Bristol Myers Squibb (BMS) has yet to announce official presentation plans at the 44^th annual JP Morgan Healthcare Conference, although Karin Shanahan, EVP, chief supply chain and operations officer at BMS, is confirmed to be a part of an Endpoints panel taking place Monday, January 12, 2026, at 11:05 AM, PST.³

2025

In 2025, BMS quarterly results through the first three quarters displayed stabilizing revenues in an improving mix, being supported through continued strength from BMS drugs Opdivo and Eliquis, along with growing contributions from its newer assets.¹

While growth remained measured, management framed the year as a reacceleration year, marking the beginning of the company’s post–loss-of-exclusivity strategy.

At 2025’s JP Morgan Conference, CEO Chris Boerner addressed the industry’s fixation on patent cliffs directly, positioning BMS as a company already operating beyond its most acute exposure. Rather than promising a single replacement blockbuster, Boerner emphasized a diversified portfolio designed to backfill revenue over time. The message was clear, growth would be incremental and built across multiple assets and therapeutic areas rather than driven by one defining launch.⁶

Pipeline execution emerged as a central theme, with oncology and cardiovascular programs set to advance, while neuroscience, strengthened by BMS’ acquisition of Karuna Therapeutics, was increasingly highlighted as a long-term growth pillar.

BMS underscored greater discipline in its R&D process, emphasizing sharper prioritization and a willingness to focus resources on programs with clear differentiation and commercial potential. Financially, 2025 reinforced a narrative of stabilization turning into opportunity, such as margins holding steady, debt continuing to come down, and management reiterating its commitment to reinvesting in innovation without compromising balance-sheet flexibility.

The company was careful not to overpromise, instead positioning 2025 as a bridge year toward more consistent growth beyond.⁶

2024

The emerging momentum collected in 2025 was rooted in the groundwork laid the previous year, as, for example, in 2024, BMS completed a critical phase of its post-Revlimid reset. Full-year results reflected the expected revenue erosion from legacy brands and also demonstrated that the company had largely absorbed the shock of major losses of exclusivity.

Management consistently framed 2024 as a year to reset its footing rather than recovery, as cost discipline, integration of recent acquisitions, and balance-sheet management took precedence over aggressive expansion.

The objective was to create predictability, both operationally and financially, while allowing newer products and pipeline assets time to scale.

Throughout the year, BMS reinforced confidence in its R&D breadth, highlighting steady progress across oncology, cardiovascular disease, and neuroscience. Rather than signaling urgency, leadership emphasized patience, arguing that the company’s depth of assets would prove more resilient over time than reliance on a single franchise. By year-end, BMS signaled that the steepest phase of its revenue decline was largely behind it.

As the company heads into 2026, expectations are correspondingly pragmatic, with investors likely to be watching for continued execution and evidence that new acquisitions can scale, pipeline programs can deliver, and incremental gains can compound into something more durable.

Sources

1. Bristol-Myers Squibb Reports Fourth Quarter and Full-Year Financial Results for 2024 Bristol Myers Squibb February 6, 2025 https://news.bms.com/news/details/2025/Bristol-Myers-Squibb-Reports-Fourth-Quarter-and-Full-Year-Financial-Results-for-2024/default.aspx
2. Bristol-Myers Squibb Reports First Quarter Financial Results for 2025 Bristol Myers Squibb April 24, 2025 https://news.bms.com/news/details/2025/Bristol-Myers-Squibb-Reports-First-Quarter-Financial-Results-for-2025/default.aspx
3. J.P. Morgan Healthcare Conference 2026 Fujifilm Biotechnologies Accessed December 23, 2025 https://fujifilmbiotechnologies.fujifilm.com/about/events/j-p-morgan-healthcare-conference-2026/
4. Bristol-Myers Squibb Second Quarter 2025 Earnings Press Release Bristol Myers Squibb July 31, 2025 https://www.bms.com/assets/bms/us/en-us/pdf/investor-info/doc_financials/quarterly_reports/2025/BMY-Q2-2025-Earnings-Press-Release.pdf
5. Bristol-Myers Squibb Third Quarter 2025 Earnings Press Release Bristol Myers Squibb
   October 30, 2025 https://www.bms.com/assets/bms/us/en-us/pdf/investor-info/doc_financials/quarterly_reports/2025/BMY-Q3-2025-Earnings-Press-Release.pdf
6. Bristol Myers Squibb J.P. Morgan Healthcare Conference 2025 Presentation Bristol Myers Squibb January 13, 2025 https://www.bms.com/assets/bms/us/en-us/pdf/investor-info/doc_presentations/2025/BMS-JPM-2025-presentation.pdf
7. Bristol Myers Squibb to Report Results for Fourth Quarter 2025 on February 5, 2026 Bristol Myers Squibb December 18, 2025 https://investors.bms.com/iframes/press-releases/press-release-details/2025/Bristol-Myers-Squibb-to-Report-Results-for-Fourth-Quarter-2025-on-February-5-2026/default.aspx