Bristol-Myers Squibb vs Unilever: Revenue, Profit and Business Model
Bristol-Myers Squibb reported $48.2B of revenue in FY2025 and $7.1B of net income. Unilever reported ~$57.1B of revenue in FY2025 and ~$10.7B of net income.
Latest financial snapshot
Bristol-Myers Squibb
- Latest revenue
- $48.2B (FY2025)
- Net income
- $7.1B
- Net margin
- 14.6%
- Revenue growth
- +10.6% a year, FY2016–FY2025
Unilever
- Latest revenue
- ~$57.1B (FY2025)
- Net income
- ~$10.7B
- Net margin
- 18.7%
- Revenue growth
- -0.5% 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.
Unilever
Unilever's 2025 turnover from continuing operations was ~$57.1 billion (EUR 50.5 billion), down 3.8% in reported terms because of adverse currency moves and disposals, even as underlying sales grew 3.5% with 1.5% from volume. Free cash flow was ~$6.67 billion (EUR 5.9 billion), about $757 million (EUR 670 million) of productivity savings had been delivered by the end of 2025, and the company announced a new ~$1.69 billion (EUR 1.5 billion) share buyback. Momentum improved in 2026: first-half turnover was ~$28.9 billion (EUR 25.6 billion) (up 0.5%), underlying sales grew 4.8% with 4.2% volume, Q2 underlying growth reached 5.8%, and the underlying operating margin was 20.3%. Unilever raised its full-year outlook after the H1 2026 results.
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 |
Unilever
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$57.1B | ~$10.7B | 18.7% | -3.8% | Source |
| FY2024 | ~$59.3B | ~$6.5B | 10.9% | +1.5% | Source |
| FY2023 | ~$58.4B | ~$7.3B | 12.6% | -14.0% | Source |
| FY2022 | ~$67.9B | ~$8.6B | 12.7% | +14.5% | Source |
| FY2021 | ~$59.3B | ~$6.8B | 11.5% | +3.4% | Source |
| FY2020 | ~$57.3B | ~$6.3B | 11.0% | -2.4% | Source |
| FY2019 | ~$58.7B | ~$6.4B | 10.8% | +2.0% | Source |
| FY2018 | ~$57.6B | ~$10.6B | 18.4% | -5.1% | Source |
| FY2017 | ~$60.7B | ~$6.8B | 11.2% | +1.9% | Source |
| FY2016 | ~$59.6B | ~$5.9B | 9.8% | — | 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.
Unilever
- Power Brands
78% of 2025 turnover
Dove, Vaseline, Rexona, Sunsilk, OMO, Knorr and the other Power Brands made up 78% of turnover in 2025.
- Beauty & Wellbeing
Not formally reported
One of four business groups reported after the 2025 Ice Cream demerger; it includes prestige beauty and wellbeing supplements.
- Personal Care
Not formally reported
One of the four business groups reported after the 2025 Ice Cream demerger.
- Home Care
Not formally reported
One of the four business groups reported after the 2025 Ice Cream demerger.
- Foods
Not formally reported
Largely to be combined with McCormick in a pending transaction; it includes Unilever Food Solutions for foodservice.
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.
Unilever
How it makes money
Unilever makes money by manufacturing and selling branded, repeat-purchase consumer products through supermarkets, convenience stores, pharmacies, small independent shops and e-commerce. After the 2025 Ice Cream demerger it reports four business groups: Beauty & Wellbeing, Personal Care, Home Care and Foods. Its Power Brands, such as Dove, Vaseline, Rexona, Sunsilk, OMO and Knorr, made up 78% of turnover in 2025.
Growth strategy
Under Fernando Fernandez, Unilever is concentrating investment behind about 30 Power Brands, increasing marketing spend through social and influencer channels, rotating the portfolio toward premium beauty and wellbeing (2025 deals included Dr. Squatch, Wild and Minimalist), and separating lower-growth food and ice cream assets.
Competitive advantage
Unilever's advantage is a mix of trusted brands, emerging-market distribution, local manufacturing, repeat-purchase categories, Power Brand marketing scale, and deep category knowledge in personal care, home care, beauty, and foods.
Questions about Bristol-Myers Squibb vs Unilever
Which company has higher revenue — Bristol-Myers Squibb Company or Unilever PLC?
Bristol-Myers Squibb Company reported $48.2B (FY2025), while Unilever PLC reported ~$57.1B (FY2025). By last reported revenue, Unilever PLC is the larger business, with Bristol-Myers Squibb Company reporting a smaller revenue base.
What is the market cap of Bristol-Myers Squibb Company vs Unilever PLC?
Bristol-Myers Squibb Company's market capitalisation stands at $127.5B, while Unilever PLC's is $132.5B. Unilever 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 — Bristol-Myers Squibb Company or Unilever PLC?
Bristol-Myers Squibb Company generates $1.48M / employee in revenue per employee, while Unilever PLC generates $594k / 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 Bristol-Myers Squibb Company and Unilever PLC make money?
Bristol-Myers Squibb Company and Unilever PLC 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. Unilever PLC: Unilever makes money by manufacturing and selling branded, repeat-purchase consumer products through supermarkets, convenience stores, pharmacies, small independent shops and e-commerce.
Which company is valued higher relative to revenue — Bristol-Myers Squibb Company or Unilever PLC?
On a price-to-sales (P/S) basis, Bristol-Myers Squibb Company trades at 2.6x P/S and Unilever PLC at 2.3x P/S. Bristol-Myers Squibb Company commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Unilever PLC. 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 Unilever PLC?
By last reported revenue, Unilever PLC (~$57.1B (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 Unilever overview