ADDED
At February 4, 2026, there were 2,036,473,705 shares of common stock outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 41 Item 7A.
We operate in a single segment engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of innovative medicines that help patients prevail over serious diseases.
Our principal strategy is to combine the resources, scale and capability of a large pharmaceutical company with the speed, agility and focus on innovation typically found in the biotech industry.
We are driving commercial execution in our key first-in-class and/or best-in-class marketed products, where we continue to expand and see potential for further expansion into the future.
Our products are sold worldwide, principally to wholesalers, distributors, specialty pharmacies, and to a lesser extent, retailers, hospitals, clinics, government agencies and directly to patients.
We have significant manufacturing operations in the U.S., Puerto Rico, the Netherlands, Ireland and Switzerland.
The percentage of revenues by significant region/country were as follows: Year Ended December 31, Dollars in millions 2025 2024 2023 United States 69 % 71 % 69 % International 29 % 27 % 29 % Other (a) 2 % 2 % 2 % Total Revenues $ 48,194 $ 48,300 $ 45,006 (a) Other revenues include royalties and alliance-related revenues for products not sold by BMS s regional commercial organizations.
Our significant business development activities in 2025 included (i) the acquisition of Orbital Therapeutics, (ii) the execution of a global strategic collaboration agreement with BioNTech, and (iii) the execution of a global exclusive licensing agreement with Philochem.
The Opdivo + Yervoy regimen also is approved in multiple markets for the treatment of NSCLC, melanoma, MPM, RCC, CRC, HCC and various gastric and esophageal cancers.
REMOVED
At February 6, 2025, there were 2,029,312,023 shares of common stock outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 40 Item 7A.
We operate in one segment engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of biopharmaceutical products on a global basis.
Our principal strategy is to combine the resources, scale and capability of a pharmaceutical company with the speed and focus on innovation of the biotech industry.
In addition, we expect that our acquisitions of Karuna, RayzeBio and Mirati in 2024 will allow us to expand in neuroscience and oncology, and continue to position us as a leading biopharmaceutical company across our core therapeutic areas.
We compete with other global research-based biopharmaceutical companies, smaller research companies and generic drug manufacturers.
Our products are sold worldwide, primarily to wholesalers, distributors, specialty pharmacies, and to a lesser extent, directly to retailers, hospitals, clinics and government agencies.
We have significant manufacturing operations in the U.S., Puerto Rico, Switzerland, Ireland, and the Netherlands.
The percentage of revenues by significant region/country were as follows: Year Ended December 31, Dollars in millions 2024 2023 2022 United States 71 % 69 % 68 % International (a) 27 % 29 % 30 % Other (b) 2 % 2 % 2 % Total Revenues $ 48,300 $ 45,006 $ 46,159 (a) Beginning in 2024, Puerto Rico revenues are presented as part of International revenues to align with management's review of the Company's financial results.
Prior period amounts have been recast to conform to the current presentation.