Bristol-Myers Squibb Company (BMY): Business Model Canvas [Dec-2025 Updated]

You're looking to see how a pharma giant pivots when its cash cows start facing generic pressure, and honestly, the Bristol-Myers Squibb Company's Business Model Canvas tells a clear story of transformation. We're not just talking about minor tweaks; this is a full-scale shift from legacy blockbusters toward a high-growth portfolio centered on oncology and cell therapy, aiming for a revenue guidance of $47.5 billion to $48.0 billion for 2025. They are pouring serious capital into this, dropping $4.837 billion on R&D in just the first half of 2025 alone, while simultaneously targeting $1.5 billion in cost savings-that's a tightrope walk. Below, I've broken down exactly how their key partnerships, resource allocation, and revenue streams are re-aligning to support this aggressive, defintely necessary, future. Dive in to see the mechanics behind this multi-billion dollar bet.

Bristol-Myers Squibb Company (BMY) - Canvas Business Model: Key Partnerships

You're looking at the external engines driving Bristol-Myers Squibb Company's strategy as of late 2025. These alliances aren't just nice-to-haves; they are critical for pipeline progression and managing the revenue transition away from major legacy products. Honestly, the sheer volume of external sourcing in their pipeline-over 60 percent-shows just how central these partnerships are to their current structure.

Co-commercialization of Eliquis with Pfizer Alliance

The alliance with Pfizer for the anticoagulant Eliquis remains a cornerstone of Bristol-Myers Squibb Company's current revenue base, even as patent expiration looms. The structure is straightforward: Bristol-Myers Squibb Company and Pfizer jointly develop and commercialize Eliquis, sharing profits and losses equally on a global scale. There's an exception, though; in specific countries where Pfizer handles commercialization, Pfizer pays Bristol-Myers Squibb Company a sales-based fee.

While the company reported Q2 2025 revenues of $12.3 billion, Eliquis, as part of the legacy portfolio, is a major contributor. Bristol-Myers Squibb Company expects the period of significant growth for Eliquis to end in 2025 due to anticipated generic entry in the U.S. beginning around April 1, 2028. Patent expiry in key European Union markets is expected in the second half of 2026.

Here's a look at the projected revenue impact, which shows why the partnership structure is key:

Metric	Year	Projected Revenue Range (USD)
U.S. Eliquis Revenue	2026	$8.5 - $10.5 billion
Worldwide Eliquis Revenue	2026	$10.5 - $12.5 billion
U.S. Eliquis Revenue	2027	$8.0 - $10.0 billion
Worldwide Eliquis Revenue	2027	$8.5 - $11.0 billion

Strategic alliance with BioNTech for next-generation bispecific antibody BNT327

In June 2025, Bristol-Myers Squibb Company entered a significant global strategic partnership with BioNTech for the co-development and co-commercialization of BNT327, a bispecific antibody targeting PD-L1 and VEGF-A. This deal is structured to share risk and reward equally. Bristol-Myers Squibb Company will book sales outside the U.S., while BioNTech retains the right to book sales within the U.S.

Financially, the commitment was substantial:

• Bristol-Myers Squibb Company paid BioNTech an upfront payment of $1.5 billion, which was recorded as Acquired IPR&D Expense in Q2 2025.
• An additional $2 billion in non-contingent anniversary payments are scheduled through 2028.
• BioNTech is eligible for up to $7.6 billion in further development, regulatory, and commercial milestones.
• Joint development and manufacturing costs are shared on a 50:50 basis, subject to exceptions.
• Global profits and losses are shared equally.

The clinical plan is aggressive; more than 20 clinical trials are ongoing or planned, with a global Phase 3 trial for triple-negative breast cancer planned to start by the end of 2025.

Joint venture with Bain Capital for five out-licensed immunology assets

Bristol-Myers Squibb Company and Bain Capital launched a new independent biopharmaceutical company, referred to as NewCo, focused on immunology therapies. This move allows Bristol-Myers Squibb Company to strategically shift its Immunology research focus while retaining upside potential on promising, non-core assets.

The key terms of this arrangement include:

• NewCo launches with five immunology assets in-licensed from Bristol-Myers Squibb Company, including three clinical-stage and two Phase 1-ready programs.
• Bain Capital led a $300 million financing commitment for NewCo.
• Bristol-Myers Squibb Company retains a nearly 20 percent equity stake in NewCo.
• Bristol-Myers Squibb Company is entitled to royalties and milestones tied to the success of each asset.

The portfolio includes afimetoran, an oral TLR7/8 inhibitor in a Phase 2 trial for systemic lupus erythematosus (SLE), and BMS-986322, an oral TYK2 inhibitor with positive proof-of-concept data in plaque psoriasis Phase 2 trials. The Canada Pension Plan Investment Board also joined the investment round.

$380 million supply agreement with Cellares for CAR T manufacturing capacity

To address historical production and capacity issues with its CAR T-cell therapies like Abecma and Breyanzi, Bristol-Myers Squibb Company entered a worldwide capacity reservation and supply agreement with Cellares. This deal is valued up to $380 million in upfront and milestone payments. This agreement strengthens the internal manufacturing network by providing access to Cellares' proprietary Cell Shuttle platform, which is designed for end-to-end, fully automated cell-therapy manufacturing.

The commitment secures:

• Exclusive use of multiple Cell Shuttle and Cell Q quality control systems.
• Deployment of these systems across Cellares' Smart Factories in the U.S., the European Union, and Japan.
• The platform promises increased agility, improved scalability, and potential to improve turnaround time.

Collaboration with PathAI to use AI in translational research and clinical trials

Bristol-Myers Squibb Company has an expanded, multi-year collaboration with PathAI, building on a relationship that began in 2016. The focus is on leveraging AI-powered pathology in translational research and clinical trials across oncology, fibrosis, and immunology. The goal is to utilize AI pathology models to de-risk therapeutic development by better identifying patient populations and enhancing patient segmentation in trials.

A specific area of joint development involves AI-powered diagnostics, such as measuring CD8 T-cell infiltration across oncology areas, a biomarker shown to potentially predict immunotherapy response. This partnership is part of Bristol-Myers Squibb Company's broader strategy, as twenty of its twenty-three leading transformational medicines are derived from collaborations.

Finance: draft 13-week cash view by Friday.

Bristol-Myers Squibb Company (BMY) - Canvas Business Model: Key Activities

Bristol-Myers Squibb Company (BMY) focuses its Key Activities on intensive scientific discovery, strategic portfolio shaping through M&A, and maximizing the commercial life of its key assets.

Extensive Research and Development (R&D) in oncology and hematology

Bristol-Myers Squibb Company maintains a significant commitment to R&D, supporting a diversified late-stage pipeline.

For the twelve months ending September 30, 2025, Bristol-Myers Squibb Company's research and development expenses were $10.556B. This follows $11.159B in annual research and development expenses for 2024. In the first quarter of 2025, GAAP research and development expenses were $2.3 billion. For the third quarter of 2025, GAAP research and development expenses were $2.5 billion. The company sustains annual R&D spend generally in the $8-12 billion range.

Key R&D activity metrics:

• Research and development expenses for the first half of 2025 totaled $4.837 billion.
• Non-GAAP research and development expenses for Q1 2025 decreased 5%.
• Non-GAAP research and development expenses for Q3 2025 increased 3%.

Global manufacturing and complex supply chain management for cell therapies (CAR T)

Managing the complex, personalized supply chain for cell therapies is a core activity, evidenced by the growth of its CAR T portfolio.

The CAR T therapy Breyanzi generated sales of $747 million in 2024, which was more than double its performance the prior year. For the first half of 2025, Breyanzi sales reached $607 million.

Strategic acquisitions to bolster the pipeline, like Karuna Therapeutics for Cobenfy

Bristol-Myers Squibb Company actively uses business development to acquire assets to drive durable growth, such as the acquisition of Karuna Therapeutics, Inc.

Bristol-Myers Squibb Company finalized the acquisition of Karuna Therapeutics for $14 billion in cash in March 2024. This transaction resulted in an approximately $12 billion one-time, non-deductible Acquired In-Process Research and Development (Acquired IPR&D) charge impacting 2024 GAAP and non-GAAP EPS by approximately $5.93. The lead asset, KarXT, had a Prescription Drug User Fee Act (PDUFA) date of September 26, 2024, for schizophrenia.

Bristol-Myers Squibb Company's strategy pairs commercial leaders with targeted buys like Karuna, RayzeBio, and Mirati.

Life cycle management for key products like Opdivo and Eliquis

Sustaining revenue from legacy products through indication expansion and formulation updates is crucial while facing potential loss of exclusivity (LOE) pressures.

Sales data for key products in 2024 and the first half of 2025:

Product	2024 Sales (Millions USD)	H1 2025 Sales (Millions USD)	2024 Sales % Change YoY
Eliquis	$13,333	$7,245	Increase (based on 2023 sales of $12,206 million)
Opdivo	$9,304	$4,824	Increase (based on 2023 sales of $9,009 million)

For Opdivo, the subcutaneously injected version added another $67 million in sales in the third quarter of 2025. Bristol-Myers Squibb Company expects to convert 30% to 40% of its Opdivo sales to the subcutaneous version before patent expiration. Eliquis U.S. sales pulled down $8.6 billion in 2023.

Commercialization and marketing of the Growth Portfolio

The Growth Portfolio is central to Bristol-Myers Squibb Company's near-term performance and future revenue outlook.

Growth Portfolio revenues showed strong momentum:

• Growth Portfolio revenues were $5.6 billion in the first quarter of 2025, representing a 16% increase.
• Growth Portfolio revenues increased 18% to $6.9 billion in the third quarter of 2025.
• Growth Portfolio revenues surged 20% in Q3 2025, now accounting for half of total revenues.

Bristol-Myers Squibb Company raised its full-year 2025 non-GAAP revenue guidance to a range of approximately $47.5 billion to $48.0 billion. The company also increased its non-GAAP EPS range to $6.70 to $7.00 for the full year 2025.

Bristol-Myers Squibb Company (BMY) - Canvas Business Model: Key Resources

You're looking at the hard assets that power Bristol-Myers Squibb Company's operations right now, late in 2025. These aren't just buildings; they are the patents, the pipeline, and the global footprint that generate revenue and secure future growth.

Core Intellectual Property (IP) portfolio, especially for Opdivo and Eliquis

The value of Bristol-Myers Squibb Company's core IP is tied directly to its two largest revenue drivers, both facing significant patent challenges this decade. Eliquis, co-developed with Pfizer, generated $13.3 billion in worldwide revenue in 2024, representing 27.63% of total revenue that year. Its U.S. patent protection is set to end between 2026 and 2027, with generic market entry anticipated in April 2028. European markets will see patent expiration for Eliquis during the second half of 2026.

Opdivo, the cancer immunotherapy, brought in $9.3 billion in 2024 revenue. The U.S. patent expiration for Opdivo is scheduled for 2028. Analysts expected Opdivo sales to reach $11.75 billion by 2026. The company is also leaning on newer launches, like a subcutaneous version of Opdivo approved late last year, to help navigate these exclusivity losses.

Key Product	2024 Revenue (USD)	Approximate % of 2024 Total Revenue	U.S. Patent Expiry Window
Eliquis	$13.3 billion	27.63%	2026-2027
Opdivo	$9.3 billion	~19%	2028
Revlimid	$5.8 billion	12%	April 2025

High-growth product portfolio, expected to exceed 50% of 2025 revenue

Bristol-Myers Squibb Company is actively pivoting its revenue base toward newer assets, termed the Growth Portfolio, to offset upcoming patent erosion. In 2024, this portfolio generated $22.6 billion in sales, marking a 17% year-over-year growth. For the first three quarters of 2025, the Growth Portfolio delivered $6.9 billion in Q3 alone, representing an 18% increase compared to the year-ago period. The company raised its full-year 2025 revenue guidance to a range of $45.8 billion to $46.8 billion.

The composition of this growth engine includes several key assets:

• Cobenfy, an antipsychotic acquired via the $14 billion Karuna Therapeutics deal in 2023.
• Cell therapies such as Breyanzi and Abecma.
• Reblozyl, which contributed to sales growth.
• Opdualag, which generated $928 million in 2024 revenue.

Global network of R&D and manufacturing facilities, including cell therapy hubs

The physical infrastructure is being bolstered by significant capital commitment. Bristol-Myers Squibb Company recently announced plans to invest $40 billion in the U.S. over the next five years to expand its research and manufacturing presence. This investment is intended to strengthen its presence, ramp up radiopharmaceutical manufacturing, and integrate artificial intelligence and machine learning into innovation efforts. The Chief Financial Officer noted that the company's global manufacturing footprint offers flexibility to manage supply chain risks, including potential tariffs.

R&D investment remains substantial, though optimized:

• Trailing twelve-month (TTM) R&D costs as of Q3 2025 were $10.402 billion.
• Q3 2025 R&D charges were $2.58 billion, an 11% year-over-year decline, reflecting capital reallocation.
• The 2024 worldwide R&D investment totaled $11.2 billion.

Deep scientific expertise in immuno-oncology and translational medicine

Bristol-Myers Squibb Company's scientific core remains focused on therapeutic areas where its key products reside, specifically oncology, immunoscience, and genetically defined diseases. Translational medicine, which moves discoveries from the lab to the clinic, is critical for pipeline advancement.

Evidence of this expertise is seen in:

• The continued expansion of Opdivo indications.
• The focus on advancing mid-stage assets to mitigate post-2030 risks.
• Strategic acquisitions like RayzeBio, signaling a pivot into radiopharmaceuticals.
• Development programs in targeted protein degradation, a key area for pipeline replenishment.

Finance: draft 13-week cash view by Friday.

Bristol-Myers Squibb Company (BMY) - Canvas Business Model: Value Propositions

You're looking at the core offerings that Bristol-Myers Squibb Company is putting in front of the market right now, late in 2025. It's all about delivering transformational medicines where the need is highest, backed by some serious growth numbers.

Transformational Medicines for Serious Diseases

Bristol-Myers Squibb Company is focused on bringing forward therapies for serious diseases, particularly in oncology and cardiovascular health. The company's strategic pivot is showing up clearly in the financials; the Growth Portfolio, which houses these newer assets, saw revenues increase 18% year-over-year in the third quarter of 2025, reaching $6.9 billion. Management raised the full-year 2025 revenue guidance to a range of approximately $47.5 billion to $48.0 billion.

Leadership in Immuno-Oncology (IO)

Bristol-Myers Squibb Company claims leadership in Immuno-Oncology, stating they are the only company that has launched and commercialized three IO assets. This focus is supported by ongoing development, including a partnership with BioNTech for a bispecific antibody candidate, BNT327, with potential milestone payments reaching up to $7.6 billion.

First-in-Class CAR T Cell Therapy (Breyanzi)

The cell therapy Breyanzi (lisocabtagene maraleucel; liso-cel) is a major value driver, showing growth of 60%. It is now the first and only CAR T cell therapy approved by the FDA for five different cancer types in the US: marginal zone lymphoma (MZL), large B-cell lymphoma (LBCL), follicular lymphoma (FL), chronic lymphocytic leukemia (CLL), and mantle cell lymphoma (MCL). Sales for Breyanzi doubled in the first nine months of 2025 to hit $966 million. The latest approval for MZL showed a 95.5% overall response rate in a trial cohort of 66 patients.

Bristol-Myers Squibb Company's CAR T cell therapy portfolio is expanding its reach:

• Breyanzi is the first CAR-T approved for relapsed or refractory Marginal Zone Lymphoma.
• It is the most widely approved CD19-directed CAR T therapy in cancer.
• The company is a pioneer in harnessing the immune system to fight cancer.

Novel Mechanism of Action for Cobenfy

Cobenfy (xanomeline and trospium chloride) offers a new approach for schizophrenia, being the first antipsychotic with a novel mechanism of action in over 50 years. It works by targeting $\text{M}_1$ and $\text{M}_4$ muscarinic receptors in the central nervous system, unlike older drugs that block dopamine $\text{D}_2$ receptors. The drug was approved for schizophrenia in adults in September 2024. Bristol-Myers Squibb Company is also testing Cobenfy for psychosis and cognitive decline in Alzheimer's disease, with results from the ADEPT-2 trial expected by the end of 2026. Weekly total prescriptions (TRx) for Cobenfy have surpassed 2,700, exceeding any other schizophrenia launch in recent years.

Patient Access Programs for Cardiovascular Health

For its cardiovascular portfolio, Bristol-Myers Squibb Company, through the BMS-Pfizer Alliance, is directly addressing patient out-of-pocket costs for Eliquis (apixaban), the nation's number one prescribed oral anticoagulant.

Here are the specifics on the Eliquis 360 Support direct-to-patient program:

Metric	Value/Detail
Program Launch Date	September 8, 2025
Discount Offered	More than 40% off the current list price
Discounted Monthly Price (30-day supply)	$346
Original List Price (30-day supply)	$606
Geographic Coverage	All 50 states and Puerto Rico
Global Sales (Last Year)	$13.3 billion

This program is specifically designed to help uninsured, underinsured, or self-pay patients manage costs for this critical medicine.

Bristol-Myers Squibb Company (BMY) - Canvas Business Model: Customer Relationships

You're looking at how Bristol-Myers Squibb Company manages its relationships with the specialists and patients who use its high-value medicines, which is crucial given the complexity and cost of their portfolio.

High-touch, specialized support for complex cell therapies (Cell Therapy 360 platform)

Bristol-Myers Squibb Company supports the treatment journey for its cell therapies, such as Breyanzi, through the Cell Therapy 360 digital service platform. This platform is designed to optimize access to relevant information, manufacturing updates, and direct support for patients and care partners. For instance, real-world data captured on the Cell Therapy 360 portal for Abecma showed a manufacturing success rate (MSR) of 96.8% across 4,117 patients who underwent leukapheresis between February 23, 2021, and May 1, 2024. The MSR rate improved to 98.0% in 2024. The platform also offers logistical support, potentially covering transportation, lodging, and meal assistance for eligible patients and a caregiver throughout the treatment journey by calling 1-888-805-4555 (Press 2 then option 3 for patient support programs).

Dedicated Medical Science Liaisons (MSLs) for scientific exchange with specialists

Scientific exchange with specialists is managed by a dedicated field force. The financial commitment to this function is reflected in compensation figures. The average salary for a Medical Science Liaison at Bristol-Myers Squibb Company in 2025 is approximately $166,549. The typical salary range for this role falls between $162k and $171k for the 25th to 75th percentile of earners in 2025.

Patient assistance programs to manage out-of-pocket costs for high-value drugs

Bristol-Myers Squibb Company maintains Patient Assistance Programs (PAPs) to offer free or low-cost drugs to individuals unable to pay, though eligibility criteria, especially for commercially-insured patients, has been subject to change starting in 2025. The company offers co-pay assistance for eligible, commercially-insured patients prescribed certain products like YERVOY, SPRYCEL, REVLIMID, and IDHIFA through the BMS Access Support line at 1-800-861-0048. The Cell Therapy 360 program includes a Copay Assistance Program that can cover out-of-pocket expenses for commercially insured patients receiving a Bristol-Myers Squibb CAR T cell therapy product. Industry-wide estimates suggest companies spend about $4 billion annually to keep these financial assistance programs running, covering steep discounts for more than 300 drugs overall.

Here's a look at some of the specific support mechanisms and associated data points:

Support Mechanism	Program/Drug Example	Relevant Metric/Value	Year/Period
Cell Therapy Logistics Support	Cell Therapy 360	Transportation, lodging, and meal assistance	Ongoing
CAR T Cell Copay Assistance	Commercially-insured patients for CAR T	Covers out-of-pocket expenses for the product only	2025
Cell Therapy Manufacturing Success	Abecma (via Cell Therapy 360 portal)	98.0% MSR	2024
General PAP Drug Coverage	Industry-wide PAPs	More than 300 drugs	Recent Estimate

Direct-to-consumer (DTC) advertising to drive patient demand for key brands

Direct-to-consumer advertising remains a key driver for demand for certain brands. In September 2025, Bristol Myers Squibb Company began TV ads for the schizophrenia medication Cobenfy, with an estimated national TV ad spend of $11.4 million for that month, up from $0 in August 2025. Separately, the drug Eliquis, which Bristol-Myers Squibb co-promotes with Pfizer, has seen over $1 billion in DTC advertising since 2013. The total US national linear TV ad spend for the top 10 pharma brands in Q3 2025 was approximately $544.8 million.

The company's 2025 forecasted sales are around $45.5 billion.

• The estimated national TV ad spend for Cobenfy in September 2025 was $11.4 million.
• The total estimated national linear TV ad spend for the top 10 pharma brands in Q3 2025 was $544.8 million.
• Bristol-Myers Squibb Company forecasted 2025 adjusted EPS in the range of $6.55 to $6.85.

Finance: draft 13-week cash view by Friday.

Bristol-Myers Squibb Company (BMY) - Canvas Business Model: Channels

Bristol-Myers Squibb Company employs a multi-faceted channel strategy to ensure its portfolio of biopharmaceutical products reaches healthcare providers and patients across the globe. The company sells products to a diverse set of entities, including wholesalers, distributors, pharmacies, retailers, hospitals, clinics, and government agencies. This network is supported by a sophisticated global supply chain designed for timely and reliable delivery.

The foundation of product movement relies on a global network of pharmaceutical wholesalers and distributors. This traditional channel moves the bulk of prescription medicines from Bristol-Myers Squibb manufacturing and storage sites to the point of dispensing. While the exact count of global partners isn't public, this network is crucial for supporting the company's total revenues, which had a full-year 2025 guidance range set between $47.5 billion and $48.0 billion.

For specialized and high-value medicines, Bristol-Myers Squibb utilizes a direct sales force targeting oncologists, cardiologists, and specialists. This team engages directly with prescribers to support the launch and adoption of innovative therapies. The company has established an experienced sales and medical team engaged with payers to secure access for new launches. This focus supports the Growth Portfolio, which saw net sales of $6.6 billion in Q2 2025, an increase of 18% year-over-year.

For advanced treatments, especially cell and infusion-based therapies like Breyanzi, distribution channels involve hospitals and specialized treatment centers. The removal of REMS (Risk Evaluation and Mitigation Strategy) programs for all cell therapies by the FDA in mid-2025 is expected to broaden patient access through these specialized sites. Bristol-Myers Squibb reported Q3 2025 revenues of $12.2 billion, reflecting strong performance across the portfolio.

Bristol-Myers Squibb is actively building out a direct-to-patient channel for certain products, focusing on enhancing affordability and access for self-pay patients. This model was significantly expanded in late 2025. For the blockbuster anticoagulant Eliquis (marketed with Pfizer), a direct option via Eliquis 360 Support began on September 8, 2025, offering eligible cash-pay patients a price more than 40% off the list price of $606 for a 30-day supply. Eliquis global sales in Q3 2025 were $3.7 billion. Furthermore, the new BMS Patient Connect platform is set to launch in January 2026, featuring the psoriasis drug Sotyktu, which will be offered at $950 per 30-day supply, an 86% discount from its $6,868 list price. Both DTP programs provide direct shipping across all 50 states and Puerto Rico.

Here are some figures illustrating the scale of the products utilizing these channels:

Metric	Value/Amount	Context/Product
Q3 2025 Global Sales	$3.7 billion	Eliquis
Eliquis 30-Day List Price (Pre-DTP)	$606	Eliquis
Eliquis DTP Discount	Over 40%	Eliquis for cash-pay patients
Sotyktu H1 2025 Revenue	$126 million	Sotyktu
Sotyktu 30-Day List Price	$6,868	Sotyktu
Sotyktu DTP Price (Jan 2026)	$950	Sotyktu for cash-pay patients
Cash, Cash Equivalents, Marketable Securities (Sep 30)	Nearly $17 billion	Overall Financial Position

The company's ability to execute on these channels is supported by its financial strength; cash generated from operations in Q3 2025 was about $6.3 billion. The DTP strategy, especially for products like Eliquis, is a direct response to market dynamics, including the negotiated Medicare Part D price for Eliquis set to go into effect in January 2026.

Finance: draft 13-week cash view by Friday.

Bristol-Myers Squibb Company (BMY) - Canvas Business Model: Customer Segments

The customer segments for Bristol-Myers Squibb Company are defined by the serious diseases their portfolio addresses and the entities involved in the prescription, dispensing, and reimbursement of their biopharmaceutical products.

Oncologists and Hematologists treating multiple myeloma, lung cancer, and lymphoma.

• These specialists are the prescribers for key products like Opdivo, which generated $2.53 billion in Q3 2025 revenue.
• The hematology segment includes treatments for multiple myeloma, where Revlimid sales were projected at the top end of the $2 billion to $2.5 billion range for the full year 2025.
• CAR-T therapy Breyanzi, for large B-cell lymphoma, had sales of $747 million in 2024 and is on track to more than double its sales again in 2025.
• Research platforms are targeting this segment, with the protein degradation platform positioning itself in a market valued at over $10 billion.
• Data presented at ASH 2025 covered multiple myeloma with Iberdomide and lymphomas with golcadomide.
• Lung cancer treatment includes Iza-Bren, which received FDA Breakthrough Therapy Designation for EGFR-mutated NSCLC.

Patients with serious diseases in oncology, hematology, and cardiovascular areas.

Bristol-Myers Squibb Company focuses on these therapeutic areas globally.

Therapeutic Area	Key Product Examples	Relevant 2025 Sales/Metric
Cardiovascular	Eliquis	Projected 2025 annual revenue of $18.7 billion
Oncology/Immuno-Oncology	Opdivo	Q3 2025 revenue of $2.53 billion
Hematology (Multiple Myeloma)	Revlimid, Pomalyst/Imnovid	Revlimid H1 2025 sales of $1.77 billion
Cardiovascular (HCM)	Camzyos	H1 2025 sales of $419 million

Healthcare institutions, including hospitals and specialized infusion centers.

Bristol-Myers Squibb Company sells products to hospitals and clinics. The company has two approved CAR T cell therapies, Breyanzi and Abecma, which require specialized infrastructure for administration. For Breyanzi, about 70% of its use is now in the community setting.

Payers and government agencies (Medicare/Medicaid) managing formulary access.

Bristol-Myers Squibb Company sells products to government agencies. The company noted impacts from the U.S. Medicare Part D redesign on its Legacy Portfolio revenues. The company derives close to 70% of total sales from the US market. The full-year 2025 revenue guidance is in the range of $46.5 billion to $47.5 billion.

Bristol-Myers Squibb Company (BMY) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Bristol-Myers Squibb Company's operational expenses, which is key to understanding their financial levers, especially with major patent cliffs approaching.

The Research & Development (R&D) spend remains a massive cost center, reflecting the company's commitment to pipeline replenishment. For the first half of 2025, the combined GAAP R&D spend from the first and second quarters totaled approximately $4.9 billion, derived from $2.3 billion in Q1 2025 and $2.6 billion in Q2 2025. This is part of a larger strategic commitment, as Bristol-Myers Squibb announced plans to invest $40 billion in the US over five years, bolstering research and manufacturing capabilities.

Selling, General, and Administrative (SG&A) expenses are significant due to the global commercialization footprint required for their portfolio. For the twelve months ending September 30, 2025, SG&A expenses were reported at $7.222 billion. Looking at quarterly snapshots, GAAP SG&A was $1.6 billion in Q1 2025 and $1.7 billion in Q2 2025, showing the impact of efficiency drives.

A notable, non-recurring cost element is the charges related to acquired In-Process R&D (IPRD) from strategic deals. The second quarter of 2025 saw a substantial Acquired IPRD charge of $1.5 billion, which followed a charge of $188 million in the first quarter of 2025. The Q2 charge of $1,508 million was primarily driven by the execution of a strategic partnership with BioNTech in June 2025. The estimated full-year 2025 non-GAAP EPS impact from Acquired IPRD charges and licensing income was projected to be $(0.60) per share.

Manufacturing costs are inherently high given the complexity of the product mix. Bristol-Myers Squibb is specifically focused on enhancing domestic manufacturing capacity, including ramping up radiopharmaceutical manufacturing as part of its five-year investment plan. The cost structure also includes the amortization of acquired intangible assets, which was $830 million in Q2 2025 on a GAAP basis.

To counteract these high fixed and variable costs, the company is aggressively pursuing efficiency. Bristol-Myers Squibb has a cost optimization initiative targeting $1.5 billion in annual savings by the end of 2025. Furthermore, the company announced an additional productivity initiative targeting $2 billion in costs to be saved by the end of 2027, on top of the original goal. The company expected to capture $1 billion of this additional $2 billion in savings during 2025.

Here's a quick look at the key operating expense components for the first half of 2025:

Cost Category	Period/Date	Amount (GAAP)
R&D Expenses (Sum of Q1 & Q2)	First Half 2025	$4.9 billion
SG&A Expenses	TTM ending Sep 30, 2025	$7.222 billion
Acquired IPRD Charge	Q2 2025	$1.5 billion
Acquired IPRD Charge	Q1 2025	$188 million
Amortization of Acquired Intangible Assets	Q2 2025	$830 million

The strategic productivity initiatives are clearly impacting the Selling, General, and Administrative (SG&A) line, which saw a 33% GAAP decrease in Q1 2025 compared to Q1 2024, and an 11% GAAP decrease in Q2 2025 compared to Q2 2024. The R&D spend also saw a decrease in Q1 2025 (16% GAAP decrease) primarily due to lower IPRD charges compared to prior year acquisition expenses.

You should track the reinvestment of these savings, as management stated they would be channeled into high return growth initiatives.

Finance: draft 13-week cash view by Friday.

Bristol-Myers Squibb Company (BMY) - Canvas Business Model: Revenue Streams

You're looking at how Bristol-Myers Squibb Company brings in the money, which is definitely shifting as the newer drugs take over. The latest numbers from the third quarter update for fiscal year 2025 show the company is guiding its total revenue for the full year to be in the range of approximately $47.5 billion to $48.0 billion.

The core of the revenue generation is split between the newer Growth Portfolio and the established Legacy Portfolio. For the second quarter of 2025, the company reported total revenues of approximately $12.3 billion. Here's how that broke down between the two main product groups:

Revenue Stream Segment	Q2 2025 Revenue (in billions)	Year-over-Year Change (Q2 2025 vs Q2 2024)
Growth Portfolio Net Sales	$6.6 billion	+18%
Legacy Portfolio Revenues	$5.7 billion	-14%

The Growth Portfolio is clearly gaining traction, showing an 18% increase year-over-year for the quarter. This growth is being powered by several key assets, including:

• Immuno-oncology (IO) portfolio, with Opdivo global sales at approximately $2.56 billion in Q2 2025.
• Breyanzi, which is a cell therapy product.
• Reblozyl and Camzyos, which is seeing robust demand.
• Cobenfy, which had sales of $35 million in the quarter.

The Legacy Portfolio, despite facing generic erosion and the impact of the U.S. Medicare Part D redesign, is declining less severely than previously modeled, now expected to decline between 15% and 17% for the full year 2025. Eliquis demand is still helping to offset some of the decline in the rest of the Legacy Portfolio.

Beyond product sales, Bristol-Myers Squibb Company pulls in revenue from strategic arrangements. For the second quarter of 2025, alliance and collaboration revenue was reported as $360 million. Furthermore, the projection for royalties and licensing income for the full year 2025, which is part of the Other Income and Expense outlook, is expected to contribute approximately $500 million of income. That OI&E expectation was recently raised due to higher-than-anticipated royalties and favorable interest income.