Bristol-Myers Squibb (BMY) Q1 2025 Earnings
How Did BMY Stock React to Q1 2025 Earnings?
S&P 500 over the same 30 days: +8.13%.
Did BMY Beat Earnings? Q1 2025 Results
Yes. Bristol-Myers Squibb reported Q1 2025 earnings of $1.80 a share on Apr 24, 2025, beating the $1.50 consensus estimate by 19.9%. Revenue was $11.2B against a $10.7B estimate.
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
What Was Bristol-Myers Squibb's Outlook in Q1 2025?
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
| Metric | Q1 2025 | Q1 2024 | Year over year |
|---|---|---|---|
| Revenue | $11.2B | $11.9B | −5.6% |
| Gross Profit | $8.2B | $6.6B | +24.0% |
| Operating Income | $3.0B | $1.5B | +93.6% |
| Net Income | $2.5B | $1.1B | +120.6% |
BMY Revenue by Segment
BMY Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.