Bristol-Myers Squibb (BMY) Q2 2025 Earnings
How Did BMY Stock React to Q2 2025 Earnings?
S&P 500 over the same 30 days: +1.30%.
Did BMY Beat Earnings? Q2 2025 Results
Yes. Bristol-Myers Squibb reported Q2 2025 earnings of $1.46 a share on Jul 31, 2025, beating the $1.10 consensus estimate by 32.6%. Revenue was $12.3B against a $11.4B estimate.
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
What Was Bristol-Myers Squibb's Outlook in Q2 2025?
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
| Metric | Q2 2025 | Q2 2024 | Year over year |
|---|---|---|---|
| Revenue | $12.3B | $12.2B | +0.6% |
| Gross Profit | $8.9B | $6.8B | +30.8% |
| Operating Income | $1.8B | $2.6B | −31.4% |
| Net Income | $1.3B | $1.7B | −22.0% |
BMY Revenue by Segment
BMY Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.