BMYBristol Myers Squibb
Bristol-Myers Squibb Company ("we", the "Company", "Bristol Myers Squibb", or "BMS") was incorporated under the laws of the State of Delaware in August 1933 under the name Bristol-Myers Company, as successor to a New York business started in 1887. 10-K, Item 1
- Employees
- 32,500
- Headquarters
- Princeton, NJ
- CEO
- Christopher S. Boerner
- Next results
- around Feb 4, 2027
7 paragraphs in Risk Factors of the 10-K filed Feb 11, 2026 with nothing like them in the 10-K filed Feb 12, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 59 Health care companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
unforeseen disruptions. Manufacturers that fail to comply with the IRA may be subject to various penalties, including civil monetary penalties, which could be significant. The IRA has and will continue to meaningfully impact our business strategies and those of others in the pharmaceutical industry. We continue to evaluate the impact of the IRA on our results of operations, and it is possible that these changes may result in a material impact on our business and results of operations.
In December 2025, we announced the U.S. Government Agreement pursuant to which we agreed to, among other things: (i) provide Eliquis for free to the Medicaid program effective January 1, 2026; (ii) donate more than seven tons of Eliquis API to fill the U.S. Strategic Active Ingredient Reserve; (iii) enable direct-to-patient access to Sotyktu, Zeposia, Reyataz, Baraclude and Orencia for cash-paying patients at discounts approximately 80% off current list prices; (iv) adopt a more balanced pricing approach for new launches across developed nations; and (v) continue to expand domestic production. In accordance with the U.S. Government Agreement, BMS will receive certain U.S. tariff relief until January 2029 and will not be subject to future pricing mandates in the United States, however, such exemptions may be terminated or may not be extended. We remain subject to any current or future pricing mandates implemented outside of the United States, and it is possible that current or future pricing regulations may result in a material impact on our business and results of operations. This agreement, and any potential future agreements with government entities, by us or our competitors, could result in reduced prices and reimbursement for certain of our or competing products and may impact our cash flows and results of operations.
In July 2025, the OBBBA was enacted which, among other things, aims to achieve efficiencies in U.S. federal government healthcare spending over the next decade, primarily within Medicaid. We are continuing to assess the full scope of this legislation and its potential commercial implications, and it is possible that these changes may impact our cash flows and results of operations.
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The U.S. and other countries have recently imposed, and may continue to impose, new tariffs. While pharmaceuticals are largely exempt from the tariffs imposed in 2025, such exemptions may be terminated or may not apply to any future tariffs. In accordance with the U.S. Government Agreement, BMS will receive certain U.S. tariff relief until January 2029. We continue to evaluate the impacts of tariffs on our business and results of operations, and it is possible that such tariffs, or future tariffs, may result in a material impact on our business and results of operations.
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brand and reputation, reduced demand for our products, inability to attract and retain employee talent or other negative impacts on our business and operations.
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imposed on us that could have a material adverse effect on our competitive position, cash flows, results of operations, financial condition or reputation.
Similar paragraph at 21 of 59 other Health care companies: A, ALGN, BSX, CI, CNC, COR, DVA, DXCM and 13 moreRead in the 10-K ↗
competitive products enter the market or clinical trial results for our competitors’ products affect the value proposition for our product. Any such delays or difficulties in clinical development could also potentially lead to a material impairment of our intangible assets, including the $19.1 billion of other intangible assets as of December 31, 2025.
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New in the latest 10-Q
20 paragraphs in the 10-Q filed Oct 29, 2026 with nothing like them in the 10-Q filed Jul 30, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
Nine Months Ended September 30, 2026 2025 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Cash Flows From Operating Activities: Net earnings/(loss) $ 8,156 $ 5,970 Adjustments to reconcile net earnings/(loss) to net cash provided by operating activities: Depreciation and amortization, net 1,814 3,034 Deferred income taxes (544) (573) Stock-based compensation 419 420 Impairment charges 834 514 Divestiture (gains)/losses, net and royalties (186) (880) Acquired IPRD 1,651 2,328 Equity investment (gains)/losses, net (222) (90) Contingent consideration fair value adjustments — 336 Other adjustments 21 (76) Changes in operating assets and liabilities: Receivables 409 (314) Inventories 111 (255) Accounts payable 632 88 Rebates and discounts (3,869) 1,957 Income taxes payable (140) 320 Other (408) (597) Net cash provided by operating activities 8,678 12,182 Cash Flows From Investing Activities: Sale and maturities of marketable debt securities 2,002 1,573 Purchase of marketable debt securities (4,538) (1,922) Proceeds from sales of equity investments 439 61 Capital expenditures (996) (941) Divestiture and other proceeds 512 792 Acquisition and other payments, net of cash acquired (1,268) (2,237) Net cash provided by/(used in) investing activities (3,849) (2,674) Cash Flows From Financing Activities: Other short-term financing obligations, net 190 431 Repayments of long-term debt (1,720) (872) Dividends (3,857) (3,783) Stock option proceeds and other, net (25) (95) Net cash provided by/(used in) financing activities (5,412) (4,319) Effect of exchange rates on cash, cash equivalents and restricted cash (61) 190 Increase/(decrease) in cash, cash equivalents and restricted cash (644) 5,379 Cash, cash equivalents and restricted cash at beginning of period 10,218 10,347 Cash, cash equivalents and restricted cash at end of period $ 9,574 $ 15,726
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BMS and SystImmune are parties to a global strategic collaboration for the co-development and co-commercialization of izalontamab brengitecan (iza-bren or BL-B01D1), a bispecific topoisomerase inhibitor-based antibody drug conjugate, which is currently being evaluated in metastatic or unresectable NSCLC, breast cancer and other tumor types. During each of the three months ended September 30, 2026 and 2025, BMS recorded Acquired IPRD charges of $ 250 million following the achievement of each separate development milestone under the agreement. The most recently achieved milestone will be paid in the fourth quarter of 2026.
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In August 2025, BMS obtained a global exclusive license from Philochem for OncoACP3, a radiopharmaceutical therapeutic and diagnostic agent targeting prostate cancer. BMS is responsible for the research, development, manufacturing and commercialization of OncoACP3 following the completion of specific agreed-upon development activities by Philochem.
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In August 2026, $ 2.3 billion of IPRD was reclassified to acquired marketed product rights upon approval of Zenbexus in the U.S.
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In September 2026, BMS and Ono Pharmaceutical Co., Ltd. initiated a patent infringement action against Amgen, Inc. in the U.S. District Court for the District of Delaware based on Amgen’s filing of an abbreviated Biologics License Application (aBLA) with the FDA seeking approval to market a nivolumab biosimilar in the U.S.
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After the case that was filed in June 2021 was remanded by the Second Circuit, the district court consolidated the two actions under the caption for the original case. A trial date has been set for January 2028.
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Camzyos September 2026 The FDA expanded approval of Camzyos for the treatment of symptomatic oHCM to improve functional capacity and symptoms in adults and pediatric patients weighing 30 kg (66 lbs) or more.
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Zenbexus (iberdomide) August 2026 FDA approval of Zenbexus (iberdomide) in combination with daratumumab and hyaluronidase-fihj and dexamethasone (ZDd) for the treatment of adult patients with MM who have received at least one prior line of therapy including a proteasome inhibitor and an immunomodulatory agent.
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(a) Includes changes to tax reserves during 2025 related to certain matters under IRS audit.
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admilparant IPF October 2026 Announced topline results from the pivotal Phase III ALOFT-IPF trial evaluating the efficacy, safety and tolerability of admilparant, a potential first-in-class, orally administered, potent and selective lysophosphatidic acid receptor 1 (LPA1) antagonist, in adults with IPF. The trial met its primary endpoint at the 60 mg dose, with admilparant demonstrating a statistically significant improvement compared to placebo in absolute change in forced vital capacity (FVC) from baseline at Week ...
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arlo-cel RRMM September 2026 Announced positive Phase II results from the registrational QUINTESSENTIAL trial of arlocabtagene autoleucel (arlo-cel BMS-986393) in adult patients with quadruple-class exposed RRMM. Results show the study met its primary endpoint with arlo-cel demonstrating a statistically significant and clinically meaningful overall response rate (ORR) in patients with quadruple-class exposed RRMM who had received four or more prior lines of therapy. The study also met the key secondary endpoint of co...
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Camzyos oHCM September 2026 The FDA expanded approval of Camzyos for the treatment of symptomatic oHCM to improve functional capacity and symptoms in adults and pediatric patients weighing 30 kg (66 lbs) or more. This FDA approval is based on positive results from the Phase III SCOUT-HCM trial.
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August 2026 Announced new five-year results from EXPLORER-LTE long-term extension trial of Camzyos for the treatment of adult patients with oHCM, in which the safety profile of Camzyos remained consistent through five years and with no new safety signals identified. A substantial portion of patients experienced sustained and clinically meaningful reduction of left ventricular outflow tract obstruction, improved by at least one NYHA class and experienced notable improvements in echocardiographic measu...
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izalontamab brengitecan (iza-bren) Breast Cancer October 2026 Announced, with SystImmune, that SystImmune’s parent company Sichuan Biokin Pharmaceutical, Ltd. (Biokin) reported positive results from a prespecified interim analysis of the randomized Phase III PANKU-Breast01 study, evaluating iza-bren, an investigational, potentially first-in-class, dual-targeting EGFRxHER3 bispecific antibody-drug conjugate (ADC), versus chemotherapy in patients with unresectable locally advanced, recurrent or metastatic hormone receptor-positive (HR+)/HER2-negative ...
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NSCLC October 2026 Announced, with SystImmune, that SystImmune’s parent company Biokin reported positive results from a prespecified interim analysis in the randomized, multicenter Phase III PANKU-Lung01 study evaluating iza-bren, an investigational, first-in-class, dual-targeting EGFRxHER3 bispecific antibody-drug conjugate (ADC), versus platinum-based chemotherapy (PBC) in patients with EGFR-mutated non-squamous NSCLC who were previously treated with an EGFR tyrosine kinase inhibitor (TKI). Median follow-...
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obexelimab IgG4-RD August 2026 Submitted the initial Japanese New Drug Application (JNDA) to Japan's Pharmaceuticals and Medical Devices Agency (PMDA) for obexelimab for the treatment of IgG4-related disease. This submission is based on results from the Phase III INDIGO trial and falls under the PMDA priority review based on the orphan product designation received in 2023.
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RYZ101 GEP-NETs October 2026 Announced positive topline results from the planned interim analysis of the ACTION-1 trial conducted by RayzeBio, Inc., a BMS company. The study met the primary endpoint with a statistically significant and clinically meaningful improvement in PFS by blinded independent central review, and safety results consistent with the known RYZ101 safety profile. ACTION-1 is a randomized Phase III clinical trial evaluating RYZ101 (225Ac-DOTATATE) versus investigator's choice of standard of care (hig...
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Sotyktu PsA September 2026 Announced positive results from the Phase III POETYK PsA-2 trial, and its open-label extension, of Sotyktu for treatment of adults with active psoriatic arthritis, in which the safety profile of Sotyktu remained consistent through two years of treatment.
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Zenbexus RRMM October 2026 Announced positive topline results from the Phase III EXCALIBER-RRMM study, evaluating Zenbexus (iberdomide) in combination with daratumumab and dexamethasone (ZDd) in 800 patients with MM, as early as first relapse. Results showed ZDd demonstrated a statistically significant improvement in the dual-primary endpoint of PFS. The safety profile of Zenbexus in combination with standard therapies remained consistent with previously reported safety findings from the study. These results build ...
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August 2026 The FDA approved Zenbexus (iberdomide) in combination with daratumumab and hyaluronidase-fihj and dexamethasone (ZDd) for the treatment of adult patients with MM who have received at least one prior line of therapy including a proteasome inhibitor and an immunomodulatory agent. Full approval for this indication will be contingent upon verification and description of clinical benefit in the confirmatory trial(s). The approval is based on results from Phase III EXCALIBER-RRMM trial, which s...
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 29, 2026 against Item 1A of the 10-K filed Feb 11, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
Read in the 10-Q ↗
There have been no material changes from the risk factors disclosed in the Company's 2025 Form 10-K.
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
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