BMY (Bristol-Myers Squibb Co) vs S&P 500 Comparison

BMY

S&P 500

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BMY

S&P 500

Difference

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BMY

S&P 500

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Compare the stock's returns with its benchmark index and competitors. Gain insights into its relative performance over time.

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S&P 500

BMY

LLY

DPH

NOVO B

JNJ

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Compare the stock's returns with its benchmark index and competitors. Gain insights into its relative performance over time.

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Bristol-Myers Squibb Co
Glance View

Economic Moat

None

Market Cap

115.2B USD

Industry

Pharmaceuticals

Bristol-Myers Squibb Co., with its storied history stretching back over 100 years, has cemented its place among the giants in the pharmaceutical industry. Rooted in a relentless quest for innovation, the company is a powerhouse in biopharmaceuticals, specializing in the development of groundbreaking medicines to address some of the world's most pressing medical challenges. From its vast portfolio, Bristol-Myers Squibb focuses on creating treatments that profoundly improve and extend lives, targeting conditions like cancer, cardiovascular diseases, and immune disorders. This sharp focus on specific therapeutic areas allows the company to leverage its research acumen and clinical expertise fully. It consistently nurtures innovation through robust investment in research and development, collaborating with universities, research institutes, and biotechnology firms to stay ahead in a fiercely competitive field. Making money in the pharmaceutical sector involves a delicate dance of science, strategic marketing, and regulatory navigation, and Bristol-Myers Squibb has mastered this choreography. The company generates revenue primarily through the sale of its prescription medications, which follow a comprehensive journey from initial R&D and clinical trials through rigorous regulatory approval processes and, ultimately, to market launch. Blockbuster drugs like Opdivo and Eliquis, which cater to oncology and cardiovascular therapy markets respectively, bring in substantial revenue, driven by their efficacy and the global demand for effective treatments. Moreover, the company's commitment to expanding its pipeline ensures a steady flow of new products and maintains its competitive edge. By continually evaluating its portfolio and capitalizing on emerging medical needs, Bristol-Myers Squibb not only sustains its financial health but also solidifies its reputation as a leader in transforming patients' futures.

View BMY Analysis

BMY Intrinsic Value

What is Intrinsic Value?

Economic Moat is a concept popularized by Warren Buffett to describe a company's durable competitive advantage. It represents the 'moat' that protects a company from competitors and helps it sustain profitability over the long term. Our analysis of the past 10 years showed that companies with a wide economic moat significantly outperformed the market, delivering +645% returns compared to +189% for the S&P 500.

Our research into Economic Moat performance spans the past 10 years and focuses on companies with a wide economic moat. For this analysis, we calculated the average stock price returns of these companies, comparing them to the performance of the S&P 500 index over the same period.

The results were compelling: wide moat stocks achieved a remarkable +645% average return, compared to +188% for the broader market. This difference highlights the long-term benefits of investing in businesses that can maintain their market position and pricing power over time.

Note: This research does not account for survivorship bias. Past performance is not indicative of future results.

Determining whether a company has an economic moat requires both a deep dive into financial metrics and a qualitative assessment of its competitive position. Our analysts conduct a rigorous evaluation that focuses on identifying structural advantages that enable a company to sustain profitability and defend its market share over the long term.

The process begins with an analysis of a company’s historical financial performance. We assess how consistently the company has generated returns above its cost of capital and whether those returns have been stable or improving. However, financial performance alone doesn’t reveal the full picture. To understand the sources of these advantages, we evaluate five key drivers of economic moats:

Network Effect: We analyze whether the value of a company’s product or service grows as its user base expands. Platforms like payment systems or marketplaces benefit from this self-reinforcing.

Switching Costs: We assess whether customers face significant costs or disruptions when switching to a competitor’s product or service. High switching costs create customer stickiness and provide pricing power.

Intangible Assets: Strong brands, patents, and regulatory licenses can protect a company’s market position by creating barriers for competitors or enabling premium pricing. For example, a well-recognized consumer brand may command higher customer loyalty and margins.

Efficient scale: Occurs when a market is optimally served by one or a few players, making it unprofitable for new entrants to compete. This typically happens in industries with high fixed costs or geographic constraints, such as utilities or pipelines.

Cost Advantage: Companies with structural cost advantages can produce goods or services at a lower cost than their competitors, enabling them to offer competitive pricing or maintain higher margins. These advantages often arise from economies of scale, superior supply chain management, or proprietary technology. Firms like Walmart leverage their massive scale to negotiate better terms with suppliers, allowing them to undercut competitors on price.

By examining these factors in combination with a company’s financial performance and market positioning, we classify each company into one of three categories:

This rigorous evaluation ensures that our moat ratings are both comprehensive and reliable, giving investors the tools they need to make well-informed, long-term decisions.

JP	N	Nichi-Iko Pharmaceutical Co Ltd TSE:4541	Add
US		Eli Lilly and Co NYSE:LLY	Add
UK		Dechra Pharmaceuticals PLC LSE:DPH	Add
DK		Novo Nordisk A/S CSE:NOVO B	Add
US		Johnson & Johnson NYSE:JNJ	Add
US		Merck & Co Inc NYSE:MRK	Add
CH		Roche Holding AG SIX:ROG	Add
UK		AstraZeneca PLC LSE:AZN	Add
CH		Novartis AG SIX:NOVN	Add
US		Pfizer Inc NYSE:PFE	Add

JP	N	Nichi-Iko Pharmaceutical Co Ltd TSE:4541	Select
US		Eli Lilly and Co NYSE:LLY	Select
UK		Dechra Pharmaceuticals PLC LSE:DPH	Select
DK		Novo Nordisk A/S CSE:NOVO B	Select
US		Johnson & Johnson NYSE:JNJ	Select
US		Merck & Co Inc NYSE:MRK	Select
CH		Roche Holding AG SIX:ROG	Select
UK		AstraZeneca PLC LSE:AZN	Select
CH		Novartis AG SIX:NOVN	Select
US		Pfizer Inc NYSE:PFE	Select

JP	N	Nichi-Iko Pharmaceutical Co Ltd TSE:4541	Add
US		Eli Lilly and Co NYSE:LLY	Add
UK		Dechra Pharmaceuticals PLC LSE:DPH	Add
DK		Novo Nordisk A/S CSE:NOVO B	Add
US		Johnson & Johnson NYSE:JNJ	Add
US		Merck & Co Inc NYSE:MRK	Add
CH		Roche Holding AG SIX:ROG	Add
UK		AstraZeneca PLC LSE:AZN	Add
CH		Novartis AG SIX:NOVN	Add
US		Pfizer Inc NYSE:PFE	Add

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BMY

vs

S&P 500

Stocks Performance
BMY vs S&P 500

Performance Gap
BMY vs S&P 500

Performance By Year
BMY vs S&P 500

Competitors Performance
Bristol-Myers Squibb Co vs Peers

Bristol-Myers Squibb Co
Glance View

Company

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BMY vs S&P 500

Stocks Performance BMY vs S&P 500

Performance Gap BMY vs S&P 500

Performance By Year BMY vs S&P 500

Competitors Performance Bristol-Myers Squibb Co vs Peers

Bristol-Myers Squibb Co Glance View

Company

Help

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Stocks

BMY

vs

S&P 500

Stocks Performance
BMY vs S&P 500

Performance Gap
BMY vs S&P 500

Performance By Year
BMY vs S&P 500

Competitors Performance
Bristol-Myers Squibb Co vs Peers

Bristol-Myers Squibb Co
Glance View