Bristol Myers Squibb
39 named things its latest annual report says its results depend on, each in the company's own words. 24 of them are also named by other companies we've read.
Customers
Three largest U.S. pharmaceutical wholesalers
earns fromnamed as a riskIn addition, in the U.S., most of our products are distributed through wholesalers, and if one of these wholesalers should encounter financial or other difficulties, we might be unable to timely collect the amounts that the wholesaler owes us, which could negatively impact our results of operations.Risk factors (Item 1A)
Pharmacy benefit managers and MCOs
earns fromnamed as a riskExclusion of a product from a formulary can lead to its sharply reduced usage in patient populations due to higher out-of-pocket costs to patients.Business (Item 1)
Suppliers
Third-party API manufacturers
depends onnamed as a riskIn addition to our own manufacturing sites, we rely on third parties to manufacture or supply us with all or a portion of the active product ingredient or drug substance necessary for us to manufacture various products, including Eliquis, Opdivo, Pomalyst/Imnovid, Yervoy, Sprycel, Abraxane, Zeposia, Camzyos, Sotyktu, Krazati and Cobenfy.Business (Item 1)
Sole source and single source raw material suppliers
depends onnamed as a riskFor some products, we purchase our raw materials, components and supplies from one source (the only source available to us) or a single source (the only approved source among many available to us), thereby requiring us to obtain such raw materials and supplies from that particular source.Business (Item 1)
Radiopharmaceutical third-party suppliers
depends onnamed as a riskFor our radiopharmaceutical therapeutics, we utilize third-party suppliers that may still be developing appropriate processes, controls, technologies and facilities, particularly for large-scale production.Risk factors (Item 1A)
Partners and platforms
Pfizer
depends onBMS, along with its partner Pfizer, settled with a number of these generic companies and won at the trial and appellate levels against others.Business (Item 1)
BioNTech
depends onOur significant business development activities in 2025 included (i) the acquisition of Orbital Therapeutics, (ii) the execution of a global strategic collaboration agreement with BioNTech, and (iii) the execution of a global exclusive licensing agreement with Philochem.Business (Item 1)
Ono Pharmaceutical
depends onª Development Partnerships: Anti-CCR8 + nivolumab, nivolumab + relatlimab HD, OPDIVO, YERVOY: Ono; BMS-986495: Prothena; COBENFY (KarXT), AUGTYRO: Zai Lab; pumitamig (BNT327/BMS-986545): BioNTech; iza-bren: SystImmune; milvexian: Johnson & Johnson; obexelimab: Zenas BioPharma; REBLOZYL: MerckBusiness (Item 1)
Also named by IONS
Other companies
Merck & Co. (Keytruda royalties)
earns from · approximately $2.7 billion in 2025named as a riskFor example, (i) royalties related to Keytruda* are expected to terminate on December 31, 2026, (ii) royalties related to Tecentriq* are expected to terminate on December 31, 2026, and (iii) royalties related to the divestiture of our diabetes business terminated on December 31, 2025.Risk factors (Item 1A)
Also named by EXEL
Eliquis
earns fromnamed as a riskWe expect that Eliquis, Opdivo, Opdivo Qvantig, Orencia, Reblozyl and Yervoy will represent a significant percentage of our revenue, earnings and cash flows during the next few years.Risk factors (Item 1A)
Also named by PFE
Competitors
Eliquis generic competition in Europe
competes withnamed as a riskFor example, following certain adverse judicial decisions in the UK and Finland, generic manufacturers have begun marketing generic versions of Eliquis in these countries, and may seek to market generic versions of Eliquis in additional countries in Europe, prior to the expiration of our patents, which may lead to additional infringement and invalidity patent actions in Europe.Risk factors (Item 1A)
Revlimid generic lenalidomide
competes withnamed as a riskSimilarly, in the U.S., following patent settlements, certain companies have begun marketing generic lenalidomide pursuant to licenses, which as of January 31, 2026, are no longer volume-limited.Risk factors (Item 1A)
Pomalyst generic competition
competes withnamed as a riskFor Pomalyst in the U.S., generic entry is expected in the first quarter of 2026.Business (Item 1)
Places
United States
earns from · 69 %We have significant manufacturing operations in the U.S., Puerto Rico, the Netherlands, Ireland and Switzerland.Business (Item 1)
Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more
Europe
operates innamed as a riskWe have significant operations in Europe, including for manufacturing and distribution.Risk factors (Item 1A)
Also named by ADSK, AME, AMRC, ATR, BCSF, BKNG, BMI, CARR and 60 more
China
named as a riskIt is possible that global economic and political events, including changes to the geopolitical relationship between the U.S. and China, other geopolitical events and conflicts, and any future pandemic, could exacerbate any of the other risks described in this 2025 Form 10-K as well.Risk factors (Item 1A)
Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more
Japan
subject tonamed as a riskAdditionally, the Japanese government continues to impose price cuts outside the normal repricing cycles, and in the last several years introduced a new value assessment requirement on some medicines to further cut prices.Business (Item 1)
Also named by A, AAPL, AFL, AMKR, ANET, BSX, CAT, CDNS and 25 more
Puerto Rico
operates inOur significant biologics, cell therapy and pharmaceutical manufacturing facilities are located in the U.S., Puerto Rico, the Netherlands, Ireland and Switzerland and require significant ongoing capital investment for both maintenance and compliance with increasing regulatory requirements.Business (Item 1)
Also named by AMGN, BPOP, CCI, COO, GMED, HPE, LLY, PWR and 2 more
Devens, Massachusetts
operates inFor our cell therapy product candidates and marketed products, including Breyanzi and Abecma, we have invested in our own manufacturing network, including facilities in Bothell, Washington; Summit, New Jersey; Devens, Massachusetts; and Leiden, the Netherlands; as well as the use of third-party manufacturers.Business (Item 1)
Hazards
CAR-T T-cell malignancy boxed warning
subject tonamed as a riskIn January 2024, the FDA determined that safety labeling changes were needed for approved CAR-T cell therapies, including a “boxed warning” about the possible risk of T-cell malignancies in patients treated with CAR-T cell therapy.Risk factors (Item 1A)
Commodities and inputs
Euro
exposed to its price · $428 millionnamed as a riskOur primary net foreign currency translation exposures are the euro and Japanese yen.Market risk (Item 7A)
Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more
Japanese yen
exposed to its pricenamed as a riskOur primary net foreign currency translation exposures are the euro and Japanese yen.Market risk (Item 7A)
Also named by ABBV, ABT, ACN, ADBE, ALK, AMAT, AMKR, COO and 24 more
Viral vector
depends onnamed as a riskIn order to support supply continuity, we continue to partner with third party manufacturers to expand supply of vector and are investing in new facilities for drug product manufacturing.Business (Item 1)
Regulators
U.S. Food and Drug Administration (FDA)
subject tonamed as a riskIt has jurisdiction over virtually all of our activities and imposes requirements covering the testing, safety, effectiveness, manufacturing, labeling, marketing, advertising and post-marketing surveillance of our products.Business (Item 1)
Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more
U.S. Department of Health and Human Services (HHS)
subject tonamed as a riskIn January 2026, the HHS selected Orencia as a medicine subject to "negotiation" for government-set prices beginning in 2028.Risk factors (Item 1A)
Also named by HIMS
Laws and programs
CERCLA
subject to · approximately 21 former waste disposal or reprocessing facilitiesnamed as a riskWe have also been identified as a PRP under applicable laws for environmental conditions at approximately 21 former waste disposal or reprocessing facilities operated by third parties at which investigation and/or remediation activities are ongoing.Business (Item 1)
Also named by AA, AAOI, ALB, AN, APD, APLD, ATI, AWK and 27 more
Medicare Part D
subject to · $2,000 capnamed as a riskAs of January 2025, under the IRA, the Part D benefit redesign replaced the 70 percent CGDP discount with a 10 percent manufacturer discount for all Medicare Part D beneficiaries that have met their deductible and incurred out of pocket drug costs below a $2,000 threshold and a 20 percent discount for beneficiaries that have incurred out of pocket drug costs above the $2,000 threshold under the new Part D benefit redesign.Risk factors (Item 1A)
Also named by ABBV, AMGN, CI, CNC, CVS, ELV, INCY, JNJ and 5 more
U.S. Government Agreement
subject to · approximately 80% off current list pricesnamed as a riskThis 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.Risk factors (Item 1A)
Medicare
subject tonamed as a riskIn 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, which applies to the U.S. Medicare channel effective January 1, 2026.Risk factors (Item 1A)
Also named by ABT, ARWR, AXGN, BAX, BDX, BSX, CAH, CDNA and 48 more
One Big Beautiful Bill Act (OBBBA)
subject tonamed as a riskWe 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.Risk factors (Item 1A)
Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more
U.S. tariffs
subject tonamed as a riskWe 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.Risk factors (Item 1A)
Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more
Medicaid
subject tonamed as a riskIn 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.Risk factors (Item 1A)
Also named by ABBV, ABT, ARE, ARWR, BAX, BSX, CHE, CNC and 39 more
Inflation Reduction Act (IRA)
subject tonamed as a riskIn particular, the IRA has and will continue to have the effect of reducing prices and reimbursements for certain of our products, which could significantly impact our business.Risk factors (Item 1A)
Also named by AEE, AMGN, ARWR, BIIB, BKNG, CAH, CI, CNC and 26 more
340B Drug Pricing Program
subject tonamed as a riskThe expanded utilization of the 340B program in recent years has negatively affected our revenues and profit margins.Risk factors (Item 1A)
Also named by ABBV, BAX, BIIB, CAH, COR, CVS, EXEL, GILD and 13 more
Most-Favored Nation Prescription Drug Pricing executive order
subject tonamed as a riskIn July 2025, the Trump administration sent letters to several pharmaceutical manufacturers, including BMS, which outlined steps that such manufacturers should take to advance certain objectives of the executive order.Business (Item 1)
UK NHS branded medicines spending cap scheme
subject tonamed as a riskSales that exceed this cap are returned to the government as a rebate from the pharmaceutical companies in the scheme.Business (Item 1)
Pillar Two (OECD/G20 Inclusive Framework)
subject tonamed as a riskThis includes Pillar Two legislation that has been enacted pursuant to the OECD/G20 Inclusive Framework in various jurisdictions in which we operate.Risk factors (Item 1A)
Medicaid Drug Rebate Program
subject toWe participate in the Medicaid Drug Rebate Program ("MDRP"), under which we must pay rebates to state Medicaid programs for our covered outpatient drugs provided to Medicaid beneficiaries, with rebates based on pricing data we report regularly to the Centers for Medicare & Medicaid Services (CMS).Business (Item 1)
REMS programs (Lenalidomide, Pomalyst, Camzyos)
subject toRevlimid and Pomalyst are distributed in the U.S. primarily through contracted pharmacies under the Lenalidomide REMS (Revlimid) and Pomalyst REMS programs, respectively.Business (Item 1)