The [AstraZeneca-BMY merger chatter](https://www.cnbc.com/2026/08/06/astrazeneca-bristol-myers-merger-talks.html) is being sold as Big Pharma scale-up nostalgia. But here's what consensus misses: BMY's net margin sits at 46.2% and AZN is at . You don't merge those to unlock value—you're just averaging down a structural margin problem.

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