AstraZeneca vs Bristol-Myers Squibb: Revenue, Profit and Business Model
AstraZeneca reported $58.7B of revenue in FY2025 and $10.2B of net income. Bristol-Myers Squibb reported $48.2B of revenue in FY2025 and $7.1B of net income.
Latest financial snapshot
AstraZeneca
- Latest revenue
- $58.7B (FY2025)
- Net income
- $10.2B
- Net margin
- 17.4%
- Revenue growth
- +11.0% a year, FY2016–FY2025
Bristol-Myers Squibb
- Latest revenue
- $48.2B (FY2025)
- Net income
- $7.1B
- Net margin
- 14.6%
- Revenue growth
- +10.6% a year, FY2016–FY2025
Financial summary
AstraZeneca
AstraZeneca's Total Revenue fell from $33.6 billion in 2011 to a trough of $22.1 billion in 2018 as Seroquel, Nexium and Crestor lost exclusivity. Under Pascal Soriot the company redirected spending into oncology and specialty medicines, and revenue then grew every year to $58.7 billion in 2025, with profit for the year of $10.2 billion and gross profit of $48.1 billion on cost of sales of $10.6 billion. R&D investment reached $14.2 billion in 2025, about a quarter of Total Revenue, and the $39 billion Alexion acquisition added a rare disease business the company did not have before 2021.
Bristol-Myers Squibb
Revenue grew from $19.4 billion in 2016 to $42.5 billion in 2020 as Celgene's sales were added, and has stayed between $45.0 billion and $48.3 billion since 2021. Net earnings are far less stable because BMS expenses acquired in-process R&D: the $11.4 billion MyoKardia charge produced a $9.0 billion net loss in 2020, and the Karuna charge produced an $8.9 billion loss in 2024. Cash generation is steadier, with free cash flow of about $12.8 billion in 2025. That cash funds a dividend raised for a 17th straight year in February 2026, to $0.63 a quarter, and debt reduction, from $51.2 billion at the end of 2024 to $47.2 billion a year later. On July 30, 2026 BMS raised its 2026 revenue guidance to $49.0 to $50.0 billion, from $46.0 to $47.5 billion, after second-quarter revenue rose 6 percent to $12.97 billion.
Revenue and profit by year
AstraZeneca
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $58.7B | $10.2B | 17.4% | +8.6% | Source |
| FY2024 | $54.1B | $7B | 13.0% | +18.0% | Source |
| FY2023 | $45.8B | $6B | 13.0% | +3.3% | Source |
| FY2022 | $44.4B | $3.3B | 7.4% | +18.5% | Source |
| FY2021 | $37.4B | $115M | 0.3% | +40.6% | Source |
| FY2020 | $26.6B | $3.1B | 11.8% | +9.2% | Source |
| FY2019 | $24.4B | $1.2B | 5.0% | +10.4% | Source |
| FY2018 | $22.1B | $2B | 9.3% | -1.7% | Source |
| FY2017 | $22.5B | $2.9B | 12.8% | -2.3% | Source |
| FY2016 | $23B | $3.4B | 14.8% | — | Source |
Bristol-Myers Squibb
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $48.2B | $7.1B | 14.6% | -0.2% | Source |
| FY2024 | $48.3B | -$8.9B | -18.5% | +7.3% | Source |
| FY2023 | $45B | $8B | 17.8% | -2.5% | Source |
| FY2022 | $46.2B | $6.3B | 13.7% | -0.5% | Source |
| FY2021 | $46.4B | $7B | 15.1% | +9.1% | Source |
| FY2020 | $42.5B | -$9B | -21.2% | +62.6% | Source |
| FY2019 | $26.1B | $3.4B | 13.2% | +15.9% | Source |
| FY2018 | $22.6B | $4.9B | 21.8% | +8.6% | Source |
| FY2017 | $20.8B | $1B | 4.8% | +6.9% | Source |
| FY2016 | $19.4B | $4.5B | 22.9% | — | Source |
Where the revenue comes from
AstraZeneca
- Product Sales~95%
Product Sales were $55,573 million in 2025, up 9%, or about 95% of Total Revenue. This is the direct sale of AstraZeneca-manufactured prescription medicines to wholesalers, pharmacies, hospitals and government buyers. Oncology was the largest therapy area at roughly $25.6 billion of revenue, up 17%, followed by Cardiovascular, Renal and Metabolism, with Respiratory and Immunology and Rare Disease making up most of the balance.
- Alliance Revenue~5%
Alliance Revenue was $3,067 million in 2025, up 39%, or about 5% of Total Revenue. It is mostly AstraZeneca's share of profits on co-commercialised medicines, led by the Enhertu and datopotamab deruxtecan antibody-drug conjugates developed with Daiichi Sankyo, plus Tezspire with Amgen and Lynparza and Koselugo with Merck in certain markets.
- Collaboration Revenue<1%
Collaboration Revenue was $99 million in 2025, down 89% from $923 million in 2024, so less than 1% of Total Revenue. It covers upfront fees, milestone payments and royalties on out-licensed assets, and moves sharply year to year because it depends on when individual deals are signed.
Bristol-Myers Squibb
- Growth Portfolio~55%
$26.4 billion in 2025, up 17%: Opdivo, Opdivo Qvantig, Orencia, Yervoy, Reblozyl, Breyanzi, Opdualag, Camzyos, Sotyktu, Cobenfy, Krazati and other newer brands. It grew another 15% to $7.56 billion in the second quarter of 2026.
- Legacy Portfolio~45%
$21.8 billion in 2025: Eliquis ($14.4 billion), Revlimid ($3.0 billion), Pomalyst/Imnovid ($2.7 billion), Sprycel, Abraxane and other mature brands facing generic competition. Legacy revenue fell 4% in the second quarter of 2026.
Business model and strategy
AstraZeneca
How it makes money
AstraZeneca discovers, develops and sells prescription medicines, and the economics turn on patent-protected pricing funded by heavy research spending. It invested $14.2 billion in research and development in 2025, about a quarter of Total Revenue, and reported gross profit of $48.1 billion on cost of sales of $10.6 billion.
Growth strategy
AstraZeneca's growth strategy relies on extending its existing cancer drugs into earlier stages of treatment, before the cancer spreads, which increases the number of patients who can be treated. The $39 billion acquisition of Alexion Pharmaceuticals in 2021 also took it into rare diseases, where drugs treat small patient populations, carry high prices and face little generic competition.
Competitive advantage
AstraZeneca's main advantage is the depth of its oncology portfolio and the Phase III evidence behind it. Tagrisso, Imfinzi, Enhertu, Lynparza and Calquence each rest on trials that changed treatment practice, and the company had more than 100 Phase III studies running at the end of 2025 after 16 positive Phase III readouts during the year.
Bristol-Myers Squibb
How it makes money
BMS discovers, licenses or buys drug candidates, takes them through clinical trials, and sells approved medicines under patent protection to wholesalers, specialty pharmacies and hospitals. Net product sales were $46.8 billion of the $48.2 billion total in 2025; alliance, royalty and other revenues made up the remaining $1.4 billion, including royalties from Merck on Winrevair.
Growth strategy
BMS is pursuing growth on three fronts. First, scaling the Growth Portfolio (Opdivo Qvantig, Reblozyl, Camzyos, Breyanzi, Opdualag, Cobenfy and others), which rose 17 percent to $26.4 billion in 2025 and 15 percent to $7.56 billion in the second quarter of 2026.
Competitive advantage
BMS's advantage is its expertise in oncology and its large commercial and regulatory organization. Developing a cancer immunotherapy is complex, and winning approval from regulators and getting doctors to prescribe it requires an established global sales and regulatory team.
Questions about AstraZeneca vs Bristol-Myers Squibb
Which company has higher revenue — AstraZeneca PLC or Bristol-Myers Squibb Company?
AstraZeneca PLC reported $58.7B (FY2025), while Bristol-Myers Squibb Company reported $48.2B (FY2025). By last reported revenue, AstraZeneca PLC is the larger business, with Bristol-Myers Squibb Company reporting a smaller revenue base.
What is the market cap of AstraZeneca PLC vs Bristol-Myers Squibb Company?
AstraZeneca PLC's market capitalisation stands at $254.6B, while Bristol-Myers Squibb Company's is $127.5B. AstraZeneca PLC carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Bristol-Myers Squibb Company.
Which is more financially efficient — AstraZeneca PLC or Bristol-Myers Squibb Company?
AstraZeneca PLC generates $611k / employee in revenue per employee, while Bristol-Myers Squibb Company generates $1.48M / employee. Bristol-Myers Squibb Company shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do AstraZeneca PLC and Bristol-Myers Squibb Company make money?
AstraZeneca PLC and Bristol-Myers Squibb Company generate revenue in fundamentally different ways. AstraZeneca PLC: AstraZeneca discovers, develops and sells prescription medicines, and the economics turn on patent-protected pricing funded by heavy research spending. Bristol-Myers Squibb Company: BMS discovers, licenses or buys drug candidates, takes them through clinical trials, and sells approved medicines under patent protection to wholesalers, specialty pharmacies and hospitals.
Which company is valued higher relative to revenue — AstraZeneca PLC or Bristol-Myers Squibb Company?
On a price-to-sales (P/S) basis, AstraZeneca PLC trades at 4.3x P/S and Bristol-Myers Squibb Company at 2.6x P/S. AstraZeneca PLC commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Bristol-Myers Squibb Company. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is AstraZeneca PLC bigger than Bristol-Myers Squibb Company?
By last reported revenue, AstraZeneca PLC ($58.7B (FY2025)) is the larger company compared to Bristol-Myers Squibb Company ($48.2B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the AstraZeneca vs Bristol-Myers Squibb overview