Revenue growth remains inconsistent, fluctuating between a 5.6% contraction in 2025Q1 and a 2.6% expansion by 2026Q1, while gross margins have experienced volatility, dropping to a low of 55.6% in 2024Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 48.48B | 48.19B | 48.3B | 45.01B | 46.16B | 46.38B | 42.52B | 26.14B | 22.56B | 20.78B | 19.43B | 16.56B | 15.88B | 16.39B | 17.62B | 21.24B | 19.48B | 18.81B | 20.6B | 19.35B | 17.91B | 19.21B | 19.38B | 20.89B | 18.12B | 19.42B | 18.22B | 20.22B | 18.28B | 16.7B | 15.06B |
| Revenue Growth % | 1.78% | -0.22% | 7.32% | -2.5% | -0.49% | 9.1% | 62.62% | 15.89% | 8.59% | 6.94% | 17.31% | 4.29% | -3.09% | -7.01% | -17.05% | 9.03% | 3.59% | -8.69% | 6.46% | 8% | -6.73% | -0.89% | -7.25% | 15.32% | -6.71% | 6.63% | -9.92% | 10.6% | 9.48% | 10.86% | 9.43% |
| Cost of Goods Sold | 16B | 16.44B | 20.87B | 10.69B | 10.14B | 9.94B | 11.77B | 8.08B | 6.55B | 6.07B | 4.95B | 3.91B | 3.93B | 4.62B | 4.61B | 5.6B | 5.28B | 5.14B | 6.4B | 6.22B | 5.96B | 5.93B | 5.99B | 7.59B | 6.39B | 5.58B | 4.01B | 4.86B | 4.23B | 3.87B | 3.45B |
| COGS % of Revenue | - | 34.1% | 43.2% | 23.76% | 21.96% | 21.43% | 27.69% | 30.9% | 29.02% | 29.2% | 25.46% | 23.61% | 24.76% | 28.19% | 26.16% | 26.35% | 27.08% | 27.33% | 31.05% | 32.14% | 33.25% | 30.86% | 30.9% | 36.34% | 35.26% | 28.7% | 22.03% | 24.04% | 23.14% | 23.19% | 22.87% |
| Gross Profit | 32.48B | 31.76B | 27.43B | 34.31B | 36.02B | 36.45B | 30.75B | 18.07B | 16.01B | 14.71B | 14.48B | 12.65B | 11.95B | 11.77B | 13.01B | 15.65B | 14.21B | 13.67B | 14.2B | 13.13B | 11.96B | 13.28B | 13.39B | 13.3B | 11.73B | 13.85B | 14.2B | 15.36B | 14.05B | 12.83B | 11.62B |
| Gross Margin % | 67% | 65.9% | 56.79% | 76.24% | 78.04% | 78.57% | 72.31% | 69.1% | 70.98% | 70.8% | 74.54% | 76.39% | 75.24% | 71.81% | 73.84% | 73.65% | 72.92% | 72.67% | 68.95% | 67.86% | 66.75% | 69.14% | 69.1% | 63.66% | 64.74% | 71.3% | 77.97% | 75.96% | 76.86% | 76.81% | 77.13% |
| Gross Profit Growth % | - | 15.77% | -20.05% | -4.74% | -1.16% | 18.54% | 70.17% | 12.82% | 8.86% | 1.58% | 14.47% | 5.89% | 1.54% | -9.57% | -16.84% | 10.13% | 3.94% | -3.75% | 8.16% | 9.8% | -9.95% | -0.84% | 0.67% | 13.39% | -15.29% | -2.5% | -7.54% | 9.31% | 9.55% | 10.41% | 9.84% |
| Operating Expenses | 17.11B | 16.64B | 17.77B | 26.12B | 26.92B | 27.91B | 28.57B | 12.15B | 10.9B | 11.26B | 9.94B | 10.92B | 10.23B | 8.84B | 9.08B | 8.61B | 7.71B | 8.86B | 8.48B | 9.6B | 9.34B | 9.33B | 8.93B | 8.36B | 7.44B | 7.59B | 8.22B | 9.51B | 8.93B | 8.39B | 7.67B |
| OpEx % of Revenue | - | 34.53% | 36.8% | 58.03% | 58.32% | 60.17% | 67.19% | 46.49% | 48.3% | 54.2% | 51.18% | 65.95% | 64.44% | 53.92% | 51.52% | 40.53% | 39.56% | 47.11% | 41.17% | 49.63% | 52.12% | 48.57% | 46.06% | 39.99% | 41.04% | 39.1% | 45.11% | 47.02% | 48.85% | 50.24% | 50.89% |
| Selling, General & Admin | 7.18B | 7.15B | 7.87B | 7.77B | 7.81B | 7.69B | 7.66B | 4.87B | 4.55B | 4.85B | 5B | 5B | 5.7B | 5.1B | 5.17B | 5.16B | 4.54B | 5.21B | 6.38B | 6.32B | 6.27B | 6.58B | 6.43B | 6.08B | 5.22B | 5.34B | 5.53B | 6.99B | 6.73B | 6.41B | 5.87B |
| SG&A % of Revenue | - | 14.83% | 16.28% | 17.27% | 16.93% | 16.58% | 18.02% | 18.63% | 20.17% | 23.34% | 25.75% | 30.2% | 35.89% | 31.15% | 29.37% | 24.29% | 23.28% | 27.72% | 30.95% | 32.66% | 35% | 34.27% | 33.16% | 29.08% | 28.8% | 27.47% | 30.37% | 34.55% | 36.81% | 38.4% | 38.97% |
| Research & Development | 9.49B | 9.49B | 11.16B | 9.3B | 9.51B | 10.2B | 11.14B | 6.15B | 6.34B | 6.41B | 4.94B | 5.92B | 4.53B | 3.73B | 3.9B | 3.84B | 3.57B | 3.65B | 3.58B | 3.28B | 3.07B | 2.75B | 2.5B | 2.28B | 2.22B | 2.26B | 1.94B | 1.84B | 1.58B | 1.39B | 1.28B |
| R&D % of Revenue | - | 19.7% | 23.1% | 20.66% | 20.6% | 21.98% | 26.21% | 23.52% | 28.12% | 30.86% | 25.43% | 35.75% | 28.55% | 22.77% | 22.16% | 18.07% | 18.3% | 19.39% | 17.41% | 16.96% | 17.12% | 14.3% | 12.9% | 10.91% | 12.24% | 11.63% | 10.64% | 9.11% | 8.63% | 8.29% | 8.47% |
| Other Operating Expenses | 1000K | 0 | -1.25B | 9.05B | 9.6B | 10.02B | 9.76B | 1.14B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 284M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 746M | 678M | 625M | 591M | 519M |
| Operating Income | 15.37B | 15.12B | 9.66B | 8.2B | 9.1B | 8.54B | 2.18B | 5.91B | 5.12B | 3.45B | 4.54B | 1.73B | 1.71B | 2.93B | 3.93B | 6.65B | 5.61B | 5.74B | 4.24B | 3.53B | 2.62B | 3.95B | 4.46B | 4.95B | 4.29B | 6.25B | 5.99B | 5.85B | 5.12B | 4.44B | 3.95B |
| Operating Margin % | 31.7% | 31.37% | 20% | 18.21% | 19.72% | 18.4% | 5.12% | 22.62% | 22.69% | 16.61% | 23.36% | 10.45% | 10.79% | 17.89% | 22.31% | 31.29% | 28.77% | 30.51% | 20.59% | 18.23% | 14.63% | 20.57% | 23.03% | 23.68% | 23.7% | 32.19% | 32.86% | 28.94% | 28.01% | 26.57% | 26.24% |
| Operating Income Growth % | - | 56.52% | 17.85% | -9.98% | 6.64% | 292.15% | -63.18% | 15.53% | 48.35% | -23.99% | 162.37% | 0.93% | -41.52% | -25.46% | -40.85% | 18.59% | -2.32% | 35.3% | 20.21% | 34.61% | -33.66% | -11.49% | -9.76% | 15.18% | -31.31% | 4.46% | 2.27% | 14.29% | 15.39% | 12.27% | 9.35% |
| EBITDA | 18.46B | 19.24B | 19.26B | 17.95B | 19.38B | 19.22B | 12.56B | 7.66B | 5.82B | 4.32B | 5.17B | 2.11B | 2.18B | 3.69B | 4.61B | 7.45B | 6.35B | 6.45B | 5.06B | 4.42B | 3.55B | 4.88B | 5.37B | 5.74B | 5.03B | 7.03B | 6.73B | 6.53B | 5.75B | 5.03B | 4.47B |
| EBITDA Margin % | 38.07% | 39.92% | 39.87% | 39.89% | 41.99% | 41.44% | 29.53% | 29.29% | 25.8% | 20.8% | 26.59% | 12.72% | 13.74% | 22.55% | 26.18% | 35.06% | 32.59% | 34.27% | 24.55% | 22.84% | 19.81% | 25.41% | 27.72% | 27.45% | 27.76% | 36.21% | 36.96% | 32.3% | 31.43% | 30.11% | 29.68% |
| EBITDA Growth % | 1.88% | -0.1% | 7.26% | -7.35% | 0.82% | 53.09% | 63.95% | 31.58% | 34.68% | -16.32% | 145.25% | -3.44% | -40.96% | -19.92% | -38.06% | 17.31% | -1.49% | 27.45% | 14.41% | 24.58% | -27.3% | -9.18% | -6.33% | 14.04% | -28.49% | 4.49% | 3.08% | 13.66% | 14.26% | 12.46% | 10.07% |
| D&A (Non-Cash Add-back) | 3.09B | 4.12B | 9.6B | 9.76B | 10.28B | 10.69B | 10.38B | 1.75B | 703M | 872M | 626M | 376M | 467M | 763M | 681M | 801M | 744M | 707M | 816M | 892M | 927M | 929M | 909M | 789M | 735M | 781M | 746M | 678M | 625M | 591M | 519M |
| EBIT | 15.37B | 15.12B | -6.43B | 9.61B | 8.95B | 9.43B | -5.45B | 5.63B | 6.15B | 5.33B | 6.08B | 2.26B | 2.58B | 3.09B | 2.52B | 7.13B | 6.34B | 5.79B | 5.09B | 3.53B | 2.39B | 3.74B | 4.46B | 4.93B | 4.1B | 5.16B | 5.99B | 5.24B | 4.46B | 4.44B | 3.95B |
| Net Interest Income | -1.26B | -1.3B | -1.95B | -1.17B | -1.23B | -1.33B | -1.42B | -656M | -183M | -196M | -167M | -184M | -203M | -199M | -182M | -145M | -145M | -130M | -180M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 552M | 586M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 54M | 130M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.81B | 1.89B | 1.95B | 1.17B | 1.23B | 1.33B | 1.42B | 656M | 183M | 196M | 167M | 184M | 203M | 199M | 182M | 145M | 145M | 184M | 310M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -5.77B | -5.79B | -18.04B | 245M | -1.39B | -439M | -9.05B | -938M | -426M | -108M | 1.45B | 347M | 667M | -40M | -1.59B | 344M | 121M | 163M | -247M | 6M | 610M | 353M | -46M | -612M | -1.6B | -2.94B | -508M | -81M | -818M | 44M | 60M |
| Pretax Income | 9.6B | 9.33B | -8.38B | 8.44B | 7.71B | 8.1B | -6.87B | 4.97B | 6.01B | 5.13B | 5.92B | 2.17B | 2.38B | 2.89B | 2.34B | 6.98B | 6.07B | 5.6B | 5.47B | 3.53B | 2.63B | 4.52B | 4.42B | 4.69B | 2.65B | 2.9B | 5.48B | 5.77B | 4.27B | 4.48B | 4.01B |
| Pretax Margin % | 19.79% | 19.36% | -17.35% | 18.75% | 16.71% | 17.46% | -16.16% | 19.03% | 26.64% | 24.7% | 30.45% | 13.09% | 14.99% | 17.64% | 13.28% | 32.86% | 31.16% | 29.79% | 26.56% | 18.27% | 14.71% | 23.51% | 22.8% | 22.47% | 14.61% | 14.91% | 30.07% | 28.52% | 23.34% | 26.84% | 26.64% |
| Income Tax | 2.32B | 2.27B | 554M | 400M | 1.37B | 1.08B | 2.12B | 1.51B | 1.03B | 4.16B | 1.41B | 477M | 352M | 311M | -161M | 1.72B | 1.56B | 1.18B | 1.32B | 803M | 610M | 932M | 1.52B | 1.22B | 435M | 459M | 1.38B | 1.6B | 1.13B | 1.28B | 1.16B |
| Effective Tax Rate % | 24.22% | 24.36% | -6.61% | 4.74% | 17.74% | 13.39% | -30.91% | 30.45% | 17.15% | 81% | 23.8% | 22.01% | 14.78% | 10.76% | -6.88% | 24.65% | 25.66% | 21.1% | 24.13% | 22.72% | 23.15% | 20.64% | 34.38% | 25.88% | 16.43% | 15.85% | 25.23% | 27.74% | 26.41% | 28.49% | 28.98% |
| Net Income | 7.28B | 7.05B | -8.95B | 8.03B | 6.33B | 6.99B | -9.02B | 3.44B | 4.95B | 1.01B | 4.46B | 1.62B | 2B | 2.56B | 1.96B | 3.71B | 3.1B | 10.61B | 5.25B | 2.17B | 1.58B | 3B | 2.39B | 3.11B | 2.07B | 5.25B | 4.71B | 4.17B | 3.14B | 3.21B | 2.85B |
| Net Margin % | 15.01% | 14.64% | -18.53% | 17.83% | 13.71% | 15.08% | -21.2% | 13.15% | 21.95% | 4.85% | 22.94% | 9.81% | 12.62% | 15.64% | 11.12% | 17.46% | 15.92% | 56.42% | 25.47% | 11.19% | 8.85% | 15.62% | 12.32% | 14.87% | 11.4% | 27% | 25.86% | 20.61% | 17.18% | 19.19% | 18.92% |
| Net Income Growth % | 34.25% | 178.83% | -211.5% | 26.84% | -9.54% | 177.58% | -362.14% | -30.55% | 391.76% | -77.41% | 174.45% | -18.96% | -21.81% | 30.77% | -47.16% | 19.57% | -70.77% | 102.25% | 142.36% | 36.59% | -47.17% | 25.63% | -23.12% | 50.34% | -60.61% | 11.34% | 13.05% | 32.66% | -2% | 12.46% | 57.28% |
| Net Income (Continuing) | 7.27B | 7.06B | -8.93B | 8.04B | 6.34B | 7.01B | -8.99B | 3.46B | 4.95B | 975M | 4.51B | 1.63B | 2.03B | 2.58B | 2.5B | 5.26B | 4.51B | 4.42B | 4.15B | 2.73B | 1.86B | 3.58B | 2.9B | 3.1B | 2.07B | 2.04B | 4.1B | 3.79B | 2.75B | 3.21B | 2.85B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -465M | 197M | 163M | -742M | 10M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 34M | 33M | 53M | 55M | 57M | 60M | 60M | 100M | 96M | 106M | 170M | 158M | 131M | 82M | 15M | -89M | -75M | -58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.55 | 3.46 | -4.41 | 3.86 | 2.95 | 3.12 | -3.98 | 2.01 | 3.03 | 0.61 | 2.65 | 0.97 | 1.20 | 1.54 | 1.16 | 2.16 | 1.80 | 5.37 | 2.62 | 1.09 | 0.81 | 1.51 | 1.21 | 1.59 | 1.02 | 2.67 | 2.36 | 2.06 | 1.55 | 1.57 | 1.40 |
| EPS Growth % | 33.57% | 178.46% | -214.25% | 30.85% | -5.45% | 178.39% | -298.01% | -33.66% | 396.72% | -76.98% | 173.2% | -19.17% | -22.08% | 32.76% | -46.3% | 20% | -66.48% | 104.96% | 140.37% | 34.57% | -46.36% | 24.79% | -23.9% | 55.88% | -61.8% | 13.14% | 14.56% | 32.9% | -1.27% | 12.14% | 57.3% |
| EPS (Basic) | - | 3.47 | -4.41 | 3.88 | 2.97 | 3.15 | -3.98 | 2.02 | 3.03 | 0.61 | 2.67 | 0.97 | 1.21 | 1.56 | 1.17 | 2.18 | 1.81 | 5.38 | 2.65 | 1.10 | 0.81 | 1.54 | 1.23 | 1.60 | 1.03 | 2.70 | 2.40 | 2.10 | 1.58 | 1.61 | 1.42 |
| Diluted Shares Outstanding | 2.05B | 2.04B | 2.03B | 2.08B | 2.15B | 2.25B | 2.26B | 1.71B | 1.64B | 1.65B | 1.68B | 1.68B | 1.67B | 1.66B | 1.69B | 1.72B | 1.73B | 1.98B | 2B | 1.98B | 1.96B | 1.98B | 1.98B | 1.95B | 2.02B | 1.97B | 2B | 2.03B | 2.03B | 2.04B | 2.04B |
| Basic Shares Outstanding | 2.04B | 2.03B | 2.03B | 2.07B | 2.13B | 2.22B | 2.26B | 1.71B | 1.63B | 1.65B | 1.67B | 1.67B | 1.66B | 1.64B | 1.67B | 1.7B | 1.71B | 1.97B | 1.98B | 1.97B | 1.96B | 1.95B | 1.94B | 1.94B | 2B | 1.94B | 1.97B | 1.98B | 1.99B | 1.99B | 2.01B |
| Dividend Payout Ratio | - | 71.52% | - | 59.12% | 73.24% | 62.85% | - | 77.9% | 52.77% | 255.91% | 57.15% | 152.52% | 119.66% | 90.09% | 116.63% | 60.77% | 70.99% | 23.4% | 46.9% | 102.22% | 138.74% | 72.87% | 91.04% | 69.83% | 104.94% | 40.74% | 40.97% | 40.96% | 49.38% | 47.27% | 52.88% |
Patent Cliff Revenue Erosion
As reported in recent quarterly filings, the company's revenue growth remains inconsistent, fluctuating between a 5.6% contraction in 2025Q1 and a 2.6% expansion by 2026Q1, reflecting the ongoing struggle to offset legacy asset erosion with the ramp-up of the new product portfolio.
The top-line performance suggests a company in a precarious transition phase where the loss of exclusivity on older blockbusters creates a persistent headwind. Investors should monitor whether the recent acquisitions can achieve sufficient scale to return the firm to consistent, organic growth before further patent cliffs materialize.
Based on the provided income statement data, gross margins have exhibited significant volatility, dropping from a peak of 76.1% in 2023Q4 to a low of 55.6% in 2024Q3, indicating potential challenges in maintaining pricing power and managing production costs for complex biologic therapies.
The compression in gross margins appears to reflect both the higher cost of goods associated with specialized cell therapies and the impact of mandatory rebate structures. This trend warrants further investigation into whether the company can stabilize these margins as the new product mix matures and manufacturing efficiencies are realized.
According to the financial statements, operating margins have fluctuated significantly, ranging from 12.8% in 2024Q1 to 33.6% in 2025Q2, suggesting that the company's ability to scale operating income remains highly sensitive to the timing of R&D investments and SG&A expenditure cycles.
The lack of consistent operating leverage implies that the company is currently prioritizing aggressive pipeline development and commercialization efforts over immediate margin expansion. This strategy may be necessary for long-term viability, but it leaves the bottom line vulnerable to any delays in the clinical success of new assets.
Analysis of the income statement reveals that net income is frequently impacted by non-operating charges, as evidenced by the extreme volatility in EPS, which swung from a loss of $5.89 in 2024Q1 to a profit of $1.31 in 2026Q1, complicating the assessment of core profitability.
The lumpy nature of these earnings appears to be driven by significant acquisition-related costs and intangible asset adjustments rather than underlying operational performance. Investors should focus on adjusted metrics to better understand the true cash-generating capacity of the business, as GAAP figures currently mask the underlying operational health.
While management pursues an aggressive inorganic growth strategy, the data suggests that the high premiums paid for recent acquisitions like Karuna and RayzeBio may create a long-term drag on capital efficiency if the expected clinical synergies fail to materialize within the projected timeframes.
Short-sellers may focus on the company's reliance on external innovation to replace lost revenue, which inherently carries higher execution risk than internal R&D. The potential for further margin compression due to Medicare price negotiations adds a layer of uncertainty that could challenge the current valuation thesis.
Quick answers to the most common questions about buying CELG-RI stock.
For fiscal year 2025, Bristol-Myers Squibb Company Ce (CELG-RI) reported total revenue of $48.19B. This represents a 219.9% increase compared to $15.06B in 1996.
Bristol-Myers Squibb Company Ce (CELG-RI) is profitable, generating $7.05B in net income for the fiscal year ending 2025 with a net profit margin of 14.6%.
Bristol-Myers Squibb Company Ce (CELG-RI) reported an operating income of $15.12B, resulting in an operating profit margin of 31.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Bristol-Myers Squibb Company Ce (CELG-RI) generated $31.76B in gross profit for the year, representing a gross profit margin of 65.9%. This demonstrates the company's core pricing power and production efficiency.