Analysis for BMY

📈 Growth & Financial Trajectory

Over the 8-quarter window from 2023 Q4 to 2025 Q4, Bristol Myers Squibb shows durable revenue around $11.9B–$12.5B, finishing at $12.50B in 2025 Q4, up from about $11.87B in 2023 Q4 (roughly +5%). Net income improves from about $76M in 2023 Q4 to $1.09B in 2025 Q4, indicating profitability acceleration as revenue stays stable and cost controls hold. The sequence exhibits modest quarterly noise but a clear positive trend in bottom-line performance, with 2025 Q3–Q4 delivering the strongest profits.

💰 Margins & Cash Flow

Across the eight quarters, gross margin runs in the mid-to-upper 70s percent (gross profit approx $8.7–$8.9B on revenues approx $11.9–$12.5B). Operating margin remains healthy, with operating income around $1.4–$1.8B on about $12B of revenue, indicating solid operating leverage. Cash flow shows robust operating cash flow in several quarters, e.g., $6.31B in Q3 2025 and $1.95B in Q4 2025, though Q4 2025 overall net cash flow was negative due to financing/investing activity.

🛡️ Balance Sheet & Liquidity

Assets around $92–$96B and liabilities around $74–$78B, with long-term debt near $44–$50B and equity about $17–$18B. Current assets cover current liabilities in most quarters, but leverage remains notable (debt-to-equity around 2.5–3.0x). Overall liquidity remains adequate, supported by recurring operating cash flow.

⚠️ Key Drivers & Risks

• Drivers: steady demand for core franchises; strong operating cash flow and margins.
• Risks: patent/competition dynamics and pipeline execution; regulatory/reimbursement exposure and sensitivity to rates.