Bristol Myers Squibb (BMY) Q3 2025 Earnings
How Did BMY Stock React to Q3 2025 Earnings?
S&P 500 over the same 30 days: +0.25%.
Did BMY Beat Earnings? Q3 2025 Results
Yes. Bristol Myers Squibb reported Q3 2025 earnings of $1.63 a share on Oct 30, 2025, beating the $1.52 consensus estimate by 7.6%. Revenue was $12.2B against a $11.8B estimate.
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
What Was Bristol Myers Squibb's Outlook in Q3 2025?
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
| Metric | Q3 2025 | Q3 2024 | Year over year |
|---|---|---|---|
| Revenue | $12.2B | $11.9B | +2.8% |
| Gross Profit | $8.8B | $6.6B | +32.8% |
| Net Income | $2.2B | $1.2B | +81.8% |
BMY Revenue by Segment
BMY Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.