Bristol-Myers Squibb Company

Bristol Myers Squibb delivered a mixed fourth quarter for fiscal 2025, posting revenue of $12.50 billion, up 1.3% year-over-year and edging past the $12.30 billion consensus estimate by 1.68%, while earnings per share of $1.26 fell well short of the $1.63 analyst expectation, a miss of 22.70%. The primary culprit was a $1.39 billion Acquired IPRD charge tied to the Orbital Therapeutics acquisition, which alone depressed non-GAAP EPS by approximately $0.60 per share and distorted an otherwise resilient underlying performance. The Growth Portfolio, led by newer oncology and immunology assets, expanded 16% year-over-year to $7.39 billion, partially offsetting continued generic erosion across legacy products like Revlimid and Pomalyst. The FDA's acceptance of BMS's iberdomide application for relapsed or refractory multiple myeloma, granted priority review with a decision expected by August 2026, adds meaningful pipeline momentum heading into the new year. Looking ahead, management guided 2026 revenues of $46.00 to $47.50 billion with non-GAAP EPS of $6.05 to $6.35, and <a href="https://247wallst.com/investing/2026/02/05/bristol-myers-just-crushed-earnings-and-the-real-catalyst-hasnt-even-hit-yet/">investors are watching closely</a> as the portfolio transition accelerates.