Bristol-Myers Squibb (BMY) Q4 2025 Earnings
How Did BMY Stock React to Q4 2025 Earnings?
S&P 500 over the same 30 days: −0.06%.
Did BMY Beat Earnings? Q4 2025 Results
Yes. Bristol-Myers Squibb reported Q4 2025 earnings of $1.26 a share on Feb 5, 2026, beating the $1.20 consensus estimate by 4.6%. Revenue was $12.5B against a $12.3B estimate.
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.
- Growth Portfolio revenues increased 16% to $7.4 billion in Q4, driven by immuno-oncology portfolio, Camzyos, Breyanzi, and Reblozyl
- Eliquis demand growth and U.S. market share gains drove 8% worldwide revenue increase
- Opdivo growth driven by recent launches in MSI-high CRC, HCC and 1L NSCLC strength
- Camzyos continued strong U.S. demand in oHCM with 59% worldwide revenue growth
- Breyanzi strong demand across five indications with 49% worldwide revenue growth
- Ongoing strategic productivity initiative driving SG&A and R&D cost reductions
“We made significant progress in 2025, with real momentum in our Growth Portfolio and a strengthened balance sheet that provides the strategic flexibility to continue investing in growth drivers.”
Bristol-Myers Squibb CEO, on the earnings call
What Was Bristol-Myers Squibb's Outlook in Q4 2025?
For 2026, Bristol-Myers Squibb guides total revenues of approximately $46.0 billion to $47.5 billion (reported and Ex-FX), reflecting continued Growth Portfolio strength offset by a 12-16% decline in the Legacy Portfolio. Worldwide Eliquis revenues are expected to grow 10-15% versus 2025. Non-GAAP gross margin is guided at approximately 69-70%, non-GAAP operating expenses at approximately $16.3 billion, other income/expense at approximately $(700 million), non-GAAP effective tax rate of approximately 18%, and non-GAAP diluted EPS of $6.05 to $6.35. Guidance excludes the impact of potential future strategic acquisitions, divestitures, unidentified specified items, and future Acquired IPRD charges and licensing income. Diluted weighted-average shares outstanding of 2,049 million were used to calculate 2026 diluted EPS guidance.
BMY YoY Financials
| Metric | Q4 2025 | Q4 2024 | Year over year |
|---|---|---|---|
| Revenue | $12.5B | $12.3B | +1.3% |
| Gross Profit | $8.4B | $7.4B | +13.2% |
| Net Income | $1.1B | $72.0M | +1,409.7% |
BMY Revenue by Segment
BMY Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.