Bristol-Myers Squibb Company
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +0.25%.
Did BMY Beat Earnings? Q3 2025 Results
Bristol-Myers Squibb posted a stronger-than-expected third quarter, with non-GAAP EPS of $1.63 beating the $1.52 consensus by 7.56% and revenue of $12.22 billion topping estimates by 3.58% on 2.8% year-over-year growth, as the company's strategic pivot away from aging blockbusters continued to bear fruit. The central driver was a resurgent Growth Portfolio, which climbed 18% year-over-year to $6.86 billion and now accounts for more than half of total revenue, powered by standout performances from Eliquis at $3.75 billion, up 25%, and Breyanzi surging 60% to $359 million. That momentum more than offset a 12% decline in the Legacy Portfolio, where Revlimid fell 59% to $575 million as generic erosion deepened. Management raised full-year 2025 revenue guidance to approximately $47.50 billion to $48.00 billion and narrowed non-GAAP EPS guidance to $6.40 to $6.60, reflecting continued confidence in pipeline execution; the company also announced plans to acquire Orbital Therapeutics, adding a next-generation in vivo CAR T-cell therapy candidate targeting autoimmune diseases to its roster.
- Growth Portfolio revenues increased 18% YoY to $6.9 billion, driven by IO portfolio, Reblozyl, Camzyos and Breyanzi
- Eliquis U.S. sales benefited from demand growth and favorable Medicare Part D Redesign (elimination of donut hole)
- Camzyos continued strong U.S. demand in oHCM with ~14.1K patients on commercial drug, ~1.6K added in Q3
- Reblozyl strong demand across 1L MDS-associated anemia and increasing duration of therapy, annualizing >$2B
- Breyanzi strong demand across all indications driven by LBCL and recently approved indications, annualizing >$1B
- SG&A expenses decreased 10% driven by ongoing strategic productivity initiative
- Gross margin declined to 72.9% non-GAAP from 76.0% reflecting change in product mix
“We delivered strong results this quarter as a result of continued execution across the business and ongoing Growth Portfolio momentum.”
Bristol Myers Squibb CEO, on the earnings call
Forward Guidance & Outlook
Bristol-Myers Squibb raised full-year 2025 non-GAAP revenue guidance to approximately $47.5 billion to $48.0 billion (from ~$46.5 billion to $47.5 billion), primarily reflecting continued Growth Portfolio strength. Non-GAAP EPS guidance was narrowed to $6.40-$6.60, inclusive of $(0.80) per share net impact from Acquired IPRD charges and licensing income. Non-GAAP gross margin is expected at ~72%, operating expenses at ~$16.5 billion, other income/(expense) updated to ~$500 million of income (from ~$250 million), and non-GAAP effective tax rate at ~18%. Legacy Portfolio sales are expected to decline ~15%-17% for the full year, with worldwide Revlimid sales expected at ~$3 billion. The company expects to complete the Orbital Therapeutics acquisition in Q4 2025.
BMY YoY Financials
BMY Revenue by Segment
BMY Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.