Bristol-Myers Squibb Company

Bristol-Myers Squibb Company is an American global biopharmaceutical company that discovers, develops, manufactures, and sells innovative medicines across oncology, hematology, immunology, cardiovascular, and neuroscience, generating $48.2 billion in revenue in fiscal 2025. Founded as a New York drug house in 1887 and transformed by the $74 billion Celgene acquisition in 2019, BMS today operates with the scale of a major pharmaceutical company and the research ambition of a biotechnology firm from its headquarters in Princeton, New Jersey.

This is a transition story with the clock running. The company's legacy portfolio — anchored by Eliquis, Revlimid, and Pomalyst — still produces half the top line but faces an accelerating roll-off from generics, biosimilars, and government price-setting under the Inflation Reduction Act. The growth portfolio, a collection of newer products led by Opdivo, Camzyos, Reblozyl, Breyanzi, and the recently launched Cobenfy, grew 17% in 2025 to $26.4 billion and must carry the company through the LOE valley. The file turns on a single question: whether the pipeline — milvexian in cardiovascular, the CELMoDs in hematology, admilparant in pulmonary fibrosis, and the broader neuroscience franchise — can produce enough value before Eliquis and Opdivo lose U.S. exclusivity in 2028.