Bristol Myers Squibb (BMY) risk factors, FY2024 10-K

Bristol Myers Squibb's FY2024 10-K, filed Feb 12, 2025, lists 23 risk factors. There is no earlier 10-K to compare against, so the most company-specific risks are listed below.

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Risk factors listed
231 groups
Section length
10k wordsItem 1A

Bristol Myers Squibb's biggest risks in the FY2024 10-K

  • Pricing pressures and reimbursement controls in the U.S. and EU threaten profit margins across key pharmaceutical portfolios.
  • Heavy reliance on major branded drugs like Eliquis, Opdivo, Orencia, and Yervoy creates revenue concentration risk.
  • Extensive debt from large acquisitions including Celgene, MyoKardia, Mirati, Karuna, and RayzeBio impacts financial flexibility.

The risks most specific to Bristol Myers Squibb

  • Increased pricing pressure and other restrictions in the U.S. and abroad continue to negatively affect our revenues and profit margins

    Pricing controls and required rebates in the U.S. and EU reduce reimbursement rates and profit margins across our product portfolio.

  • We may experience difficulties or delays in the development and commercialization of new products. Our ability to replace revenue from products that lose patent protection is directly dependent on our ability to successfully develop and commercialize new products in a timely manner

    We depend on successfully developing new drugs to replace sales of branded products like Orencia, Eliquis, and Opdivo that face patent expiration.

  • We could lose market exclusivity of a product earlier than expected

    The introduction of generic versions and biosimilars upon market exclusivity expiration leads to rapid declines in product commercial value.

  • We depend on several key products for most of our revenues, cash flows and earnings

    A reduction in revenue from key products Eliquis, Opdivo, Orencia, and Yervoy would adversely impact our earnings and cash flows.

  • Market, Liquidity and Credit Risks

    We have significant indebtedness that could have negative consequences

    Acquisitions of Celgene, MyoKardia, Mirati, Karuna, and RayzeBio significantly increased our debt and interest expense.

All 23 risk factors

Headings as the filing states them, in filing order.

Other

  1. 01Increased pricing pressure and other restrictions in the U.S. and abroad continue to negatively affect our revenues and profit margins
  2. 02We may experience difficulties or delays in the development and commercialization of new products. Our ability to replace revenue from products that lose patent protection is directly dependent on our ability to successfully develop and commercialize new products in a timely manner
  3. 03We are also unable to predict if and when any changes to laws or regulatory policies will occur and how they will affect our business and particularly our pipeline of new products
  4. 04We could lose market exclusivity of a product earlier than expected
  5. 05We face intense competition from other biopharmaceutical companies and manufacturers and expect to see increasing market penetration of lower-priced generic products
  6. 06We could experience difficulties, delays and disruptions in our supply chain as well as in the manufacturing, distribution and sale of our products
  7. 07Litigation claiming infringement of intellectual property may adversely affect our future revenues and operating earnings
  8. 08Legal matters could negatively affect our business
  9. 09We are subject to a variety of U.S. and international laws and regulations
  10. 10Expectations relating to environmental, social and governance considerations and related reporting obligations expose the Company to potential liabilities, increased costs, reputational harm, and other adverse effects on the Company’s business
  11. 11Changes to tax regulations could negatively impact our earnings
  12. 12The failure of third parties to meet their contractual, regulatory and other obligations could adversely affect our business
  13. 13Product labeling changes for our marketed products could result in a negative impact on revenues and profit margins
  14. 14The illegal distribution and sale by third parties of counterfeit or unregistered versions of our products or stolen products could have a negative impact on our revenues, earnings, reputation and business
  15. 15Use of social media platforms can present risks and challenges
  16. 16We are dependent on information technology systems, including artificial intelligence programs, and face risk of cybersecurity incidents that could disrupt our business and result in theft of proprietary, confidential and personal information
  17. 17We depend on several key products for most of our revenues, cash flows and earnings
  18. 18Third-party royalties represent a significant percentage of our pretax income and operating cash flow
  19. 19stage pipeline, manage change from our operating model evolution or manage our costs effectively, our operating results and financial condition could be negatively impacted
  20. 20Failure to attract and retain a highly qualified workforce could affect our ability to successfully develop and commercialize products

Market, Liquidity and Credit Risks

  1. 21We have significant indebtedness that could have negative consequences
  2. 22Adverse changes in U.S. and global economic and political conditions could adversely affect our operations and profitability
  3. 23There can be no guarantee that we will pay dividends or repurchase stock

Other Bristol Myers Squibb 10-Ks

  • FY2025 10-K risk factors
    23 risks1 new1 dropped8 reworded

    Bristol Myers Squibb highlights increased focus on asset impairment risks from recent acquisitions like Mirati, Karuna, and RayzeBio. Royalty income increased to $2.7 billion in 2025, but faces future declines. The company acknowledges ongoing risks from supply chain geopolitical factors and debt levels.

    Filed Feb 11, 2026

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.