Bristol-Myers Squibb Company
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.30%.
Did BMY Beat Earnings? Q2 2025 Results
Bristol Myers Squibb delivered a strong second quarter, with non-GAAP EPS of $1.46 beating the $1.10 consensus by 32.59% and revenue of $12.27 billion topping estimates by 7.77%, even as sales rose just 0.6% year-over-year against a challenging comparable. The headline driver was the Growth Portfolio, which generated $6.60 billion, up 18%, with standout contributions from Eliquis at $3.68 billion, Opdivo at $2.56 billion, and Breyanzi more than doubling to $344 million. A $1.51 billion Acquired IPRD charge tied to BMS's co-development partnership with BioNTech for bispecific antibody BNT327 weighed on reported figures, reducing EPS by $0.57, but the underlying business clearly outperformed. <a href="https://247wallst.com/investing/2025/07/31/stock-market-live-july-31-sp-500-voo-rises-on-positive-china-earnings-news/">Broader market momentum</a> accompanied the results as BMS raised full-year 2025 revenue guidance to $46.50 billion to $47.50 billion, citing Growth Portfolio strength and a $200 million favorable foreign exchange tailwind, with non-GAAP EPS now guided to $6.35 to $6.65 inclusive of the BioNTech charge.
- Growth Portfolio revenue growth of 18% driven by immuno-oncology portfolio, Breyanzi, Reblozyl, and Camzyos
- Eliquis demand growth with U.S. sales partially offset by Medicare Part D Redesign impact
- Breyanzi became #1 CAR T in the U.S. with strong demand across all indications
- Camzyos continued strong U.S. demand with approximately 12,500 patients on commercial drug
- Strategic productivity initiative driving SG&A down 12% and R&D down 1% on non-GAAP basis
- International revenues increased 10% (8% Ex-FX)
“We are making good progress rewiring the company for long-term growth. In the second quarter, we delivered strong results across our Growth Portfolio, continued to optimize our cost structure, and added to our innovative pipeline with strategic partnerships.”
Bristol Myers Squibb CEO, on the earnings call
Forward Guidance & Outlook
Bristol-Myers Squibb raised its full-year 2025 non-GAAP revenue guidance to approximately $46.5 billion to $47.5 billion (from ~$45.8B-$46.8B), reflecting Growth Portfolio strength, better-than-expected Legacy Portfolio sales (now expected to decline ~15%-17% vs. prior ~16%-18%), and ~$200 million favorable FX impact. Full-year Revlimid sales estimate increased to ~$3 billion. Full-year operating expenses now expected at ~$16.5 billion (up from ~$16.2B), reflecting investment behind recent business development and Growth Portfolio opportunities. Other income/expense updated to ~$250 million of income. Non-GAAP EPS guidance updated to $6.35-$6.65, inclusive of a $(0.57) per share BioNTech Acquired IPRD charge. Non-GAAP gross margin and tax rate guidance unchanged at ~72% and ~18%, respectively. Guidance excludes any potential future strategic acquisitions, divestitures, and future Acquired IPRD charges.
BMY YoY Financials
BMY Revenue by Segment
BMY Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.