Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Return on Sales
Return on Investment
Bristol-Myers Squibb Co., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
Profitability metrics exhibit a distinct three-phase cycle characterized by initial stability, a severe contraction during 2024, and a robust recovery phase extending through 2026. While top-line efficiency shows a steady decline, bottom-line indicators demonstrate significant volatility followed by an upward trajectory that exceeds previous baselines.
- Gross Profit Margin
- A consistent and gradual downward trend is observed throughout the entire period. The margin declined from 79.62% in March 2022 to 69.24% by September 2026. This persistent erosion suggests a long-term increase in the cost of goods sold relative to total revenue.
- Operating and Net Profit Margins
- These margins remained relatively stable or grew slightly between 2022 and 2023, with operating margins peaking at 19.04% in September 2022. A sharp reversal occurred in March 2024, where the operating margin plummeted to -14.30% and the net profit margin dropped to -13.50%. This negative trend persisted through December 2024, with the net profit margin reaching a trough of -18.53%. However, a strong recovery began in March 2025, with operating margins eventually climbing to 23.10% and net profit margins reaching 18.47% by September 2026.
- Return on Equity (ROE)
- ROE displayed extreme volatility. After reaching a peak of 28.57% in September 2023, the ratio crashed to -37.28% in March 2024, further deteriorating to -54.78% by December 2024. The subsequent recovery was aggressive, with ROE surging to a period high of 41.59% in June 2026, indicating a significant restoration of shareholder value generation.
- Return on Assets (ROA)
- ROA mirrored the trajectory of the other profitability ratios. It rose from 6.07% in March 2022 to a peak of 9.08% in September 2023, followed by a steep decline to -9.66% in December 2024. The recovery phase saw ROA return to positive territory in March 2025, eventually reaching 10.41% by September 2026, representing an improvement over the pre-contraction levels.
The analysis indicates that a significant disruptive event occurred during the 2024 calendar year, causing severe temporary losses across all profitability and efficiency metrics. The subsequent rebound in 2005 and 2026 suggests that the causes of the contraction were either non-recurring or successfully mitigated, allowing the entity to achieve higher operating and return efficiency than was observed during the 2022-2023 period.
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Gross Profit Margin
Bristol-Myers Squibb Co., gross profit margin calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Gross margin | 8,923) | 9,247) | 8,068) | 8,406) | 8,787) | 8,897) | 8,168) | 7,530) | 8,935) | 8,934) | 8,933) | 8,732) | 8,460) | 8,350) | 8,771) | 8,813) | 8,865) | 9,167) | 9,177) | ||||||
| Revenues | 13,069) | 12,973) | 11,489) | 12,502) | 12,222) | 12,269) | 11,201) | 12,342) | 11,892) | 12,201) | 11,865) | 11,477) | 10,966) | 11,226) | 11,337) | 11,406) | 11,218) | 11,887) | 11,648) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Gross profit margin1 | 69.24% | 70.16% | 70.46% | 71.08% | 69.50% | 70.29% | 70.47% | 71.08% | 74.91% | 75.38% | 75.71% | 76.24% | 76.54% | 77.01% | 77.68% | 78.04% | 78.82% | 79.13% | 79.62% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||||
| AbbVie Inc. | 73.72% | 71.48% | 70.68% | 70.24% | 69.74% | 70.93% | 70.69% | 69.99% | 67.21% | 62.75% | 62.28% | 62.42% | 65.76% | 68.91% | 69.43% | 70.00% | 69.62% | 70.48% | 69.53% | ||||||
| Amgen Inc. | — | 67.97% | 66.72% | 65.75% | 64.71% | 62.99% | 61.48% | 59.85% | 58.71% | 61.56% | 64.76% | 68.60% | 72.35% | 72.87% | 73.65% | 74.17% | 73.99% | 74.00% | 73.30% | ||||||
| Danaher Corp. | 58.59% | 58.51% | 58.94% | 59.11% | 59.53% | 59.66% | 59.74% | 59.50% | 59.37% | 59.27% | 58.39% | 58.74% | 58.77% | 59.17% | 60.22% | 60.21% | 60.65% | 60.77% | 60.77% | ||||||
| Eli Lilly & Co. | 83.63% | 83.40% | 82.83% | 83.04% | 83.03% | 82.64% | 81.70% | 81.31% | 80.91% | 80.75% | 80.16% | 79.25% | 78.67% | 77.77% | 77.67% | 76.77% | 75.61% | 75.98% | 74.40% | ||||||
| Gilead Sciences Inc. | 79.79% | 79.15% | 79.01% | 78.44% | 78.31% | 78.42% | 78.17% | 78.15% | 75.98% | 75.56% | 75.62% | 75.87% | 78.66% | 79.27% | 78.94% | 79.03% | 74.31% | 75.30% | 75.50% | ||||||
| Johnson & Johnson | 67.56% | 67.91% | 67.82% | 67.88% | 68.08% | 67.92% | 68.30% | 69.07% | 69.05% | 69.06% | 69.20% | 68.82% | 68.54% | 68.06% | 67.34% | 67.26% | 67.43% | 67.86% | 67.97% | ||||||
| Merck & Co. Inc. | — | 72.97% | 73.91% | 74.80% | 77.18% | 76.60% | 76.42% | 76.32% | 75.82% | 75.25% | 74.37% | 73.17% | 72.86% | 72.96% | 72.43% | 70.63% | 70.49% | 70.41% | 70.72% | ||||||
| Pfizer Inc. | 73.38% | 73.18% | 73.51% | 74.33% | 73.39% | 72.12% | 72.28% | 71.94% | 67.73% | 58.18% | 58.09% | 58.10% | 60.97% | 69.61% | 68.61% | 65.77% | 65.53% | 62.18% | 60.35% | ||||||
| Regeneron Pharmaceuticals Inc. | 85.77% | 84.86% | 84.55% | 85.35% | 85.39% | 85.57% | 85.79% | 86.13% | 86.12% | 86.16% | 86.32% | 86.16% | 85.96% | 86.42% | 86.96% | 87.18% | 85.39% | 84.97% | 84.65% | ||||||
| Thermo Fisher Scientific Inc. | 41.08% | 40.80% | 40.78% | 40.93% | 41.27% | 41.18% | 41.34% | 41.28% | 40.77% | 40.76% | 40.40% | 39.90% | 39.87% | 39.75% | 40.28% | 42.24% | 44.42% | 46.63% | 48.37% | ||||||
| Vertex Pharmaceuticals Inc. | 85.53% | 86.00% | 86.24% | 86.24% | 86.28% | 86.11% | 86.03% | 86.11% | 86.12% | 86.45% | 86.86% | 87.21% | 87.80% | 87.92% | 88.04% | 87.90% | 88.00% | 88.13% | 87.95% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Gross profit margin = 100
× (Gross marginQ3 2026
+ Gross marginQ2 2026
+ Gross marginQ1 2026
+ Gross marginQ4 2025)
÷ (RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025)
= 100 × (8,923 + 9,247 + 8,068 + 8,406)
÷ (13,069 + 12,973 + 11,489 + 12,502)
= 69.24%
2 Click competitor name to see calculations.
A comprehensive analysis of the financial performance from March 2022 through September 2026 reveals a persistent and systemic decline in the gross profit margin. Despite fluctuations in total revenue, the ability to maintain proportional profitability at the gross level has weakened consistently over the observed period.
- Gross Profit Margin Trend
- A steady downward trajectory is observed in the gross profit margin, which decreased from 79.62% in March 2022 to 69.24% by September 2026. This contraction represents a total decline of 1,038 basis points, indicating a long-term erosion of gross profitability.
- Analysis of Margin Volatility and Acceleration
- The decline occurred in distinct phases. From March 2022 to September 2024, the margin contracted gradually from 79.62% to 74.91%. A significant acceleration in this decline occurred in December 2024, where the margin dropped sharply to 71.08%. While a brief stabilization and slight recovery to 71.08% were noted in December 2025, the trend resumed its descent, reaching the period low of 69.24% in the final quarter of the analysis.
- Revenue and Cost Divergence
- There is a notable divergence between revenue growth and gross margin efficiency. Revenues reached their highest levels toward the end of the period, peaking at 13,069 million in September 2026. However, because the gross profit margin reached its lowest point during the same timeframe, it is evident that the cost of goods sold increased at a rate exceeding revenue growth. This indicates that higher sales volumes did not translate into improved margins, but rather coincided with increased production or acquisition costs.
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Operating Profit Margin
Bristol-Myers Squibb Co., operating profit margin calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Operating income (loss) | 2,843) | 4,025) | 3,271) | 1,421) | 3,006) | 2,266) | 3,309) | 480) | 1,910) | 1,559) | (11,435) | 1,303) | 1,879) | 1,743) | 2,357) | 1,642) | 2,069) | 2,242) | 2,336) | ||||||
| Revenues | 13,069) | 12,973) | 11,489) | 12,502) | 12,222) | 12,269) | 11,201) | 12,342) | 11,892) | 12,201) | 11,865) | 11,477) | 10,966) | 11,226) | 11,337) | 11,406) | 11,218) | 11,887) | 11,648) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Operating profit margin1 | 23.10% | 23.83% | 20.55% | 20.75% | 18.86% | 16.70% | 15.24% | -15.50% | -14.05% | -14.39% | -14.30% | 16.18% | 16.96% | 17.29% | 18.13% | 17.96% | 19.04% | 18.19% | 16.79% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||
| AbbVie Inc. | 32.16% | 26.20% | 24.41% | 24.65% | 15.16% | 18.80% | 17.56% | 16.22% | 24.89% | 22.31% | 23.50% | 23.49% | 27.32% | 31.03% | 28.49% | 31.21% | 30.59% | 30.33% | 32.68% | ||||||
| Amgen Inc. | — | 31.51% | 29.77% | 25.83% | 25.14% | 24.45% | 22.71% | 22.66% | 19.97% | 20.96% | 24.72% | 29.35% | 34.55% | 37.50% | 36.07% | 38.57% | 39.31% | 38.04% | 32.78% | ||||||
| Danaher Corp. | 20.38% | 20.42% | 19.21% | 19.09% | 19.01% | 18.39% | 20.26% | 20.37% | 20.11% | 21.22% | 21.05% | 21.77% | 23.83% | 25.06% | 27.02% | 27.61% | 27.35% | 25.44% | 25.23% | ||||||
| Eli Lilly & Co. | 40.34% | 42.22% | 43.63% | 40.35% | 38.84% | 32.37% | 28.74% | 28.64% | 24.81% | 23.28% | 20.80% | 18.92% | 18.42% | 24.17% | 22.45% | 24.97% | 24.65% | 25.50% | 25.94% | ||||||
| Gilead Sciences Inc. | -7.68% | -8.37% | 35.46% | 34.66% | 36.75% | 28.03% | 28.77% | 5.81% | 2.92% | 9.26% | 5.79% | 28.24% | 30.37% | 31.18% | 33.03% | 27.17% | 22.39% | 25.78% | 26.56% | ||||||
| Johnson & Johnson | 24.90% | 26.47% | 26.39% | 26.85% | 25.44% | 23.67% | 23.59% | 23.42% | 24.42% | 25.31% | 25.04% | 24.90% | 25.55% | 25.61% | 25.21% | 24.63% | 23.89% | 23.47% | 23.76% | ||||||
| Merck & Co. Inc. | — | 9.58% | 18.18% | 32.64% | 33.73% | 30.00% | 31.51% | 31.03% | 21.60% | 24.75% | 6.93% | 3.92% | 13.08% | 10.34% | 27.85% | 30.27% | 30.66% | 33.04% | 28.85% | ||||||
| Pfizer Inc. | 21.44% | 21.70% | 22.96% | 22.76% | 21.85% | 23.23% | 19.29% | 19.51% | 9.56% | -4.19% | -2.08% | 2.15% | 14.36% | 28.13% | 34.44% | 34.83% | 33.59% | 30.37% | 26.12% | ||||||
| Regeneron Pharmaceuticals Inc. | 28.79% | 24.74% | 24.32% | 24.95% | 25.89% | 27.02% | 27.20% | 28.10% | 28.69% | 28.95% | 29.40% | 30.85% | 32.23% | 34.20% | 35.79% | 38.93% | 45.45% | 48.19% | 55.08% | ||||||
| Thermo Fisher Scientific Inc. | 17.88% | 17.58% | 17.46% | 17.38% | 17.16% | 17.13% | 17.23% | 17.11% | 16.93% | 17.01% | 16.38% | 16.00% | 15.81% | 15.42% | 16.29% | 18.69% | 20.54% | 22.51% | 23.83% | ||||||
| Vertex Pharmaceuticals Inc. | 33.23% | 37.95% | 38.31% | 34.77% | 34.06% | 34.36% | -6.69% | -2.11% | -2.54% | -3.37% | 41.16% | 38.83% | 40.16% | 41.72% | 43.93% | 48.23% | 47.72% | 48.85% | 36.93% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Operating profit margin = 100
× (Operating income (loss)Q3 2026
+ Operating income (loss)Q2 2026
+ Operating income (loss)Q1 2026
+ Operating income (loss)Q4 2025)
÷ (RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025)
= 100 × (2,843 + 4,025 + 3,271 + 1,421)
÷ (13,069 + 12,973 + 11,489 + 12,502)
= 23.10%
2 Click competitor name to see calculations.
The operating profit margin exhibits three distinct phases: a period of relative stability, a significant contraction into negative territory, and a subsequent recovery leading to historical peaks.
- Stability and Gradual Decline (March 2022 – December 2023)
- During this interval, the operating profit margin remained generally consistent, fluctuating between a high of 19.04% in September 2022 and a low of 16.18% by December 2023. A slight downward trajectory is observable throughout 2023, suggesting a gradual increase in operating expenses relative to revenue growth.
- Severe Margin Contraction (March 2024 – December 2024)
- A sharp and significant decline occurred in 2024, with margins shifting from positive to deeply negative values. The margin reached a nadir of -15.50% by December 31, 2024. This period is characterized by extreme volatility and a substantial erosion of profitability, coinciding with a significant drop in operating income during the first quarter of the year.
- Recovery and Expansion (March 2025 – September 2026)
- A strong recovery trend began in early 2025, with the operating profit margin returning to positive territory at 15.24%. This upward momentum continued throughout 2025 and 2026, eventually surpassing pre-contraction levels. The margin peaked at 23.83% in June 2026, representing a significant improvement in operational efficiency and profitability compared to the 2022-2023 baseline.
Overall, the data reflects a volatile operational cycle. While 2024 represented a period of severe financial stress, the subsequent trend indicates a successful turnaround, resulting in an operating margin that is substantially higher at the end of the observed period than at the beginning.
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Net Profit Margin
Bristol-Myers Squibb Co., net profit margin calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net earnings (loss) attributable to BMS | 2,162) | 3,317) | 2,677) | 1,087) | 2,201) | 1,310) | 2,456) | 72) | 1,211) | 1,680) | (11,911) | 1,762) | 1,928) | 2,073) | 2,262) | 2,022) | 1,606) | 1,421) | 1,278) | ||||||
| Revenues | 13,069) | 12,973) | 11,489) | 12,502) | 12,222) | 12,269) | 11,201) | 12,342) | 11,892) | 12,201) | 11,865) | 11,477) | 10,966) | 11,226) | 11,337) | 11,406) | 11,218) | 11,887) | 11,648) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Net profit margin1 | 18.47% | 18.87% | 15.01% | 14.64% | 12.57% | 10.58% | 11.38% | -18.53% | -15.30% | -14.06% | -13.50% | 17.83% | 18.44% | 17.62% | 15.95% | 13.71% | 14.29% | 14.04% | 13.31% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||
| AbbVie Inc. | 15.67% | 9.80% | 5.79% | 6.91% | 4.00% | 6.45% | 7.31% | 7.59% | 9.22% | 9.71% | 11.02% | 8.95% | 11.81% | 15.50% | 13.37% | 20.39% | 23.19% | 22.04% | 22.00% | ||||||
| Amgen Inc. | — | 24.11% | 21.98% | 21.94% | 20.31% | 19.75% | 18.10% | 12.77% | 13.58% | 10.60% | 13.35% | 24.96% | 29.52% | 31.52% | 31.77% | 26.42% | 27.88% | 26.73% | 23.42% | ||||||
| Danaher Corp. | 16.91% | 15.95% | 14.89% | 14.71% | 14.43% | 14.21% | 15.81% | 16.33% | 16.39% | 17.83% | 18.54% | 19.94% | 22.89% | 22.80% | 23.32% | 22.91% | 21.65% | 20.61% | 21.32% | ||||||
| Eli Lilly & Co. | 31.90% | 33.53% | 34.99% | 31.67% | 30.99% | 25.91% | 22.66% | 23.51% | 20.48% | 18.86% | 17.08% | 15.36% | 15.55% | 22.01% | 20.54% | 21.88% | 20.63% | 19.58% | 20.90% | ||||||
| Gilead Sciences Inc. | -12.56% | -10.86% | 31.51% | 29.43% | 28.41% | 21.98% | 20.87% | 1.68% | 0.45% | 3.82% | 1.78% | 21.03% | 21.60% | 20.18% | 20.87% | 17.02% | 12.44% | 15.22% | 16.60% | ||||||
| Johnson & Johnson | 16.20% | 21.48% | 21.83% | 28.46% | 27.26% | 25.00% | 24.41% | 15.84% | 16.74% | 43.91% | 44.92% | 41.28% | 39.58% | 14.52% | 13.77% | 18.90% | 19.95% | 19.21% | 20.90% | ||||||
| Merck & Co. Inc. | — | 4.77% | 13.59% | 28.08% | 29.63% | 25.79% | 27.27% | 26.68% | 19.23% | 21.98% | 3.76% | 0.61% | 7.77% | 5.34% | 22.52% | 24.49% | 25.88% | 29.00% | 26.27% | ||||||
| Pfizer Inc. | 6.34% | 6.80% | 11.83% | 12.42% | 15.65% | 16.84% | 12.62% | 12.62% | 7.04% | -4.62% | -0.55% | 3.56% | 15.13% | 27.38% | 31.19% | 31.27% | 29.81% | 28.94% | 27.01% | ||||||
| Regeneron Pharmaceuticals Inc. | 28.51% | 27.86% | 29.65% | 31.41% | 32.13% | 31.37% | 31.94% | 31.07% | 33.61% | 32.04% | 29.45% | 30.14% | 30.47% | 33.93% | 33.81% | 35.64% | 39.17% | 39.97% | 48.06% | ||||||
| Thermo Fisher Scientific Inc. | 14.94% | 15.04% | 15.15% | 15.05% | 15.02% | 15.23% | 15.18% | 14.77% | 14.48% | 14.69% | 14.20% | 13.99% | 13.68% | 13.14% | 13.75% | 15.47% | 15.92% | 17.37% | 18.49% | ||||||
| Vertex Pharmaceuticals Inc. | 30.70% | 35.00% | 35.51% | 32.94% | 31.35% | 31.86% | -8.91% | -4.86% | -4.52% | -4.74% | 39.46% | 36.68% | 35.94% | 35.40% | 35.40% | 37.20% | 37.62% | 38.26% | 30.84% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Net profit margin = 100
× (Net earnings (loss) attributable to BMSQ3 2026
+ Net earnings (loss) attributable to BMSQ2 2026
+ Net earnings (loss) attributable to BMSQ1 2026
+ Net earnings (loss) attributable to BMSQ4 2025)
÷ (RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025)
= 100 × (2,162 + 3,317 + 2,677 + 1,087)
÷ (13,069 + 12,973 + 11,489 + 12,502)
= 18.47%
2 Click competitor name to see calculations.
The financial performance over the analyzed period is characterized by three distinct phases: a period of steady margin expansion, a severe contraction resulting in significant losses during 2024, and a subsequent recovery phase leading to strengthened profitability by 2026.
- Initial Profitability Expansion (March 2022 – December 2023)
- A consistent upward trajectory in net profit margins was observed during this interval, rising from 13.31% in March 2022 to a peak of 18.44% in September 2023. During this time, revenues remained relatively stable, fluctuating between $10.9 billion and $11.8 billion, indicating that the margin growth was driven by improved operational efficiency or cost management rather than substantial revenue growth.
- Severe Margin Contraction and Volatility (March 2024 – December 2024)
- A sharp reversal in profitability occurred in the first quarter of 2024, coinciding with a net loss of $11.9 billion. The net profit margin plummeted to -13.50% in March 2024 and continued to deteriorate throughout the year, reaching a low of -18.53% by December 31, 2024. This period represents a significant anomaly, as revenues continued to trend slightly upward, reaching $12.3 billion by the end of the year, suggesting the losses were driven by non-operating items or substantial one-time charges.
- Recovery and Profitability Optimization (March 2025 – September 2026)
- Profitability returned to positive territory in March 2025 with a net profit margin of 11.38%. A steady recovery followed, with margins improving sequentially to reach 18.87% by June 2026. This recovery was supported by a general increase in revenues, which ascended from $11.2 billion in early 2025 to over $13.0 billion by September 2026. The final observed period shows the company achieving profitability levels that exceed those seen prior to the 2024 contraction.
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Return on Equity (ROE)
Bristol-Myers Squibb Co., ROE calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net earnings (loss) attributable to BMS | 2,162) | 3,317) | 2,677) | 1,087) | 2,201) | 1,310) | 2,456) | 72) | 1,211) | 1,680) | (11,911) | 1,762) | 1,928) | 2,073) | 2,262) | 2,022) | 1,606) | 1,421) | 1,278) | ||||||
| Total BMS shareholders’ equity | 23,404) | 22,319) | 20,068) | 18,473) | 18,552) | 17,435) | 17,389) | 16,335) | 17,142) | 17,015) | 16,490) | 29,430) | 28,998) | 31,973) | 31,824) | 31,061) | 32,671) | 32,600) | 31,580) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROE1 | 39.49% | 41.59% | 36.25% | 38.19% | 32.55% | 28.96% | 31.16% | -54.78% | -42.34% | -38.44% | -37.28% | 27.27% | 28.57% | 24.91% | 22.97% | 20.37% | 20.44% | 20.30% | 19.79% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||
| AbbVie Inc. | — | — | — | — | — | — | 295.42% | 128.66% | 84.91% | 78.77% | 74.85% | 46.94% | 53.86% | 67.50% | 57.14% | 68.60% | 83.83% | 86.24% | 76.64% | ||||||
| Amgen Inc. | — | 74.80% | 84.87% | 89.06% | 72.82% | 89.11% | 95.59% | 69.59% | 56.20% | 52.83% | 74.93% | 107.78% | 98.82% | 117.67% | 148.04% | 178.97% | 187.11% | 271.85% | 624.78% | ||||||
| Danaher Corp. | 8.08% | 7.61% | 6.97% | 6.88% | 6.86% | 6.52% | 7.40% | 7.87% | 7.59% | 8.42% | 8.24% | 8.91% | 11.29% | 12.30% | 13.47% | 14.39% | 14.40% | 13.63% | 13.93% | ||||||
| Eli Lilly & Co. | 68.49% | 78.84% | 81.02% | 77.78% | 77.38% | 75.52% | 70.45% | 74.62% | 58.78% | 54.14% | 47.91% | 48.65% | 44.46% | 58.73% | 50.82% | 58.64% | 59.91% | 66.61% | 65.69% | ||||||
| Gilead Sciences Inc. | -29.62% | -27.39% | 39.19% | 37.48% | 37.65% | 32.08% | 31.13% | 2.48% | 0.69% | 5.77% | 2.77% | 24.81% | 26.33% | 25.92% | 26.59% | 21.62% | 15.82% | 20.44% | 22.66% | ||||||
| Johnson & Johnson | 19.74% | 24.76% | 25.92% | 32.87% | 31.69% | 28.88% | 27.92% | 19.68% | 20.93% | 53.14% | 54.95% | 51.11% | 48.61% | 17.37% | 17.95% | 23.36% | 25.68% | 24.05% | 26.54% | ||||||
| Merck & Co. Inc. | — | 7.57% | 19.48% | 34.70% | 36.71% | 33.49% | 36.07% | 36.96% | 27.30% | 31.52% | 5.71% | 0.97% | 11.17% | 8.04% | 27.82% | 31.57% | 34.32% | 38.34% | 34.68% | ||||||
| Pfizer Inc. | 4.53% | 5.09% | 8.31% | 8.99% | 10.59% | 12.12% | 8.73% | 9.11% | 4.61% | -2.96% | -0.33% | 2.38% | 10.81% | 21.68% | 28.77% | 32.79% | 32.14% | 33.61% | 30.29% | ||||||
| Regeneron Pharmaceuticals Inc. | 14.38% | 13.65% | 14.08% | 14.41% | 14.79% | 14.89% | 15.31% | 15.03% | 15.87% | 15.32% | 14.29% | 15.22% | 16.03% | 17.90% | 17.80% | 19.14% | 25.05% | 27.49% | 39.84% | ||||||
| Thermo Fisher Scientific Inc. | 12.91% | 13.23% | 13.19% | 12.55% | 12.88% | 13.03% | 13.19% | 12.78% | 12.52% | 13.12% | 13.26% | 12.83% | 13.11% | 13.08% | 14.26% | 15.80% | 16.15% | 17.59% | 18.56% | ||||||
| Vertex Pharmaceuticals Inc. | 19.02% | 21.76% | 22.41% | 21.18% | 21.22% | 21.18% | -5.99% | -3.26% | -3.07% | -3.32% | 21.67% | 20.59% | 21.01% | 21.75% | 22.59% | 23.88% | 25.12% | 26.77% | 22.47% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
ROE = 100
× (Net earnings (loss) attributable to BMSQ3 2026
+ Net earnings (loss) attributable to BMSQ2 2026
+ Net earnings (loss) attributable to BMSQ1 2026
+ Net earnings (loss) attributable to BMSQ4 2025)
÷ Total BMS shareholders’ equity
= 100 × (2,162 + 3,317 + 2,677 + 1,087)
÷ 23,404 = 39.49%
2 Click competitor name to see calculations.
The analysis of Return on Equity (ROE) reveals a volatile trajectory characterized by an initial period of steady growth, a severe financial contraction, and a subsequent phase of aggressive recovery.
- Initial Growth Phase (March 2022 – December 2023)
- During this period, ROE exhibited a consistent upward trend, increasing from 19.79% in March 2022 to a peak of 28.57% in September 2023. This expansion was supported by steady net earnings and a stable shareholders' equity base, which remained predominantly between $29 billion and $32 billion.
- Financial Shock and Contraction (March 2024 – December 2024)
- A significant downturn occurred in the first quarter of 2024, triggered by a net loss of $11.9 billion. This event led to a sharp erosion of shareholders' equity, which dropped from $29.4 billion in December 2023 to $16.5 billion in March 2024. As a result, ROE transitioned into deeply negative territory, declining from -37.28% in March 2024 to a low of -54.78% by December 2024.
- Recovery and Profitability Acceleration (March 2025 – September 2026)
- A recovery trend began in March 2025, marked by a return to positive net earnings and a gradual rebuilding of equity. ROE rebounded sharply to 31.16% in March 2025 and continued to climb, reaching a peak of 41.59% in June 2026. The observation that post-crisis ROE levels significantly exceed pre-crisis levels suggests that the restoration of earnings occurred against a diminished equity base, thereby amplifying the return ratio.
The overall data indicates that while the organization suffered a substantial equity impairment in 2024, the subsequent operational recovery has resulted in a heightened efficiency of equity utilization compared to the 2022-2023 baseline.
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Return on Assets (ROA)
Bristol-Myers Squibb Co., ROA calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net earnings (loss) attributable to BMS | 2,162) | 3,317) | 2,677) | 1,087) | 2,201) | 1,310) | 2,456) | 72) | 1,211) | 1,680) | (11,911) | 1,762) | 1,928) | 2,073) | 2,262) | 2,022) | 1,606) | 1,421) | 1,278) | ||||||
| Total assets | 88,772) | 87,634) | 86,476) | 90,038) | 96,889) | 94,676) | 92,427) | 92,603) | 93,670) | 94,646) | 99,031) | 95,159) | 91,263) | 93,489) | 94,281) | 96,820) | 98,196) | 100,357) | 103,034) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROA1 | 10.41% | 10.59% | 8.41% | 7.83% | 6.23% | 5.33% | 5.86% | -9.66% | -7.75% | -6.91% | -6.21% | 8.43% | 9.08% | 8.52% | 7.75% | 6.53% | 6.80% | 6.59% | 6.07% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||
| AbbVie Inc. | 7.00% | 4.67% | 2.66% | 3.15% | 1.78% | 2.74% | 3.08% | 3.17% | 3.57% | 3.76% | 4.03% | 3.61% | 4.78% | 6.42% | 5.64% | 8.53% | 9.49% | 8.83% | 8.71% | ||||||
| Amgen Inc. | — | 9.14% | 8.43% | 8.51% | 7.77% | 7.53% | 6.64% | 4.45% | 4.65% | 3.44% | 4.05% | 6.91% | 8.36% | 8.84% | 8.92% | 10.06% | 10.73% | 11.09% | 9.67% | ||||||
| Danaher Corp. | 4.64% | 4.33% | 4.42% | 4.33% | 4.38% | 4.18% | 4.76% | 5.03% | 4.83% | 5.35% | 5.28% | 5.64% | 6.74% | 7.49% | 8.15% | 8.55% | 8.35% | 7.76% | 7.74% | ||||||
| Eli Lilly & Co. | 18.63% | 18.77% | 21.68% | 18.35% | 16.02% | 13.67% | 12.42% | 13.45% | 11.07% | 10.22% | 9.60% | 8.19% | 8.61% | 11.85% | 10.70% | 12.62% | 12.71% | 12.09% | 13.06% | ||||||
| Gilead Sciences Inc. | -7.51% | -6.56% | 16.38% | 14.42% | 13.86% | 11.33% | 10.57% | 0.81% | 0.23% | 1.97% | 0.86% | 9.12% | 9.42% | 8.80% | 9.02% | 7.27% | 5.33% | 6.58% | 7.16% | ||||||
| Johnson & Johnson | 8.15% | 10.46% | 10.47% | 13.46% | 13.03% | 11.72% | 11.26% | 7.81% | 8.24% | 20.99% | 22.37% | 20.98% | 20.85% | 6.81% | 6.49% | 9.57% | 10.94% | 10.33% | 11.12% | ||||||
| Merck & Co. Inc. | — | 2.44% | 6.94% | 13.34% | 14.69% | 13.96% | 15.14% | 14.62% | 10.34% | 12.20% | 2.18% | 0.34% | 4.32% | 2.98% | 12.09% | 13.30% | 14.25% | 15.48% | 13.29% | ||||||
| Pfizer Inc. | 1.97% | 2.15% | 3.61% | 3.73% | 4.71% | 5.22% | 3.79% | 3.76% | 1.94% | -1.20% | -0.14% | 0.94% | 4.87% | 9.75% | 14.85% | 15.91% | 15.32% | 15.01% | 13.58% | ||||||
| Regeneron Pharmaceuticals Inc. | 10.85% | 10.37% | 10.82% | 11.11% | 11.40% | 11.67% | 11.98% | 11.69% | 12.43% | 11.98% | 11.22% | 11.95% | 12.41% | 14.02% | 13.91% | 14.85% | 19.40% | 20.90% | 30.11% | ||||||
| Thermo Fisher Scientific Inc. | 6.19% | 6.16% | 6.05% | 6.08% | 6.38% | 6.50% | 6.58% | 6.51% | 6.11% | 6.32% | 6.21% | 6.07% | 6.12% | 6.08% | 6.36% | 7.15% | 7.77% | 8.21% | 8.20% | ||||||
| Vertex Pharmaceuticals Inc. | 12.15% | 16.06% | 16.38% | 15.42% | 14.78% | 15.13% | -4.32% | -2.38% | -2.16% | -2.43% | 16.81% | 15.92% | 15.97% | 16.54% | 17.18% | 18.30% | 19.59% | 20.50% | 17.19% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
ROA = 100
× (Net earnings (loss) attributable to BMSQ3 2026
+ Net earnings (loss) attributable to BMSQ2 2026
+ Net earnings (loss) attributable to BMSQ1 2026
+ Net earnings (loss) attributable to BMSQ4 2025)
÷ Total assets
= 100 × (2,162 + 3,317 + 2,677 + 1,087)
÷ 88,772 = 10.41%
2 Click competitor name to see calculations.
The analysis of Return on Assets (ROA) reveals a volatile trajectory characterized by an initial period of steady growth, a severe contraction in 2024, and a subsequent recovery to peak efficiency levels by late 2026.
- Initial Growth and Asset Optimization (March 2022 – September 2023)
- During this period, ROA exhibited a consistent upward trend, rising from 6.07% to a peak of 9.08%. This improvement was driven by a dual mechanism: a general increase in quarterly net earnings and a simultaneous reduction in total assets, which declined from 103,034 million USD to 91,263 million USD. This suggests an increase in the efficiency of asset utilization to generate profit.
- Period of Negative Profitability (March 2024 – December 2024)
- A significant disruption occurred in the first quarter of 2024, marked by a substantial net loss of 11,911 million USD. This triggered a shift into negative ROA territory, starting at -6.21% in March 2024 and deteriorating further to -9.66% by December 2024. Despite the net loss, total assets remained relatively stable around the 92,000 to 99,000 million USD range, indicating that the decline in ROA was driven primarily by an earnings collapse rather than asset inflation.
- Recovery and Peak Performance (March 2025 – September 2026)
- Profitability returned to positive territory in March 2025 with an ROA of 5.86%. A strong recovery trend followed, culminating in the highest ROA values of the analyzed period, reaching 10.59% in June 2026 and ending at 10.41% in September 2026. This recovery was supported by a return to consistent net earnings and a continued reduction in the total asset base, which fell to 88,772 million USD by the end of the sequence, thereby amplifying the return on the remaining assets.
Overall, the data indicates a successful transition toward a leaner asset structure. While the 2024 fiscal year presented a severe outlier in terms of profitability, the subsequent period demonstrates a robust recovery, with the company achieving superior asset efficiency in 2026 compared to the baseline observed in 2022.
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