v3.25.4
REVENUE (Tables)
12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table summarizes the disaggregation of revenue by nature:
 Year Ended December 31,
Dollars in millions202520242023
Net product sales$46,756 $46,778 $43,778 
Alliance revenues447 479 608 
Other revenues992 1,043 620 
Total Revenues$48,194 $48,300 $45,006 
Schedule of Revenue by Major Customers
Gross revenue to the three largest pharmaceutical wholesalers in the U.S. as a percentage of U.S. gross revenues was as follows:
 Year Ended December 31,
 202520242023
McKesson Corporation36 %34 %33 %
Cencora, Inc.
29 %29 %29 %
Cardinal Health, Inc.22 %22 %23 %
Reconciliation of Gross Product Sales to Net Product Sales
The following table summarizes GTN adjustments:
 Year Ended December 31,
Dollars in millions202520242023
Gross product sales$88,085 $83,671 $73,679 
GTN adjustments(a)
Charge-backs and cash discounts(14,067)(11,510)(9,144)
Medicaid and Medicare rebates(18,010)(16,551)(13,411)
Other rebates, returns, discounts and adjustments(9,253)(8,832)(7,346)
Total GTN adjustments(b)
(41,329)(36,893)(29,901)
Net product sales$46,756 $46,778 $43,778 
(a)    Includes reductions of provisions for product sales made in prior periods resulting from changes in estimates of $485 million in 2025, $159 million in 2024, and $134 million in 2023.
(b)    Includes U.S. GTN adjustments of $38.0 billion in 2025, $33.6 billion in 2024 and $26.9 billion in 2023.
Disaggregation of Revenue by Product and Region
The following table summarizes the disaggregation of revenue by product and region:
 Year Ended December 31,
Dollars in millions202520242023
Growth Portfolio
Opdivo$10,049 $9,304 $9,009 
Opdivo Qvantig
238 — — 
Orencia3,705 3,682 3,601 
Yervoy2,900 2,530 2,238 
Reblozyl2,327 1,773 1,008 
Breyanzi1,358 747 364 
Opdualag1,185 928 627 
Camzyos1,068 602 231 
Zeposia577 566 434 
Abecma427 406 472 
Sotyktu291 246 170 
Krazati205 126 — 
Cobenfy
155 10 — 
Other Growth products(a)
1,924 1,643 1,212 
Total Growth Portfolio26,409 22,563 19,366 
Legacy Portfolio
Eliquis14,443 13,333 12,206 
Revlimid2,951 5,773 6,097 
Pomalyst/Imnovid2,733 3,545 3,441 
Sprycel493 1,286 1,930 
Abraxane368 875 1,004 
Other Legacy products(b)
798 925 962 
Total Legacy Portfolio21,785 25,737 25,640 
Total Revenues$48,194 $48,300 $45,006 
United States$33,279 $34,105 $31,210 
International
13,828 13,199 13,097 
Other(c)
1,087 996 699 
Total Revenues$48,194 $48,300 $45,006 
(a)    Includes Augtyro, Onureg, Inrebic, Nulojix, Empliciti and royalty revenues, including royalties received from Merck on Winrevair*.
(b)    Includes other mature brands.
(c)    Other revenues include alliance-related revenues for products not sold by BMS's regional commercial organizations, including royalties received from Merck on Winrevair*.