Bristol-Myers Squibb Company (BMY) Q4 2025 Earnings Call Transcript
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
Overview
The earnings call summary highlights strong growth in key portfolios, increased revenue guidance, and a focus on transformative programs. The Q&A section reveals confidence in new drug potentials and strategic growth areas. Despite some management vagueness, the overall sentiment is bolstered by robust product performance and optimistic guidance, likely leading to a positive stock price reaction.
Key Financial Performance
Total revenue in Q4 2025 Flat year-over-year at approximately $12.5 billion. Growth portfolio revenue increased 15% to $7.4 billion, representing close to 60% of total revenue. Legacy portfolio revenue was impacted by increased generic volumes.
Opdivo revenue in Q4 2025 Increased 7% to nearly $2.7 billion. Growth driven by new indications and share growth in first-line non-small cell lung cancer.
Reblozyl revenue in Q4 2025 Increased 21%. Growth driven by uptake across first- and second-line MDS-associated anemia patients.
Breyanzi revenue in Q4 2025 Increased 47%. Growth driven by its desirable profile and strong demand across approved indications.
Eliquis revenue in Q4 2025 Increased nearly 6% to $3.5 billion. Growth driven by demand growth and market share gains.
Camzyos revenue in Q4 2025 Increased 57% to $353 million. Growth driven by demand growth globally and expanded physician prescribing in the U.S.
Cobenfy revenue in Q4 2025 $51 million. Growth driven by steady uptake among prescribers and patients, surpassing all schizophrenia comparators and relevant analogs in the first year of launch.
Gross margin in Q4 2025 Declined 210 basis points to 71.9%. Decline driven by product mix, notably Eliquis and Revlimid.
Operating expenses in 2025 Decreased by $1.2 billion to $16.6 billion. Reflects cost savings program partially offset by investments in growth initiatives.
Diluted earnings per share in Q4 2025 $1.26. Full year diluted earnings per share was $6.15, including a net charge related to in-process R&D and licensing income.
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Operating Highlights
Opdualag, Breyanzi, Camzyos, Reblozyl: Each contributed over $1 billion in sales for the full year, with Reblozyl delivering over $2 billion. These products are early in their life cycles and have significant growth potential.
Cobenfy and Qvantig: Cobenfy showed steady growth with expanded access and adoption, while Qvantig received positive feedback for improving practice efficiency and patient preferences.
Breyanzi: Received FDA approval as the first CAR T cell therapy for adults with relapsed or refractory marginal zone lymphoma, now approved across 5 cancer types.
Pumitamig: Phase II data showed encouraging antitumor response in triple-negative breast cancer, with 8 registrational studies planned by year-end.
Navlimetostat: First oral data presentation for this PRMT5 inhibitor in pancreatic cancer will be showcased at an upcoming conference.
Global Expansion: Camzyos launched in over 50 countries, and Cobenfy surpassed all schizophrenia comparators in its first year of launch.
Cost Savings Initiative: Achieved $1 billion in savings in 2025, with an additional $1 billion expected by 2027. AI is being used to enhance efficiency and reinvest in growth.
Revenue Growth: Growth portfolio revenue increased by 15% in Q4 2025, representing 60% of total revenue.
Pipeline Development: Plans to introduce over 10 new medicines and 30 launch opportunities by 2030, with 6 potential new products and pivotal line extensions expected in 2026.
Long-term Growth Strategy: Focused on sustainable growth into the 2030s, supported by financial strength and strategic investments.
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Risk or Challenges
Revenue Decline in Legacy Portfolio: The legacy portfolio is projected to experience a revenue decline of 12% to 16% in 2026 due to ongoing loss of exclusivity (LOE) impacts.
Product Mix Impact on Gross Margin: Gross margin is expected to decline to 69%-70% in 2026, driven by the combination of higher Eliquis and lower Revlimid and Pomalyst revenue.
Eliquis Revenue Step Down: Eliquis sales are expected to decrease by $1.5 billion to $2 billion in 2027 compared to 2026, reflecting a significant revenue challenge.
Generic Competition: Increased generic volumes across several brands in the legacy portfolio continue to impact revenue negatively.
Cost Savings Program Dependency: The company’s ability to reduce operating expenses and reinvest in growth initiatives heavily depends on achieving $2 billion in cost savings by 2027.
Regulatory and Clinical Risks: The success of new product launches and pipeline advancements is contingent on favorable regulatory approvals and clinical trial outcomes, which remain uncertain.
Economic and Pricing Pressures: Price reductions, such as the one for Eliquis, while expanding access, could pressure margins and revenue.
Pipeline Execution Risks: The company’s growth strategy relies on the successful execution of over 30 meaningful launch opportunities by 2030, which poses execution risks.
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Guidance & Outlook
Revenue Guidance for 2026: The company anticipates 2026 revenue in the range of $46 billion to $47.5 billion, driven by strong performance from the growth portfolio and a projected revenue decline for the legacy portfolio of 12% to 16% due to ongoing LOE impacts.
Earnings Per Share (EPS) Guidance for 2026: Adjusted diluted EPS is expected to be between $6.05 and $6.35.
Cost Savings Program: The company plans to achieve an additional $1 billion in cost savings over 2026 and 2027, building on the $1 billion saved in 2025.
Product-Specific Revenue Projections: Eliquis is projected to grow 10% to 15% in 2026, driven by global demand growth and recent price reductions. However, Eliquis sales in 2027 are expected to decline by $1.5 billion to $2 billion compared to 2026.
Pipeline and Product Development: The company expects to report top-line registrational data for six potential new products in 2026, including milvexian, admilparant, iberdomide, mezigdomide, arlo-cel, and RYZ101. Additionally, pivotal line extension readouts are anticipated for Sotyktu in lupus and Cobenfy in Alzheimer's disease psychosis.
Long-Term Growth Strategy: BMS aims to introduce more than 10 new medicines and over 30 meaningful launch opportunities by 2030, with a focus on delivering sustainable growth into the 2030s and beyond.
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Shareholder Return Plan
Dividend Commitment: The company emphasized its commitment to returning cash to shareholders through dividends. This was highlighted as a key aspect of their capital allocation strategy.
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Key Q&A
Q:What are the key areas of relative upside for Bristol in 2026?
A:Bristol has a slew of data readouts coming this year, with over 10 Phase III data readouts expected in 2026. Key areas include the CELMoD program (e.g., iberdomide and mezigdomide), admilparant, milvexian, and the ADEPT program. The company is confident in the potential of these programs to be transformative.
Q:What are the dynamics and growth expectations for Eliquis in 2026?
A:Eliquis is expected to grow 10%-15% in 2026, driven by strong performance and a 75% NRx share in the U.S. Pricing changes, including a 40% WACC reduction and the removal of Medicare Part D liability, are expected to support growth. However, a step down of $1.5 billion to $2 billion is anticipated in 2027 due to EU patent expirations and generic competition.
Q:What is the status of the milvexian AFib study and its potential?
A:The Librexia atrial fibrillation study has completed enrollment with over 20,000 patients. The DMC continues to endorse the trial's progression, and the company is confident in achieving non-inferiority to Eliquis in efficacy while demonstrating a differentiated bleeding profile. Milvexian has multibillion-dollar potential and could replace first-generation DOACs.
Q:What is the company's approach to business development (BD) in 2026?
A:Bristol is focused on building depth in existing therapeutic areas where it has scientific and commercial expertise. The company is opportunistic and financially strong, allowing it to execute deals that add value. Timing of BD is not dependent on the outcome of ongoing programs.
Q:What are the expectations for Cobenfy's growth and challenges?
A:Cobenfy has surpassed 100,000 TRxs since launch and has strong access across Medicaid, Medicare, and commercial markets. Growth is expected to continue steadily, with new indications driving inflection points. The company is addressing physician questions about switching from D2 therapies and is confident in Cobenfy's potential to become a leading treatment in schizophrenia.
Q:What is the potential of admilparant in pulmonary fibrosis?
A:Admilparant is a potential first-in-class product for pulmonary fibrosis, offering improved efficacy and tolerability. It could redefine the standard of care by slowing or halting disease progression. The drug has shown low rates of GI tolerability issues, which is a significant advantage over existing therapies.
Q:What are the dynamics of the CELMoD program in multiple myeloma?
A:The CELMoD program, including iberdomide and mezigdomide, aims to replace IMiDs in earlier lines of treatment and become foundational in multiple myeloma. These drugs are expected to be used in combination with anti-CD38 therapies and as partners for TCEs and cell therapy. The company is confident in their potential to address unmet needs in the community setting.
Q:What is the status of Opdualag and its growth potential?
A:Opdualag has become a standard of care in first-line metastatic melanoma in the U.S., with over 30% market share. Growth opportunities include converting the remaining 15% of patients on PD-1 monotherapy and expanding internationally. The company expects continued strong performance and broader adoption.
Q:What are the expectations for Reblozyl in MDS anemia?
A:Reblozyl has achieved over $2 billion in annualized sales and continues to grow in first-line RS-positive and RS-negative patients. The greatest growth opportunity lies in RS-negative patients in the U.S. and in international markets where first-line launches are ongoing.
Q:What is the company's strategy for pumitamig in oncology?
A:Pumitamig is being developed as a bispecific targeting PD-1/PD-L1 and VEGF. The strategy is to replace PD-1/PD-L1 inhibitors in existing indications and expand into areas where these inhibitors are less effective. Seven pivotal studies are underway, with an eighth planned, focusing on indications like non-small cell lung cancer, gastric, colon, head and neck, and breast cancers.
Q:Review of Unclear Management Responses
A:Management avoided providing specific numerical deltas or detailed data for certain questions, such as the clinically meaningful delta for milvexian versus Eliquis in the AFib study and the exact dynamics of Eliquis pricing changes in 2027. Additionally, responses to questions about the potential impact of competitors' M1/M4 agents on Cobenfy and the detailed breakdown of Eliquis generic competition in major markets lacked clarity and specificity.
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Earnings Word Cloud
The most frequently occurring keywords in this quarter's earning call
AI strength
Anticancer Therapies
BMS introduction
BMS term
Breakfree SSc
Breyanzi FDA
CD CAR
Chief
Head Investor
Officer
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Targeted Anticancer
access
breadth
breast cancer
cel
cell
cost saving
decline legacy
detail portfolio
disease
legacy portfolio
momentum
opportunity
patient
product
profile
pumitamig
readout
setting
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treatment
BMY Transcript
Bristol-Myers Squibb Company (BMY) Q4 2025 Earnings Call Transcript
Positive2-5
The earnings call summary highlights strong growth in key portfolios, increased revenue guidance, and a focus on transformative programs. The Q&A section reveals confidence in new drug potentials and strategic growth areas. Despite some management vagueness, the overall sentiment is bolstered by robust product performance and optimistic guidance, likely leading to a positive stock price reaction.
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The earnings call showed mixed signals. Financial performance is stable, with steady revenue and strong cash reserves. However, concerns about operational risks in the DRC, high logistics costs, and regulatory risks temper optimism. The Q&A session reveals ongoing challenges in securing offtake agreements and operational uncertainties. Although strategic partnerships and product launches are positive, the lack of clear guidance in some areas leads to a neutral outlook, with potential fluctuations in stock price remaining within a narrow range.
BMY Slides
BMY Report
Frequently Asked Questions
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