Bristol-Myers Squibb Co Earnings - Q4 2025 Analysis & Highlights
Bristol-Myers Squibb Co.'s Q4 2025 earnings call highlighted strong performance in its Growth Portfolio, significant pipeline advancements, and a commitment to cost savings and strategic business development, while providing 2026 financial guidance that reflects continued growth despite Legacy Portfolio declines.
Key Financial Results
Total revenue in the fourth quarter was flat year-over-year at approximately $12.5 billion.
Diluted earnings per share were $1.26 for the quarter, and full-year diluted earnings per share came in at $6.15.
Gross margin declined 210 basis points in the fourth quarter to 71.9%, driven primarily 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.
Business Segment Results
The Growth Portfolio revenue increased 15% to $7.4 billion and represented close to 60% of total revenue in the quarter.
Reblozyl delivered 21% growth, reflecting solid uptake across first and second-line MDS-associated anemia patients.
Breyanzi's fourth quarter revenue was 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%, driven by demand growth and market share gains.
Camzyos revenue in the fourth quarter grew 57% to $353 million, benefiting from continued demand growth globally.
Opdivo delivered solid growth in the fourth quarter, with revenue up 7% to nearly $2.7 billion.
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.
Cobenfy revenue in the fourth quarter was $51 million, with continued steady uptake among prescribers and patients.
Capital Allocation
The company has approximately $11 billion in cash equivalents and marketable securities as of December 31, 2025.
$10 billion of debt paydown was completed ahead of schedule.
Cash flow from operations was approximately $2 billion in the fourth quarter.
Business development remains a top priority, while also returning cash to shareholders through commitment to the dividend.
Industry Trends and Dynamics
Triple-negative breast cancer remains an aggressive disease with an urgent need for new treatment options.
IPF and PPF are progressive pulmonary diseases with less than 50% five-year overall survival rates, indicating a significant need for newer therapies.
AFib is a very large market where milvexian has the potential to replace first-generation DOACs.
Fear of bleeding continues to be the main reason why clinicians hold back from using Factor Xs in more patients.
Roughly 40% of AFib patients remain either untreated or undertreated, leaving them at risk for a stroke.
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.
Opdualag has over a 30% market share in first-line metastatic melanoma.
The company's total market share in metastatic melanoma is now over 65%.
CELMoD portfolio is in a competitive and fragmented market, but there is a need for more effective and safe treatment options.
Admilparant is a potential first-in-class product that could redefine the standard of care in pulmonary fibrosis.
Milvexian has the potential to be best-in-class in SSP and the only Factor XI oral therapy in AFib.
Growth Opportunities and Strategies
The Growth Portfolio grew 15% year-over-year in Q4 and 17% for the full year.
Opdualag, Breyanzi, and Camzyos each contributed over $1 billion in sales for the full year, while Reblozyl delivered over $2 billion.
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, 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 is expanding the use of AI to move faster, operate leaner, and reinvest strategically in growth.
Pumitamig development partnership recently announced three additional planned studies, resulting in eight registrational studies expected to be underway by year-end.
Opdivo subcu formulation (Qvantig) is seeing uptake across multiple tumor types, including monotherapy and combination settings.
The company expects physicians to convert 30% to 40% of the IV business to Qvantig ahead of the LOE.
Financial Guidance and Outlook
2026 revenue is anticipated in the range of $46 billion to $47.5 billion.
Eliquis growth in 2026 is projected to be in the range of 10% to 15%.
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% in 2026.
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, reflecting the expiry of the royalty-bearing license of diabetes products at the end of 2025.
The tax rate is expected to be approximately 18%.
2027 Eliquis sales compared to 2026 are expected to show a step-down in the range of $1.5 billion to $2 billion.
EU patents for Eliquis largely expire late in 2026, which will be a factor in 2027.
