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Bristol-Myers Squibb Company
Bristol-Myers Squibb Company (BMY) investor relations material
Bristol-Myers Squibb Company Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Growth Portfolio revenues increased 16% year-over-year in Q4 2025 and 17% for the full year, nearly offsetting a $4B decline in the Legacy Portfolio, with strong contributions from new launches and established brands.
Key products Opdualag, Breyanzi, and Camzyos each exceeded $1B in annual sales; Reblozyl surpassed $2B.
Multiple clinical and regulatory milestones achieved, with several products now exceeding $1B in annual revenue.
Entered 2026 with solid momentum and a robust pipeline, expecting over 10 new medicines and 30+ launch opportunities by 2030.
Revenue mix continues to shift from legacy to growth products, reflecting successful portfolio transition.
Financial highlights
Q4 2025 total revenues were $12.5B; full-year 2025 revenues reached $48.2B, with Growth Portfolio revenue up 16% to $7.4B in Q4 and 17% to $26.4B for the year.
Opdivo Q4 revenue up 7% to nearly $2.7B; Reblozyl up 21%; Breyanzi up 47%; Camzyos up 57%.
Eliquis Q4 revenue grew 6% to nearly $3.5B, with U.S. revenue up 4%.
Non-GAAP gross margin for FY 2025 was 72.6%; Q4 non-GAAP EPS was $1.26, and FY 2025 non-GAAP EPS was $6.15.
Q4 cash flow from operations was $6.3B.
Outlook and guidance
2026 revenue guidance: $46B–$47.5B, reflecting growth portfolio strength and a 12%-16% decline in legacy portfolio revenue.
Eliquis projected to grow 10%-15% in 2026, with a $1.5B–$2B step-down expected in 2027 due to EU patent expirations and generic entry.
Adjusted diluted EPS guidance for 2026: $6.05–$6.35.
Gross margin expected at 69%-70% in 2026; operating expenses to decline to ~$16.3B.
Impact of 2026 pivotal readouts on growth?
What drives Eliquis's 2026 growth despite legacy decline?
Strategy for volatile IPRD charges and licensing income?
Eliquis 2026 growth drivers explain
Milvexian AFib: clinically meaningful delta?
Neuroscience BD: priority for new assets?
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Next Bristol-Myers Squibb Company earnings date
Q1 202630 Apr, 2026
Bristol-Myers Squibb Company
Next Bristol-Myers Squibb Company earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
Bristol-Myers Squibb Company is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. It offers pharmaceutical products to treat psychiatric; cardiovascular diseases consisting of cholesterol disorders, hypertension, and arrhythmias; diabetes; human immunodeficiency virus infection; hepatitis B and hepatitis C viruses; infectious diseases comprising bacterial infections, mycobacterium avium complex disease, malaria, fungal infections tuberculosis, and influenza A/B virus; cancer comprising lymphoma, leukemia, and other cancers; diseases relating to inflammatory response of the body; rheumatoid arthritis and osteoarthritis related inflammation; psoriasis; Crohn's disease. The company also provides over-the-counter products for the treatment of acne and cold sores.
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