Mycoplasma ovipneumoniae is a primary causative agent responsible for initiating polymicrobial pneumonia in bighorn sheep (Ovis canadensis). Infections of bighorn sheep populations are typically characterized by initial all‐age epizootics followed by long‐term periods of repressed juvenile (lamb) survival. Populations of bighorn sheep in New Mexico, USA, were thought to be free of this pathogen prior to 2017 but recent infection of multiple herds raised concerns regarding impacts on population size and juvenile:female ratios. Using aerial survey, survival, and disease sampling data in an exploratory framework, we (1) characterize age‐related differences in M. ovipneumoniae prevalence and seroprevalence, (2) quantify differences in lamb:ewe ratios pre‐ and post‐M. ovipneumoniae detection, and (3) investigate differences in survival between previously exposed and naïve individuals. From 2007 to 2022, we sampled 466 bighorn sheep across 19 populations in New Mexico for M. ovipneumoniae exposure. While the timing of initial herd infections varied across populations, one population sustained active infections for over 15 years. We found reduced juvenile:female ratios post M. ovipneumoniae exposure for both desert (O. c. mexicana) and Rocky Mountain (O. c. canadensis) bighorn sheep populations. Post‐exposure ratio declines ranged from 20% to 69%. Evaluation of population size and environmental condition effects on juvenile:female ratios indicated varying impacts for each subspecies. Notably, population size was negatively related to Rocky Mountain juvenile:female ratios only after populations were exposed to M. ovipneumoniae. Additionally, climatic conditions in the previous lambing season and pre‐parturition time frame were associated with juvenile:female ratios for Rocky Mountain populations, while juvenile:female ratios of desert bighorn appeared to only be affected by pre‐parturition climatic conditions. Kaplan–Meier survival estimation of previously exposed, but putatively recovered, individuals (n = 31) and naïve individuals (n = 70) revealed lower (75%; 95% CI: 62%–93%) but not statistically significant (p = 0.2) 1‐year survival rates for individuals that were seropositive but not actively infected, when compared to seronegative individuals (88%; 95% CI: 81%–97%). These results collectively suggest that following M. ovipneumoniae introduction, bighorn sheep populations in New Mexico could be limited by lamb survival.