Bristol-Myers Squibb Company

Bristol-Myers Squibb Company is an American biopharmaceutical company that discovers, develops, manufactures and sells prescription medicines for cancer, blood disorders, immune and cardiovascular diseases, and it reported $48.2 billion of revenue in 2025. It sells to wholesalers, distributors and specialty pharmacies in more than 40 countries, operates as a single reportable segment, and employs about 32,500 people.

Nearly half the company is a countdown. BMS books its products into two buckets of its own devising: a Growth Portfolio of newer medicines that produced $26.4 billion in 2025, up 17%, and a Legacy Portfolio that produced $21.8 billion, down 15%. The Legacy pool is not a stable annuity but a schedule of expiries. Its anchor, Eliquis, is the company's largest product at $14.4 billion — roughly 30% of revenue — and it loses U.S. patent protection in 2028, its European composition-of-matter patents in November 2026, and its Japanese exclusivity this year. Add Opdivo, the biggest Growth Portfolio product at $10.0 billion, whose U.S. exclusivity also runs to 2028, and about half of today's revenue is exposed to patent loss within three years.

This report turns on a single question: whether the Growth Portfolio and a pipeline BMS describes as more than 45 assets — with a cluster of pivotal readouts arriving between late 2026 and 2027 — can add revenue fast enough, and profitably enough, to replace what is going away. The market is not paying for optimism. At a $64.86 close, the equity is worth about $132.5 billion, roughly 14 times trailing earnings and 11 times trailing EBITDA — a valuation that assumes the cliff, not the pipeline, wins.