Bristol-Myers Squibb Co Earnings - Q3 2025 Analysis & Highlights
Key Takeaways
Bristol-Myers Squibb's Q3 2025 earnings call highlighted strong performance in the growth portfolio, positive clinical and regulatory milestones, and alignment of cost structure, leading to increased top-line guidance while maintaining bottom-line guidance. Key discussion points included growth portfolio performance, clinical trial updates, business development activities, and financial discipline.
Key Financial Results
Total company sales were approximately $12.2 billion.
The growth portfolio increased 17% year-over-year.
Opdivo global sales were approximately $2.5 billion, up 6%.
Reblozyl sales grew 31%.
Breyanzi sales were $359 million, growing 58%.
Camzyos global sales increased 88% to $296 million.
Eliquis global sales were $3.7 billion, growing 23%.
Cobenfy sales were $43 million for the quarter and $105 million year-to-date.
Gross margin was approximately 73%, primarily due to product mix.
Diluted earnings per share was $1.63.
Cash flow from operations was about $6.3 billion in the third quarter.
Business Segment Results
Oncology: Opdivo sales grew, driven by demand and expanded indications. Vantige sales were $67 million.
Hematology: Reblozyl sales increased due to demand and new market launches. Breyanzi sales grew, reflecting strong demand across all indications.
Cardiovascular: Camzyos sales increased due to robust demand. Eliquis sales grew, driven by continued strong demand and the impact of Medicare Part D redesign.
Immunology: Sotyktu sales grew 20% globally.
Capital Allocation
Priorities remain unchanged with a strategic and balanced approach.
Closed licensing agreement with Philochem and announced the acquisition of Orbital Therapeutics.
Advanced the Cysteamine partnership and strategically invested in growth-portfolio brands.
On track to further delever the balance sheet.
Paid $6.7 billion of the $10 billion debt pay-down committed to by the first half of 2026.
Committed to returning capital to shareholders through dividends.
Industry Trends and Dynamics
Focus on areas with the best intersection of current or emerging biology rationale and medical need.
Emphasis on integrating new ways of working in development, including AI and novel solutions.
The policy environment remains very dynamic, both in the US and ex-US.
Competitive Landscape
Establishing a new treatment paradigm in a highly entrenched market for Cobenfy.
Focus on speed to market with IVIg, aiming to be first or second across indications.
Milvexian is potentially the only Factor XIa that can play in NVAF and ACS indications.
Growth Opportunities and Strategies
Strengthening the foundation with assets early in their life cycle.
Multi-pronged protein-degradation platform to address solid tumors.
Acquiring Orbital Therapeutics to strengthen the cell-therapy franchise.
Focus on strong financial discipline and aligning cost structure with the projected shape of the business.
Rewiring how the company operates, including integrating digital technology and AI.
Potential to introduce ten new medicines to the market and at least 30 significant life-cycle-management opportunities by the end of the decade.
Financial Guidance and Outlook
Increasing full-year revenue guidance by $750 million at the midpoint to arrange $47.5 billion to $48.0 billion.
Expect the legacy portfolio to decline approximately 15% to 17% for the year.
Revlimid sales expectation remain at approximately $3 billion.
Gross-margin guidance for the year remains unchanged at approximately 72%.
Operating-expense guidance also remains unchanged at approximately $16.5 billion, reflecting over $1 billion in net savings versus 2024.
Expect annual other income and expense (OIE) of approximately $500 million due to higher-than-anticipated royalties, licensing income, and favorable interest income.
Maintaining full-year tax-guidance of approximately 18%.
Narrowing the expected EPS range for 2025 to be between $6.40 and $6.60, which leaves the midpoint of the range unchanged.
Pipeline Development
Anticipate data read-out for ADEP-two by the end of this year.
Expect data for seven new molecular entities and seven meaningful life-cycle-management opportunities over the next 12 to 24 months.
Pumitamig clinical-development program is advancing and broadening.
Initiated pivotal Triple-Negative Breast Cancer study.
Presenting additional follow-up data for CD19-NEXT in lupus and scleroderma.
FDA granted Fast Track designation to the anti-tau antibody for the treatment of Alzheimer's disease.
