Bristol-Myers Squibb vs Novo Nordisk: Revenue, Profit and Business Model
Bristol-Myers Squibb had $48.2B of annual revenue in FY2025 and $7.1B of net income. Novo Nordisk had ~$47B of annual revenue in FY2025 and ~$15.6B 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
Novo Nordisk
- Latest annual revenue
- ~$47B (FY2025)
- Net income
- ~$15.6B
- Net margin
- 33.1%
- Revenue growth
- +16.8% a year, FY2019–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.
Novo Nordisk
Sales grew from ~$18.5B (DKK 122.0B) in 2019 to ~$47B (DKK 309.1B) in 2025, and net profit rose from ~$5.93B (DKK 39.0B) to ~$15.6B (DKK 102.4B), driven by Ozempic and Wegovy. Growth slowed to 6.4% in reported DKK in 2025 as US prices fell and competition rose. In H1 2026 reported sales were ~$26.6B (DKK 175.3B), inflated by a one-off 340B rebate provision reversal; adjusted sales were ~$22.6B (DKK 148.6B). Q2 2026 adjusted sales rose 7% at constant exchange rates, and management guided full-year 2026 adjusted sales and operating profit growth of 0% to -6% at CER.
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 |
Novo Nordisk
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$47B | ~$15.6B | 33.1% | +6.4% | Source |
| FY2024 | ~$44.1B | ~$15.4B | 34.8% | +25.0% | Source |
| FY2023 | ~$35.3B | ~$12.7B | 36.0% | +31.3% | Source |
| FY2022 | ~$26.9B | ~$8.4B | 31.4% | +25.7% | Source |
| FY2021 | ~$21.4B | ~$7.3B | 33.9% | +10.9% | Source |
| FY2020 | ~$19.3B | ~$6.4B | 33.2% | +4.0% | Source |
| FY2019 | ~$18.5B | ~$5.9B | 31.9% | — | 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.
Novo Nordisk
- GLP-1 Diabetes MedicinesMajor
Ozempic, Rybelsus, and related diabetes products sold globally.
- Obesity Care
Major growth
Wegovy and related obesity-care products sold through prescription channels.
- Insulin And Diabetes CareMaterial
Insulin and other diabetes medicines across developed and emerging markets.
- Rare Disease
Complementary
Hemophilia, growth hormone, and rare endocrine therapies.
- Pipeline And Lifecycle ExpansionFuture
New indications, formulations, and next-generation metabolic medicines.
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.
Novo Nordisk
How it makes money
Novo Nordisk sells prescription medicines through two segments. Diabetes and Obesity care is the bulk of sales: GLP-1 drugs (Ozempic, Rybelsus, Wegovy injection, the Wegovy pill launched in the US in January 2026 and Wegovy HD 7.2 mg), plus insulins such as Tresiba and NovoRapid. Rare disease covers haemophilia, growth hormone and other endocrine products.
Growth strategy
Under CEO Mike Doustdar the strategy is to cut costs (about 9,000 roles targeted in 2025, with reported headcount down further since), push volume through cheaper self-pay and oral options such as the Wegovy pill, roll out Wegovy 7.2 mg internationally, and rebuild the pipeline through deals such as the Akero Therapeutics acquisition for MASH and in-licensing agreements.
Competitive advantage
Novo Nordisk's edge is a century of peptide and insulin manufacturing know-how, large owned API and fill-finish capacity (including three former Catalent sites bought for $11B in 2024), outcomes data such as SELECT (20% lower risk of major cardiovascular events) and FLOW, and the first approved oral GLP-1 for obesity. Foundation control also lets it invest for the long term without takeover risk.
Questions about Bristol-Myers Squibb vs Novo Nordisk
Which company has higher revenue — Bristol-Myers Squibb Company or Novo Nordisk A/S?
Bristol-Myers Squibb Company had $48.2B (FY2025), while Novo Nordisk A/S had ~$47B (FY2025). By latest annual revenue, Bristol-Myers Squibb Company is the larger business, with Novo Nordisk A/S showing a smaller revenue base.
What is the market cap of Bristol-Myers Squibb Company vs Novo Nordisk A/S?
Bristol-Myers Squibb Company's market capitalisation stands at $127.5B, while Novo Nordisk A/S's is $170.0B. Novo Nordisk A/S 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 Novo Nordisk A/S?
Bristol-Myers Squibb Company has $1.48M / employee in revenue per employee, while Novo Nordisk A/S has $704k / 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 Novo Nordisk A/S make money?
Bristol-Myers Squibb Company and Novo Nordisk A/S 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. Novo Nordisk A/S: Novo Nordisk sells prescription medicines through two segments.
Which company is valued higher relative to revenue — Bristol-Myers Squibb Company or Novo Nordisk A/S?
On a price-to-sales (P/S) basis, Bristol-Myers Squibb Company trades at 2.6x P/S and Novo Nordisk A/S at 3.6x P/S. Novo Nordisk A/S 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 Novo Nordisk A/S?
By last reported revenue, Bristol-Myers Squibb Company ($48.2B (FY2025)) is the larger company compared to Novo Nordisk A/S (~$47B (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 Novo Nordisk overview