Bristol-Myers Squibb Company (BMY) Q4 2025 earnings summary

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.