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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
Bristol-Myers Squibb Company (BMY) investor relations material
Bristol-Myers Squibb Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Q3 2025 revenues rose 3% year-over-year to $12.2 billion, driven by 17–18% growth in the Growth Portfolio and robust demand across key brands including Opdivo, Reblozyl, Camzyos, and Breyanzi.
Achieved multiple clinical and regulatory milestones, including breakthrough therapy and fast track designations, and regulatory approvals for Breyanzi, Camzyos, Opdivo + Yervoy, and Opdivo Qvantig.
Strategic business development included the acquisition of Orbital Therapeutics, collaborations with BioNTech and Philochem, and key licensing agreements, expanding cell therapy and radiopharmaceutical platforms.
Expanded productivity initiatives targeting $2.0 billion in annual cost savings by 2027, with continued focus on cost discipline, digital transformation, and operational efficiency.
Business development and pipeline progress support long-term sustainable growth.
Financial highlights
Q3 2025 sales reached $12.2 billion, up 3% year-over-year, with Growth Portfolio revenues up 18% to $6.9 billion and Legacy Portfolio revenues down 12% to $5.4 billion.
GAAP EPS was $1.08, non-GAAP EPS was $1.63, both impacted by acquired IPR&D charges and licensing income.
Gross margin was 71.9% (GAAP) and 72.9% (non-GAAP); operating expenses were $4.2–$4.3 billion, down year-over-year.
Cash flow from operations was $3.9–$6.3 billion in Q3; cash and equivalents at quarter-end were $15.7–$17 billion.
Net debt position improved by $6.4–$6.7 billion since year-end, with $6.7 billion of $10 billion debt paydown completed.
Outlook and guidance
Full-year 2025 revenue guidance raised to $47.5–$48.0 billion, reflecting strong Growth Portfolio performance.
Non-GAAP EPS guidance narrowed to $6.40–$6.60, including $(0.80) per share net impact from acquired IPR&D charges.
Legacy Portfolio sales expected to decline 15–17% for the year; Revlimid sales projected at $3 billion.
Gross margin guidance at 72%; operating expense guidance at $16.5 billion, with over $1 billion in net savings vs. 2024.
Ongoing cost savings from productivity initiatives and favorable tax legislation expected to support sustainable growth.
What are the key NME data readouts for 2026?
How is Part D redesign impacting product strategy?
What are the key drivers for Breyanzi & Camzyos growth?
What drives the gross margin product mix shift?
Orbital's in vivo CAR T-cell therapy differentiation?
Explain the increased IPRD/licensing EPS impact.
ADEPT-2 concerns: Key differentiators for ADEPT-1/4?
Orbital's in vivo CAR-T: How redefine autoimmune tx?
$2B productivity savings by 2027: Margin impact?
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Next Bristol-Myers Squibb Company earnings date
Q4 20255 Feb, 2026
Next Bristol-Myers Squibb Company earnings date
Q4 20255 Feb, 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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