / multiple manufacturers)
OrenciaA steady treatment for several immune diseases, Orencia brought in $3.71 billion in FY2025 with little growth. Its job is dependable sales; watch insurer restrictions and competition from cheaper copies of rival medicines.A steady treatment for several immune diseases, Orencia brought in $3.71 billion in FY2025 with little growth. Its job is dependable sales; watch insurer restrictions and competition from cheaper copies of rival medicines.
In plain English
The unglamorous steady seller. Orencia calms an immune system that is attacking the body's own joints or tissues. Depending on the illness, it can be given through a vein or injected under the skin, which makes it a repeated treatment rather than a one-time cure.
Rheumatology practices and other treatment centers prescribe it for eligible patients, then insurers often require people to try other medicines first. Bristol Myers Squibb earns from each continuing course. Demand is broad, but rival injections, lower-cost copies of those rivals and oral alternatives leave Orencia with the job of holding a durable base rather than racing ahead.
Competes with Humira and biosimilar adalimumab (AbbVie / multiple manufacturers) · Rinvoq (AbbVie)
CamzyosA pill for a heart muscle that squeezes too forcefully, Camzyos grew 77% from a modest base to $1.07 billion in FY2025. Required heart scans slow access but also support careful long-term use.A pill for a heart muscle that squeezes too forcefully, Camzyos grew 77% from a modest base to $1.07 billion in FY2025. Required heart scans slow access but also support careful long-term use.
In plain English
When the heart muscle squeezes too hard, blood can struggle to leave the heart. Camzyos is a pill that reduces that excessive squeeze for people with a particular heart condition and symptoms. It is not handed out casually: doctors, pharmacies and patients must follow a safety program.
Specialist heart doctors write the prescriptions, and patients need repeated ultrasound pictures of the heart to check how it is pumping. Those extra steps can delay or limit starts, yet every newly diagnosed and monitored patient can become a continuing prescription. A newer medicine that works in a similar way now competes for the same group.
Competes with Myqorzo (Cytokinetics) · Norpace and generic disopyramide (Pfizer / multiple manufacturers)
CobenfyA differently acting schizophrenia pill acquired with Karuna, Cobenfy made $155 million in FY2025. Growth is still off a tiny base, and delays to studies in additional illnesses make wider use less certain.A differently acting schizophrenia pill acquired with Karuna, Cobenfy made $155 million in FY2025. Growth is still off a tiny base, and delays to studies in additional illnesses make wider use less certain.
In plain English
Most familiar schizophrenia medicines act on one kind of chemical message in the brain; Cobenfy uses a different set of message receivers. It pairs two ingredients so the main effect can work while unwanted effects elsewhere in the body are held back. Adults take it as a pill.
Psychiatrists create demand one prescription at a time, pharmacies fill it and public insurance coverage determines whether patients can stay on it. Bristol Myers Squibb bought the medicine with Karuna and now keeps the product sales. The first market is schizophrenia; hoped-for uses in other illnesses still depend on delayed studies producing convincing results.
Competes with Vraylar (AbbVie / Gedeon Richter) · Caplyta (Johnson & Johnson)
Named in filings, launches and programs
- Zeposia, Abecma, Sotyktu and KrazatiProduct lineFour smaller marketed medicines that together produced $1.50 billion in FY2025; Abecma's U.S. rights were consolidated in May 2025.
- Other Growth ProductsProduct lineAugtyro, Onureg, Inrebic, Nulojix and Empliciti sales plus payments tied to Winrevair together added $1.92 billion in FY2025.
- milvexianProduct · Pre-revenueA Janssen-partnered clot-prevention pill in late-stage testing; the irregular-heartbeat study result moved to early 2027.
- pumitamigProduct · Pre-revenueA BioNTech-partnered cancer treatment in mid-to-late-stage lung-cancer testing and other solid-tumor studies, with costs and potential profits split equally.
- iza-brenProduct · Pre-revenueA SystImmune-partnered treatment carrying cancer-killing medicine to two targets, now in late-stage breast and esophageal cancer studies.
- admilparantProduct · Pre-revenueAn oral treatment in late-stage testing for unexplained scarring of the lungs.
- Radiopharmaceutical platformProduct line · Pre-revenueRadiation-carrying cancer medicines led by RYZ101, which is in late-stage testing for a rare tumor of hormone-making cells.
- OTX-201 / Orbital RNA platformProduct · Pre-revenueAn early laboratory-stage attempt to create a cell treatment inside the body for autoimmune disease, acquired with Orbital.
- mezigdomideProduct · Pre-revenueA second new-style myeloma medicine submitted for U.S. approval, with an agency decision due in May 2027.
- U.S. Government AgreementCustomer programMakes Eliquis free to Medicaid and sharply discounts selected cash-pay medicines in exchange for tariff relief through January 2029.
Zeposia, Abecma, Sotyktu and KrazatiProduct line
Four smaller marketed medicines that together produced $1.50 billion in FY2025; Abecma's U.S. rights were consolidated in May 2025.
Other Growth ProductsProduct line
Augtyro, Onureg, Inrebic, Nulojix and Empliciti sales plus payments tied to Winrevair together added $1.92 billion in FY2025.
milvexianProduct · Pre-revenue
A Janssen-partnered clot-prevention pill in late-stage testing; the irregular-heartbeat study result moved to early 2027.
pumitamigProduct · Pre-revenue
A BioNTech-partnered cancer treatment in mid-to-late-stage lung-cancer testing and other solid-tumor studies, with costs and potential profits split equally.
iza-brenProduct · Pre-revenue
A SystImmune-partnered treatment carrying cancer-killing medicine to two targets, now in late-stage breast and esophageal cancer studies.
admilparantProduct · Pre-revenue
An oral treatment in late-stage testing for unexplained scarring of the lungs.
Radiopharmaceutical platformProduct line · Pre-revenue
Radiation-carrying cancer medicines led by RYZ101, which is in late-stage testing for a rare tumor of hormone-making cells.
OTX-201 / Orbital RNA platformProduct · Pre-revenue
An early laboratory-stage attempt to create a cell treatment inside the body for autoimmune disease, acquired with Orbital.
mezigdomideProduct · Pre-revenue
A second new-style myeloma medicine submitted for U.S. approval, with an agency decision due in May 2027.
U.S. Government AgreementCustomer program
Makes Eliquis free to Medicaid and sharply discounts selected cash-pay medicines in exchange for tariff relief through January 2029.