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Bristol-Myers Squibb BMY Supply Agreements — Royalty Income

Similar metrics at other companies

PTH
PTHSZELSUVMI Royalty Agreement — Royalty agreement, milestone
$5M+300%
PTH
PTHSZELSUVMI Royalty Agreement — Income received through royalty
30%+22.5pp
PTH
PTHSZELSUVMI Royalty Agreement — Royalty agreement, percent of sales
13%
ARS Pharmaceuticals, Inc. logo
SPRYRevenue Under Supply Agreements — Revenue
$2.74M
PVL
PVLARoyalty Agreement Liability
$19.8M+50.5%
ESP
ESPRRoyalty Purchase Agreement
$72.6M+1.0%

Other financials

Income statement

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Revenue$13.0B+5.7%
Gross profit$9.2B+3.9%
Net income$3.3B+153%
EPS (diluted)$1.62+153%

Balance sheet

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Cash & equivalents$8.7B-30.8%
Total debt$43.3B-12.3%
Total equity$22.3B+28.0%
Total assets$87.6B-7.4%

Cash flow

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Operating cash flow$3.4B-13.4%
CapEx$305.0M-15.5%
Free cash flow$3.1B-13.2%

Valuation

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Market cap$131.04B+43.6%
Enterprise value$165.65B+29.4%
P/E14.1×-4.2×
P/S2.7×+0.8×

Profitability

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Gross margin70.2%-0.1pp
Net margin18.9%+8.4pp
FCF margin23.3%-7.3pp

Returns & leverage

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Return on equity46.7%+17.8pp
Debt / equity1.9×-0.9×
Current ratio1.5×+0.3×

Where this comes from

Reported directly by Bristol-Myers Squibb in its filing.

Tagged under the XBRL concept bmy:BusinessSaleRoyaltyIncome.

The source filing: Bristol-Myers Squibb’s 10-K, filed February 11, 2026.

Filed
Feb 10, 2026, 7:00 PM EST
Fiscal year
FY2025
Accession
0000014272-26-000004

As part of its diabetes termination agreement with AstraZeneca, BMS received royalty payments based on net sales, which amounted to 14% or $1.2 billion in 2025 and 15% or $1.2 billion and $960 million in 2024 and 2023, respectively. Royalty payments under this agreement terminated as of December 31, 2025.

Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

FAQ

What is Bristol-Myers Squibb's supply agreements — royalty income?
Bristol-Myers Squibb (BMY) reported supply agreements — royalty income of $300M in Q4 2025.
How has Bristol-Myers Squibb's supply agreements — royalty income changed year-over-year?
Bristol-Myers Squibb's supply agreements — royalty income decreased by 0.0% year-over-year, from $300M to $300M.
What is the long-term trend for Bristol-Myers Squibb's supply agreements — royalty income?
Over 4 years (2021 to 2025), Bristol-Myers Squibb's supply agreements — royalty income has grown at a 13.4% compound annual growth rate (CAGR), from $725M to $1.2B.
What does supply agreements — royalty income mean?
This metric represents the revenue generated from licensing intellectual property and providing supply chain support to third-party partners. It reflects the monetization of proprietary drug formulations and manufacturing capabilities through contractual arrangements where the company receives a percentage of sales or fixed fees. This income stream is a key indicator of the company's ability to leverage its R&D portfolio beyond direct commercialization.

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