Bristol-Myers Squibb Company
Explore Bristol-Myers Squibb Company
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Bristol-Myers Squibb Company
Explore Bristol-Myers Squibb Company
Core profile pages, annual revenue records, and related research hubs for this company.
Annual Revenue
FY2025 Revenue
$48.2B
▲ 7.1% vs FY2024 ($45.0B)
Source: Annual report / company filing
Bristol-Myers Squibb Company reported $48.2B in revenue for fiscal year 2025. This represents a growth of 7.1% compared to the 2024 figure of $45.0B.
Bristol-Myers Squibb spent $74 billion acquiring Celgene in 2019 and then deployed another $33 billion in acquisitions in 2023 alone — Karuna Therapeutics, Mirati Therapeutics, and RayzeBio — in a capital allocation sprint that would have been reckless at any other company. By FY2025, the company reported $48.2B in consolidated revenues and gross margins exceeding 80% in its pharmaceuticals division. The free cash flow of $12.5 billion in FY2024 tells the real story of BMS's business model. The company converted roughly 28 cents of every revenue dollar into distributable cash — money that funded $6 billion in dividends, continuous share repurchases, and $10.5 billion in R&D expenditure simultaneously. Revenue of $48.2B in FY2025 included a meaningful decline from the $46.1 billion peak in 2022, driven by generic competition for Revlimid — the Celgene-inherited blood cancer drug whose patent protection began eroding precisely on the schedule BMS had anticipated when it made the acquisition. The $33 billion in 2023 acquisitions were designed specifically to replace that revenue as it erodes. The gross margin on the actual drug business exceeds 80%; the reported net margin of roughly 6% shows what it costs to maintain a constant acquisition and development cadence. Free cash flow of $12.5 billion provides the clearest view of underlying profitability. The company generated $6 billion in dividends from that cash, demonstrating that it is simultaneously one of the most capital-intensive businesses in the world — spending more on R&D than many entire countries spend on healthcare — and capable of returning substantial capital to shareholders. Revenue history: $46.1 billion in 2022, $45.9 billion in 2023, $48.2B in FY2025. If they are right, the $33 billion spent in 2023 will look like disciplined capital allocation.
| Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2025 | $48.2B | — | +7.1% |
| FY2024 | $45.0B | $2.9B | -2.0% |
| FY2023 | $45.9B | — | -0.4% |
| FY2022 | $46.1B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.