Bristol-Myers Squibb Company (BMY) SEC Filings & Earnings Calls

Gross margin compression due to product mix shift toward Growth Portfolio products.

“Gross margin decreased from 72.5% to 71.3% on a GAAP basis, primarily reflecting a change in product mix.”

Legacy Portfolio continues to decline due to generic competition, particularly Revlimid (-49%) and Pomalyst/Imnovid (-71%).

“Legacy Portfolio revenues decreased 4%, with Revlimid down 49% and Pomalyst/Imnovid down 71%.”

Increased operating expenses due to investments in new product launches and pipeline programs.

“Full-year operating expenses in 2026 are now expected to be approximately $16.5 billion, due to increased investment behind key pipeline programs and new product launches.” · word for word

IPRD impairment from pipeline setbacks

“During the three and six months ended June 30, 2026, IPRD impairment charges of $ 420 million and $ 830 million, respectively, were recorded in Research and development expense.” · word for word

Legacy portfolio decline (Revlimid -49%, Sprycel -27%)

“Revlimid 425 838 773 1,774” · word for word

High debt load ($42.9B long-term debt)

“Long-term debt 42,093 42,850” · word for word

Customer concentration (3 largest customers 71% of receivables)

“Receivables from the three largest customers in the U.S. represented 71 % and 75 % of total trade receivables as of June 30, 2026 and December 31, 2025, respectively.” · word for word

Legacy Portfolio Decline

“Total Legacy Portfolio 5,277 5,638” · word for word

Gross Margin Pressure

“Cost of products sold (a) 3,421 3,033” · word for word

IPRD Impairment

“During the three months ended March 31, 2026, $ 410 million of IPRD impairment charges were recorded in Research and development expense.” · word for word

Gross margin compression from product mix shift toward Growth Portfolio (lower margin) and away from Legacy.

“Gross margin decreased from 72.9% to 70.2% on a GAAP basis, primarily reflecting a change in product mix.” · word for word

Legacy Portfolio continues to decline due to generic competition, particularly Revlimid (-63%), Pomalyst (-22%), Sprycel (-58%).

“Legacy Portfolio revenues of $5.3 billion decreased 6% (-8% Ex-FX).” · word for word

Legacy Portfolio Decline

“Net sales for Legacy Portfolio were $21.8B compared to $25.7 billion in the prior year, decreasing 15%”

Pipeline Execution Risk

“Pipeline performance score was 3.0 (target), reflecting that not all high-value milestones were achieved.”

Relative TSR Underperformance

“3-Year Relative TSR (TSR Percentile Rank) Target 50.0%ile Actual 15.3%ile 0%” · word for word

IRA drug price negotiation

“In August 2024, as part of the first round of government price setting pursuant to the IRA, the HHS announced the 'maximum fair price' for a 30-day equivalent supply of Eliquis” · word for word

Royalty income decline

“Pretax income generated from royalties was approximately $2.7 billion in 2025.” · word for word

Key product concentration

“We derive a majority of our revenue and earnings from several key products.” · word for word

High debt levels

“We have significant indebtedness that could have negative consequences.” · word for word

Legacy Portfolio revenue decline of 15% in Q4 due to generic erosion and higher U.S. government rebates.

“Legacy Portfolio revenues of $5.1 billion decreased 15%... expected continued generic impact across the remainder of the Legacy Portfolio” · word for word

Acquired IPRD charges and licensing income net impact of $(0.60) per share in Q4, $(1.40) for full year.

“Both figures include net impact of $(0.60) due to the Acquired IPRD charges and licensing income” · word for word

FY2026 revenue guidance implies decline from FY2025 actuals, indicating continued headwinds.

“Provides 2026 guidance with revenues of ~$46.0 billion to $47.5 billion (vs $48.2B FY2025)” · word for word

Legacy Portfolio Erosion

“Legacy Portfolio $5,365 million vs $6,080 million... Revlimid 575 vs 1,412... Pomalyst/Imnovid 675 vs 898... Sprycel 119 vs 290... Abraxane 74 vs 253”

High GTN Adjustments

“Total GTN adjustments (b) (10,644) vs (9,740)... U.S. GTN adjustments of $9.8 billion and $27.5 billion for the three and nine months ended September 30, 2025”

Acquisition Integration Risk

“Acquired IPRD $633 million vs $262 million... Integration expenses $36 million vs $69 million”

Litigation Risk

“Litigation and other settlements $165 million vs $0... reflects charges related to a securities litigation matter”

Legacy Portfolio decline due to generic competition; Revlimid -59% YoY, Pomalyst -25% YoY.

“Legacy Portfolio revenues -12% YoY; Revlimid $575M (-59%), Pomalyst $675M (-25%).”

Gross margin pressure from product mix shift toward Growth Portfolio.

“GAAP gross margin 71.9% vs 75.1% YoY.”