BMY · CIK 14272
What Bristol-Myers Squibb Company told the SEC could break it.
Bristol-Myers Squibb's register is shaped by concentration on multiple fronts. Its U.S. sales funnel through a handful of wholesalers — its three largest customers held 75% of total trade receivables at year-end 2025 — and its revenue leans on a short list of key products (Eliquis, Opdivo, Orencia, Reblozyl, Yervoy and others) expected to drive a significant share of earnings, leaving it exposed to loss of market exclusivity. On the supply side, it buys some raw materials and active ingredients from one or single approved sources and relies on third parties to manufacture the drug substance for many of those same flagship products. Its significant manufacturing sits in the U.S., Puerto Rico, the Netherlands, Ireland, and Switzerland, with about 31% of 2025 revenue earned abroad, adding global economic, political, and trade exposure.
4 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- three largest U.S. customers = 75% of total trade receivableshigh
Receivables from BMS's three largest U.S. customers represented 75% of total trade receivables at year-end 2025 (74% in 2024) — heavy distribution-channel concentration in the major U.S. pharmaceutical wholesalers.
“Receivables from the three largest customers in the U.S. represented 75 % and 74 % of total trade receivables at December 31, 2025 and 2024, respectively.”
SEC filing →As of 2026 - revenue concentration in key products (Eliquis, Opdivo, Opdivo Qvantig, Orencia, Reblozyl, Yervoy) + loss-of-exclusivity riskmedium
BMS expects Eliquis, Opdivo, Opdivo Qvantig, Orencia, Reblozyl and Yervoy to represent a significant percentage of revenue, earnings and cash flows over the next few years; a reduction from any of these (loss of market exclusivity or other factors) could adversely impact earnings and cash flows.
“We 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. A reduction in revenue from any of these products due to loss of market exclusivity or other factors could adversely impact our earnings and cash flows.”
SEC filing →As of 2026
Sole-source dependency
- one-source/single-source raw materials & API; third-party manufacturer dependence for key productshigh
For some products BMS buys raw materials, components and supplies from one source (only source available) or a single source (only approved source); it also relies on third parties to manufacture/supply all or part of the active ingredient or drug substance for products including Eliquis, Opdivo, Pomalyst/Imnovid, Yervoy, Sprycel, Abraxane, Zeposia, Camzyos, Sotyktu, Krazati and Cobenfy.
“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.”
SEC filing →As of 2026
Geographic concentration
- manufacturing concentrated in US, Puerto Rico, Netherlands, Ireland, Switzerland; ~31% international revenuemedium
BMS's significant biologics, cell-therapy and pharmaceutical manufacturing facilities are located in the U.S., Puerto Rico, the Netherlands, Ireland and Switzerland (e.g., Devens, MA CAR-T facility), and ~31% of 2025 revenues were generated outside the U.S., exposing it to global economic/political and trade/tariff risk.
“We have significant manufacturing operations in the U.S., Puerto Rico, the Netherlands, Ireland and Switzerland.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings — including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“Ayala has assigned and transferred to us all INDs for the BMS Licensed Compounds originally assigned by BMS to Ayala.”
Cited →“We fund between 50% and 60% of all development costs depending on the study, and profits and losses are shared equally except in certain countries where we commercialize Eliquis and pay a percentage of net sales to BMS. In certain smaller markets we have full commercialization rights and BMS supplies the product to us at cost plus a percentage of the net sales to end-customers.”
Cited →SELLAS Life Sciences Group, Inc.
“Phase 1 open-label investigator-sponsored clinical trial of GPS, in combination with Bristol-Myers Squibb's anti-PD-1 therapy, nivolumab (Opdivo), in patients with MPM who harbor relapsed or refractory disease”
Cited →“Winrevair is the subject of a licensing agreement pursuant to which Merck pays a 22% royalty on net sales of Winrevair to BMS.”
Cited →“We have paid BMS $37.5 million in upfront fees and milestone obligations. We have no remaining milestone obligations to BMS. Additionally, we are obligated to make royalty payments on HETLIOZ ® net sales to BMS.”
Cited →
Its suppliers
“Under the terms of the BMS Agreements, we received approximately $100 million upfront”
Cited →“exclusive rights to commercialize the Product in the BMS Territory and is obligated to use commercially reasonable efforts to commercialize Products in Japan and certain other jurisdictions in the BMS Territory after obtaining the applicable regulatory approvals.”
Cited →“PRX019 is an investigational antibody for the potential treatment of neurodegenerative diseases in development in collaboration with BMS. In December 2023, the FDA cleared the IND application for PRX019. In May 2024, we entered into an exclusive global license agreement for PRX019 and we received an associated option exercise fee of $80 million.”
Cited →“Reblozyl is the subject of a global licensing agreement pursuant to which we pay tiered royalties to Merck ranging from 20% to 24% of net sales, which are included in Cost of products sold.”
Cited →“we will manufacture and supply Licensed Products to BMS for early clinical development for a limited time period. BMS is obligated to use commercially reasonable efforts to develop and seek regulatory approval of and commercialize at least one Licensed Product in the U.S.”
Cited →“In connection with our collaboration with BMS, we have received an aggregate of $159.0 million in payments, which have primarily consisted of the initial upfront and amendment payments, development milestone payments, research funding support,”
Cited →
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