Bristol-Myers Squibb Co Earnings - Q4 2025 Analysis & Highlights
Bristol-Myers Squibb Co.'s Q4 2025 earnings call highlighted strong Growth Portfolio performance, strategic cost savings, and a robust pipeline with numerous pivotal data readouts expected in 2026. The company provided 2026 financial guidance, discussed Eliquis dynamics, and emphasized business development as a top priority to drive long-term growth.
Key Financial Results
Total revenue in the fourth quarter was flat year-over-year at approximately $12.5 billion.
The Growth Portfolio revenue increased 15% to $7.4 billion.
The Growth Portfolio represented close to 60% of total revenue in the quarter.
Reblozyl, Breyanzi, Camzyos, and the IO portfolio all achieved significant growth.
Cobenfy and Qvantig also contributed to growth with their early launches.
Gross margin declined 210 basis points in the fourth quarter to 71.9%, primarily driven by product mix, notably Eliquis and Revlimid.
Operating expenses for the full year were $16.6 billion, a decrease of $1.2 billion from 2024.
Diluted earnings per share were $1.26 for the quarter.
Full-year diluted earnings per share came in at $6.15.
Business Segment Results
Opdivo delivered solid growth in the fourth quarter, with revenue up 7% to nearly $2.7 billion. This was driven by new indications and continued share growth within the first-line non-small cell lung cancer setting.
Qvantig's launch continued to progress well, with revenue of $133 million in the quarter.
Opdualag delivered another quarter of strong double-digit growth, driven by demand in the US, where it remains a standard of care in first-line melanoma.
Reblozyl delivered 21% growth, reflecting solid uptake across first and second-line MDS-associated anemia patients.
Breyanzi's fourth quarter revenue continued to show impressive growth, with revenue up 47%, driven by its desirable profile and continued strong demand across its approved indications.
Eliquis delivered nearly $3.5 billion in fourth quarter revenue, an increase of 6%. This was driven by demand growth and market share gains, with US revenue increasing 4%.
Camzyos revenue in the fourth quarter grew 57% to $353 million, benefiting from continued demand growth globally.
Global revenue of Sotyktu grew 3%.
Cobenfy revenue in the fourth quarter was $51 million, with continued steady uptake among prescribers and patients.
Capital Allocation
The company's financial position remains strong, with approximately $11 billion in cash equivalents and marketable securities as of December 31, 2025.
The company completed its targeted $10 billion of debt paydown ahead of schedule.
Strong cash flow from operations of approximately $2 billion was generated in the fourth quarter.
Business development remains a top priority.
The company is committed to returning cash to shareholders through its dividend.
Competitive Landscape
Breyanzi is now approved across five cancer types, strengthening its leadership position among CD19-directed CAR Ts.
Cobenfy's uptake has surpassed all schizophrenia comparators and relevant analogs in the first year of launch.
Eliquis has approximately 75% NRx share in the US.
Milvexian has the potential to be best-in-class in secondary stroke prevention and the only Factor XI oral therapy in AFib.
Opdualag has over a 30% market share in first-line metastatic melanoma.
The totality of BMS market share in metastatic melanoma is now over 65%.
CELMoDs are expected to be foundational in multiple myeloma, replacing IMiDs in earlier lines of treatment.
Growth Opportunities and Strategies
2025 was a year of focused execution across the business.
The company is advancing its multi-year plan to rewire BMS for long-term growth.
Opdualag, Breyanzi, and Camzyos each contributed over $1 billion in sales for the full year.
Reblozyl delivered over $2 billion.
These are differentiated, durable products early in their lifecycles, with meaningful runway ahead.
Breyanzi received FDA approval as the first and only CAR T cell therapy for adults with relapsed or refractory marginal zone lymphoma.
Pumitamig showed encouraging anti-tumor response and a manageable safety profile in first and second-line triple-negative breast cancer.
Three additional planned studies for pumitamig will result in eight registrational studies underway by year-end.
Two studies in non-small cell lung cancer are initiating in unresectable Stage III disease and in first-line high PD-L1 expression.
A global Phase 3 study Breakfree-SSc for Zola-cel is initiating in patients with active systemic sclerosis.
The first oral data presentation for navlimetostat, a potential first-in-class PRMT5 inhibitor, will be showcased at the ESMO Targeted Anticancer Therapies Conference.
The company expects to report top line registrational data for six potential new products in 2026: milvexian (atrial fibrillation and secondary stroke prevention), admilparant (idiopathic pulmonary fibrosis), iberdomide, mezigdomide and Arlo-cel (relapsed or refractory multiple myeloma), and RYZ101 (second-line-plus GEP-NETs).
Meaningful pivotal line extension readouts are anticipated for Sotyktu in lupus and Cobenfy in Alzheimer's disease psychosis.
The company delivered on its cost savings initiative in 2025 and will continue to expand the use of AI.
Business development remains a top priority to bring exciting science into the company.
The company's North Star is to deliver industry-leading sustainable growth into the 2030s and beyond.
Milvexian has the potential to replace first-generation DOACs in the AFib market.
Admilparant is a potential first-in-class product that could redefine the standard of care in pulmonary fibrosis.
Financial Guidance and Outlook
2026 revenue is anticipated in the range of $46 billion to $47.5 billion.
This range reflects continued strong performance from the Growth Portfolio and a projected revenue decline for the Legacy Portfolio of between 12% and 16%.
Eliquis growth in 2026 is projected to be in the range of 10% to 15%.
Lower operating expenses are expected compared to last year, due to the ongoing cost savings program.
Adjusted diluted earnings per share are expected to be between $6.05 and $6.35.
Gross margin is expected to be between 69% to 70%.
Total operating expenses are expected to decline from 2025 levels to approximately $16.3 billion.
OI&E expense is expected to be approximately $700 million.
The tax rate is expected to be approximately 18%.
Eliquis sales in 2027 compared to 2026 are expected to show a step-down in the range of $1.5 billion to $2 billion.
The EU patents for Eliquis largely expire late in 2026, which will be a factor in the 2027 step-down.
