Bristol-Myers Squibb Company

BRM.DE

Drug Manufacturers - General · Healthcare

Price

€57.63

+0.36 (+0.63%)

Market Cap

€117.72B

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Good

Cash Flow

Exceptional

Stability

Good

Valuation

Good

Dividends

Mixed

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Share count falling — buybacks

−9.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 2.25B (2021) → 2.04B (2025)

Winston Score History

The full picture

Bristol-Myers Squibb is a large pharmaceutical company that discovers, makes, and sells prescription medicines. Its biggest products treat cancer, blood clots, and immune system diseases — with well-known drugs like Eliquis (a blood thinner), Opdivo (a cancer treatment), and Revlimid (a blood cancer drug). Hospitals, doctors, and patients in over 50 countries rely on these medicines.

The company makes money by selling its drugs directly to hospitals, pharmacies, and healthcare systems, often at high prices protected by patents. It operates mainly in the United States, which generates the majority of its revenue, with significant sales in Europe and other markets. Its main competitive advantage is its portfolio of patented drugs, but a key risk is patent expiration — Revlimid has already begun losing exclusivity, and several other top drugs face generic competition in the coming years, which could meaningfully reduce revenue.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+5.9% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+149.2% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$9.5B/ year

↓ Declining (-15% vs prior year)

19.7% of revenue

In line with sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

0.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$13.5B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Bristol-Myers Squibb Company is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

67.9%

Premium pricing power — 67.9% gross margin

Profit after running costs

Operating Margin

36.0%

Excellent — 36.0% operating margin

Return on the money invested

ROCE

24.6%

Exceptional — 24.6% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+3.1%

Slow sales growth (+3.1% YoY)

Profit growth

EPS YoY

+81.9%

Earnings growing fast (+81.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

138%

Turns 138% of profit into real cash

Spare cash per sale

FCF Margin

23.3%

Converts sales into free cash efficiently (23.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

1.94

Elevated debt (1.94)

Covers its interest

Interest Cover

9.35x

Comfortably covers interest (9.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

12.7x

Attractive valuation — P/E 12.7

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+1.0

GROWING

Earnings roughly flat

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Dividends

Dividend

Dividend Yield

3.95%

Moderate income — 3.95% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

-1.6%

Dividend cut (-1.6% YoY) — warning sign

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