Bristol-Myers Squibb vs Eli Lilly: Revenue, Profit and Business Model
Bristol-Myers Squibb had $48.2B of annual revenue in FY2025 and $7.1B of net income. Eli Lilly had $65.2B of annual revenue in FY2025 and $20.6B of net income.
Latest financial snapshot
Bristol-Myers Squibb
- Latest annual revenue
- $48.2B (FY2025)
- Net income
- $7.1B
- Net margin
- 14.6%
- Revenue growth
- +10.6% a year, FY2016–FY2025
Eli Lilly
- Latest annual revenue
- $65.2B (FY2025)
- Net income
- $20.6B
- Net margin
- 31.7%
- Revenue growth
- +15.1% a year, FY2016–FY2025
Financial summary
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. Bristol Myers Squibb is a dominant force in global biopharmaceuticals, sustaining a massive market valuation that regularly exceeds $100 billion.
Eli Lilly
Revenue rose from $28.5 billion in 2022 to $45.0 billion in 2024 and $65.2 billion in 2025, while net income nearly doubled to $20.6 billion. Growth accelerated again in 2026: second-quarter revenue rose 48% to $23.0 billion, with Mounjaro at $9.94 billion (up 91%) and Zepbound at $4.93 billion. Lilly raised 2026 revenue guidance to $85-87 billion and non-GAAP EPS guidance to $35.50-36.50. Capital expenditures reached $7.8 billion in 2025 as Lilly expanded production capacity. Eli Lilly and Company is a pharmaceutical titan that has experienced massive growth, commanding a monumental market valuation frequently exceeding $700 billion.
Revenue and profit by year
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 |
Eli Lilly
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $65.2B | $20.6B | 31.7% | +44.7% | Source |
| FY2024 | $45B | $10.6B | 23.5% | +32.0% | Source |
| FY2023 | $34.1B | $5.2B | 15.4% | +19.6% | Source |
| FY2022 | $28.5B | $6.2B | 21.9% | +0.8% | Source |
| FY2021 | $28.3B | $5.6B | 19.7% | +15.4% | Source |
| FY2020 | $24.5B | $6.2B | 25.2% | +9.9% | Source |
| FY2019 | $22.3B | $8.3B | 37.3% | +3.8% | Source |
| FY2018 | $21.5B | $3.2B | 15.0% | +7.6% | Source |
| FY2017 | $20B | -$204.1M | -1.0% | +9.1% | Source |
| FY2016 | $18.3B | — | — | — | Source |
Where the revenue comes from
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.
Eli Lilly
- Branded Prescription MedicinesPrimary
Sales of patent-protected medicines through wholesalers, pharmacies, health systems, and international channels.
- Collaborations and Licensing
Supporting
Milestones, royalties, and collaboration economics connected to research, development, and commercialization partnerships.
Business model and strategy
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.
Eli Lilly
How it makes money
Lilly makes money by discovering, developing, manufacturing and selling patent-protected prescription medicines. Revenue comes mainly from product sales to wholesalers, pharmacies and health systems, with net prices set through negotiations with insurers, pharmacy benefit managers and governments; collaboration and royalty income adds a smaller share.
Growth strategy
Lilly's growth strategy has three parts: expand incretin supply and indications, add oral and next-generation obesity medicines, and diversify through oncology, immunology, neuroscience and genetic medicine. Foundayo (orforglipron) was approved by the FDA on April 1, 2026 and launched through LillyDirect, telehealth and U.S. retail pharmacies. Retatrutide, a GIP/GLP-1/glucagon triple agonist, is in Phase 3.
Competitive advantage
Lilly's advantage combines a century of diabetes and peptide-hormone expertise with manufacturing scale few rivals can match. Tirzepatide's dual GIP/GLP-1 mechanism produced greater weight loss than semaglutide in the head-to-head SURMOUNT-5 trial, and Foundayo gives Lilly a small-molecule GLP-1 pill that can be taken without food or water restrictions and is easier to mass-produce than peptides.
Questions about Bristol-Myers Squibb vs Eli Lilly
Which company has higher revenue — Bristol-Myers Squibb Company or Eli Lilly and Company?
Bristol-Myers Squibb Company had $48.2B (FY2025), while Eli Lilly and Company had $65.2B (FY2025). By latest annual revenue, Eli Lilly and Company is the larger business, with Bristol-Myers Squibb Company showing a smaller revenue base.
What is the market cap of Bristol-Myers Squibb Company vs Eli Lilly and Company?
Bristol-Myers Squibb Company's market capitalisation stands at $127.5B, while Eli Lilly and Company's is $1.06T. Eli Lilly and Company carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Bristol-Myers Squibb Company.
How does revenue per employee compare for Bristol-Myers Squibb Company and Eli Lilly and Company?
Bristol-Myers Squibb Company has $1.48M / employee in revenue per employee, while Eli Lilly and Company has $1.30M / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Bristol-Myers Squibb Company and Eli Lilly and Company make money?
Bristol-Myers Squibb Company and Eli Lilly and Company generate revenue in fundamentally different ways. 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. Eli Lilly and Company: Lilly makes money by discovering, developing, manufacturing and selling patent-protected prescription medicines.
Which company is valued higher relative to revenue — Bristol-Myers Squibb Company or Eli Lilly and Company?
On a price-to-sales (P/S) basis, Bristol-Myers Squibb Company trades at 2.6x P/S and Eli Lilly and Company at 16.3x P/S. Eli Lilly and Company 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 Bristol-Myers Squibb Company bigger than Eli Lilly and Company?
By last reported revenue, Eli Lilly and Company ($65.2B (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 Bristol-Myers Squibb vs Eli Lilly overview