Global biopharma portfolio
Bristol-Myers Squibb Company
Bristol Myers Squibb develops medicines in oncology, hematology, immunology, cardiovascular disease and neuropsychiatry and sells them primarily through wholesalers and distributors. It uses external manufacturers such as Samsung Biologics and Cellares for parts of its supply network and deploys capital to acquire new growth assets.
BMY Updated Sep 11, 2026 3 AI consumers· 3 recurring
Per the valuechain.wiki graph, Bristol-Myers Squibb Company is directly linked to 6 companies (1 supply, 5 revenue relationships) and reaches 9 companies within two hops; the links are backed by 9 dated sources, 4 of them primary filings (as of 2026-09-11).
Financials & Segments
- Total revenue · $48.194 billion (FY2025 total revenue, SEC 10-K XBRL)
- Segments · Growth Portfolio · Legacy Portfolio
Revenue from
- McKesson Corporation High confidence· Revenue share 36 percent · FY2025 · Gross revenue to McKesson as a share of BMS U.S. gross revenue
McKesson is BMS's largest U.S. pharmaceutical wholesale customer. Gross revenue to McKesson represented 36% of BMS's U.S. gross revenue in 2025, up from 34% in 2024. - Cencora High confidence· Revenue share 29 percent · FY2025 · Gross revenue to Cencora as a share of BMS U.S. gross revenue
Cencora is BMS's second-largest U.S. pharmaceutical wholesale customer. Gross revenue to Cencora represented 29% of BMS's U.S. gross revenue in 2025. - Cardinal Health High confidence· Revenue share 22 percent · FY2025 · Gross revenue to Cardinal Health as a share of BMS U.S. gross revenue
Cardinal Health is one of BMS's three largest U.S. pharmaceutical wholesale customers. Gross revenue to Cardinal Health represented 22% of BMS's U.S. gross revenue in 2025. - Regeneron Pharmaceuticals High confidence
Bristol-Myers Squibb licensed patents needed to develop and sell Libtayo to Regeneron and Sanofi through its entities together with Ono Pharmaceutical, with Regeneron paying royalties to the licensor group while the portion attributable specifically to Bristol-Myers Squibb is not disclosed. - ABL Bio Medium confidence
Supplies Opdivo (nivolumab) to ABL Bio's ABL111 gastric-cancer bispecific triple-combination trial; a clinical combination-supply arrangement with undisclosed value.
Pays to
- Cellares High confidence· Contract value $380M · 2024 agreement · Maximum transaction value, including upfront and milestone payments, under the Cellares CAR-T capacity reservation and supply agreement
BMS signed a worldwide capacity reservation and supply agreement with Cellares to manufacture selected CAR-T therapies at clinical and commercial scale. The transaction is valued at up to $380 million in upfront and milestone payments.Confirms EN Bristol Myers Squibb Published Apr 22, 2024: Bristol Myers Squibb and Cellares Announce a $380M Worldwide Capacity Reservation and Supply Agreement - Samsung Biologics High confidence· Contract value $242M · 2023-2030 · Value of the BMS antibody cancer drug contract manufacturing agreement announced in 2023
BMS contracts Samsung Biologics to manufacture drug substance for a commercial antibody cancer medicine. The agreement announced in 2023 was valued at $242 million through 2030.Confirms KO Yonhap News Agency Published Sep 18, 2023: Samsung Biologics signs a KRW 320 billion CMO agreement with BMSConfirms EN Samsung Biologics Published Sep 18, 2023: Samsung Biologics announces expanded strategic agreement with Bristol Myers Squibb to manufacture antibody cancer drug substance
Investments
- Karuna Therapeutics, Inc. High confidence· Amount $14B · acquisition completed 2024-03-18 · Total consideration for the acquisition of Karuna Therapeutics
BMS acquired Karuna Therapeutics in March 2024 to obtain Cobenfy, a schizophrenia treatment with a novel mechanism of action. Total consideration was $14.0 billion, and Karuna became a wholly owned BMS subsidiary.Confirms KO Meritz Securities Research Center Published Mar 19, 2024: Chart of the Day: Biopharma M&A Seeks Greater CertaintyConfirms EN PureTech Health plc Published Mar 18, 2024: Bristol Myers Squibb Completes Acquisition of PureTech's Founded Entity Karuna Therapeutics for $14 Billion
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Lilly (Eli) | lead2 | +66.1 | +34.3 | +60.9 | +33.3 | +40.2 | +7.5 |
| Regeneron Pharmaceuticals | lead1 | +30.7 | +14.2 | +21.7 | -18.9 | +9 | +7.7 |
| ABL Bio | lead1 | +15.9 | -31.3 | +14.2 | +65.2 | +443.9 | -63.9 |
| Bristol-Myers Squibb Company | node | +2.9 | +19 | -26.1 | +15.8 | +0.1 | +28.1 |
| Samsung Biologics | benef1 | -6.8 | +8.6 | +5.8 | +28.7 | +5 | -17.1 |
| Samsung E&A | benef2 | +74.5 | +20 | -13.7 | -15.9 | +76.7 | +48.9 |
| Danaher Corporation | benef2 | +48.6 | -19 | -1.2 | -0.3 | +0.4 | -8.9 |
YTD as of 2026-09-04 · source: Yahoo Finance
Bristol-Myers Squibb Company operates across Global biopharma portfolio. It is +28.1% in 2026. The stock (+28.1%) is ahead of both its demand side (avg -63.9%) and supply side (avg -17.1%). Having run ahead of its chain, it is the first spot to give back if customer numbers fail to follow. Among connected nodes the furthest ahead is Samsung Biologics (-17.1%) and the furthest behind is ABL Bio (-63.9%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It uses external manufacturers such as Samsung Biologics and Cellares for parts of its supply network and deploys capital to acquire new growth assets.
Analysis generated from returns as of 2026-09-04