Bristol-Myers Squibb Company
Q1 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +8.13%.
Did BMY Beat Earnings? Q1 2025 Results
Bristol Myers Squibb delivered a stronger-than-expected first quarter in 2025, with non-GAAP EPS of $1.80 beating the $1.50 consensus estimate by 19.88% and revenue of $11.20 billion topping expectations of $10.71 billion by 4.62%, even as total sales declined 5.6% year over year amid accelerating generic erosion in its Legacy Portfolio. The real story was the Growth Portfolio, which matched Legacy revenues at $5.56 billion and surged 16%, powered by standout performances from Breyanzi, up 146%, Camzyos, up 89%, and Reblozyl, up 35%, collectively offsetting steep declines in Revlimid, down 44%, and Sprycel, down 53%. Non-GAAP operating margin held nearly flat at 39.0% as aggressive cost actions, including a 20% reduction in SG&A, absorbed product mix headwinds. The company's commitment to domestic investment adds broader strategic context as it simultaneously pursues $3.50 billion in savings by 2027. Looking ahead, BMS raised its full-year revenue guidance to $45.80 billion to $46.80 billion and lifted non-GAAP EPS guidance to $6.70 to $7.00, reflecting continued Growth Portfolio momentum.
- Growth Portfolio revenues grew 16% (+18% Ex-FX), driven by Opdivo, Breyanzi, Reblozyl and Camzyos and strong early U.S. launch of Cobenfy
- Reblozyl first-line MDS-associated anemia now accounts for majority of new patient starts
- Breyanzi is #1 CAR T in the U.S. with continued strong demand across indications driven by LBCL
- Camzyos U.S. demand remains strong with ~11K patients on commercial drug (~1.4K added in Q1)
- Strategic productivity initiative driving significant reduction in non-GAAP SG&A (-20%) and R&D (-5%)
- Legacy Portfolio declined 20% due to continued generic erosion on Revlimid, Pomalyst, Sprycel, Abraxane and U.S. Medicare Part D redesign impact on Eliquis
“Our strong execution in the first quarter drove continued momentum across our Growth Portfolio and meaningful progress in the pipeline. We are advancing our multi-year plan to become a more agile and efficient company, while strengthening the foundation for top-tier, long-term growth. Our strategy is clear, and our actions are accelerating the delivery of transformational medicines to patients.”
Bristol Myers Squibb CEO, on the earnings call
Forward Guidance & Outlook
BMS raised its 2025 full-year revenue guidance to approximately $45.8 billion to $46.8 billion (from ~$45.5 billion), reflecting Growth Portfolio strength, better-than-expected Legacy Portfolio sales, and ~$500 million in favorable foreign exchange. Non-GAAP EPS guidance was raised to $6.70–$7.00 (from $6.55–$6.85), a $0.15 increase at the midpoint. Non-GAAP gross margin is expected at ~72%. Operating expenses are now expected at ~$16.2 billion (up from ~$16 billion due to ~$200 million FX impact). Other income is now expected at ~$100 million (from ~$30 million). Legacy Portfolio is now expected to decline ~16%–18% (improved from ~18%–20%), with Revlimid full-year sales expected at the top end of the ~$2–$2.5 billion range. Guidance includes estimated impact of current tariffs on U.S. products shipped to China but does not account for potential pharmaceutical sector tariffs.
BMY YoY Financials
BMY Revenue by Segment
BMY Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.