Bristol Myers Squibb (BMY) risk factors, FY2025 10-K

Bristol Myers Squibb's FY2025 10-K, filed Feb 11, 2026, lists 23 risk factors. Against the prior year's 23: 1 new, 1 dropped, 8 substantially reworded.

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Risk factors listed
231 groups
New this year
1vs 23 last year
Dropped
1since the prior 10-K
Substantially reworded
8of those kept
Section length
11k wordsItem 1A

What the changes say

  • 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.

What changed since the prior 10-K

New

  • New

    imposed on us that could have a material adverse effect on our competitive position, cash flows, results of operations, financial condition or reputation

    We face risks of asset impairment charges from acquisitions or divestitures, new accounting standards, and potential failure in executing portfolio actions or integrating deals like Mirati, Karuna, and RayzeBio.

Dropped

  • Dropped

    stage pipeline, manage change from our operating model evolution or manage our costs effectively, our operating results and financial condition could be negatively impacted

Reworded

  • 55% rewritten

    Third-party royalties represent a significant percentage of our pretax income and operating cash flow

    Pretax income from royalties increased from $2.4 billion in 2024 to $2.7 billion in 2025, with diabetes royalties removed and a new warning about future declines.

  • 40% rewrittenMarket, Liquidity and Credit Risks

    We have significant indebtedness that could have negative consequences

    Added mention that the company has recently taken measures to reduce its debt resulting from the Mirati, Karuna, and RayzeBio acquisitions.

  • 36% rewritten

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

    Maintained the risk of pricing pressure and restrictions across the U.S. and EU with minor wording refinements.

  • 33% rewritten

    We could experience difficulties, delays and disruptions in our supply chain as well as in the manufacturing, distribution and sale of our products

    Added geopolitical factors and potential new trade regulations or tariffs as supply chain disruption risks.

  • 27% rewritten

    We could lose market exclusivity of a product earlier than expected

    Retained the risk of losing market exclusivity through generic and biosimilar competition without material changes.

  • 26% rewritten

    Failure to attract and retain a highly qualified workforce or to maintain our workplace culture could affect our ability to successfully develop and commercialize products

    Streamlined language regarding workforce attraction, retention, and workplace culture maintenance.

    Was: Failure to attract and retain a highly qualified workforce could affect our ability to successfully develop and commercialize products

  • 25% rewritten

    The 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

    Added a specific note that counterfeit versions of products often do not contain the correct ingredients.

  • 22% rewritten

    Product labeling changes for our marketed products could result in a negative impact on revenues and profit margins

    Broadened post-approval data risks to explicitly include head-to-head studies against alternative or emerging standards of care.

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 margins36% rewritten
  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 expected27% rewritten
  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 products33% rewritten
  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 margins22% rewritten
  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 business25% rewritten
  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 flow55% rewritten
  19. 19imposed on us that could have a material adverse effect on our competitive position, cash flows, results of operations, financial condition or reputationNew
  20. 20Failure to attract and retain a highly qualified workforce or to maintain our workplace culture could affect our ability to successfully develop and commercialize products26% rewritten

Market, Liquidity and Credit Risks

  1. 21We have significant indebtedness that could have negative consequences40% rewritten
  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

  • FY2024 10-K risk factors
    23 risks

    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.

    Filed Feb 12, 2025

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.