Bristol-Myers Squibb vs Novartis: Revenue, Profit and Business Model
Bristol-Myers Squibb had $48.2B of annual revenue in FY2025 and $7.1B of net income. Novartis had $56.7B of annual revenue in FY2025 and $14B 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
Novartis
- Latest annual revenue
- $56.7B (FY2025)
- Net income
- $14B
- Net margin
- 24.7%
- Revenue growth
- +6.5% a year, FY2021–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.
Novartis
Novartis grew FY2025 net sales 8% to $54.5 billion with a core operating margin above 40% and free cash flow of $17.6 billion. 2026 is a reset year: US generics of Entresto and Promacta cut Q1 2026 net sales 5% at constant currencies to $13.1 billion and core operating income 14%. Q2 2026 net sales rose 1% cc to $14.4 billion with a 41.2% core margin, though net income fell 19%. Management guides for low single-digit sales growth and a low single-digit decline in core operating income for 2026 at constant currencies. Novartis is a Swiss multinational pharmaceutical corporation with a market valuation generally exceeding $200 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 |
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.
Novartis
- Cardiovascular, Renal, And MetabolicMajor
Medicines such as Entresto and Leqvio sold through specialist and primary-care channels.
- OncologyMajor
Cancer medicines and radioligand therapies including Kisqali, Pluvicto, and Scemblix.
- ImmunologyMajor
Autoimmune and inflammatory disease products, including Cosentyx.
- NeuroscienceMaterial
Neurology products including Kesimpta and related pipeline programs.
- Established Brands And Other Medicines
Complementary
Remaining prescription medicines sold across global markets.
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.
Novartis
How it makes money
Novartis earns almost all of its revenue by selling patented prescription medicines to wholesalers, hospitals, pharmacies and national health systems in about 140 countries. FY2025 net sales of $54.5 billion came from four core areas (cardiovascular-renal-metabolic, immunology, neuroscience and oncology) plus established brands.
Growth strategy
Novartis concentrates on four therapeutic areas and on the US, its largest market. It pairs internal research with bolt-on acquisitions of late-stage or platform biotechs: Chinook (2023, kidney disease), MorphoSys (2024, myelofibrosis), Kate Therapeutics (2024, gene therapy capsids) and Avidity Biosciences (closed February 27, 2026, about $12 billion, neuromuscular RNA medicines).
Competitive advantage
Novartis's edge rests on scale in late-stage development and specialist platforms that are hard to copy. It owns the leading commercial radioligand therapy franchise (Pluvicto and Lutathera) along with dedicated isotope manufacturing sites in the US and Europe, an siRNA cardiovascular drug (Leqvio), and, since February 2026, Avidity Biosciences' antibody-oligonucleotide conjugate platform.
Questions about Bristol-Myers Squibb vs Novartis
Which company has higher revenue — Bristol-Myers Squibb Company or Novartis AG?
Bristol-Myers Squibb Company had $48.2B (FY2025), while Novartis AG had $56.7B (FY2025). By latest annual revenue, Novartis AG 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 Novartis AG?
Bristol-Myers Squibb Company's market capitalisation stands at $127.5B, while Novartis AG's is $275.3B. Novartis AG 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 Novartis AG?
Bristol-Myers Squibb Company has $1.48M / employee in revenue per employee, while Novartis AG has $753k / 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 Novartis AG make money?
Bristol-Myers Squibb Company and Novartis AG 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. Novartis AG: Novartis earns almost all of its revenue by selling patented prescription medicines to wholesalers, hospitals, pharmacies and national health systems in about 140 countries.
Which company is valued higher relative to revenue — Bristol-Myers Squibb Company or Novartis AG?
On a price-to-sales (P/S) basis, Bristol-Myers Squibb Company trades at 2.6x P/S and Novartis AG at 4.9x P/S. Novartis AG 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 Novartis AG?
By last reported revenue, Novartis AG ($56.7B (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 Bristol-Myers Squibb vs Novartis overview