Bristol-Myers Squibb Company (BMY) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenues rose 3% year-over-year to $12.2 billion, driven by 18% growth in the Growth Portfolio and key product launches in oncology, hematology, and cardiovascular segments.

• Achieved multiple clinical and regulatory milestones, including approvals for Breyanzi, Camzyos, Opdivo + Yervoy, and Opdivo Qvantig, and advanced pipeline assets through internal R&D and strategic acquisitions.

• Strategic business development included the acquisition of Orbital Therapeutics and collaborations with BioNTech and Philochem, expanding cell therapy and RNA technology platforms.

• Expanded productivity initiatives targeting $2.0 billion in annual cost savings by 2027 and continued disciplined cost management.

Financial highlights

• Q3 2025 sales reached $12.2 billion, with Growth Portfolio revenues up 18% and Legacy Portfolio down 12% due to generic erosion.

• GAAP EPS was $1.08, non-GAAP EPS $1.63, both impacted by acquired IPR&D charges; gross margin was 71.9% (GAAP) and 72.9% (non-GAAP).

• Operating cash flow for Q3 was $3.9 billion; cash and equivalents totaled $15.7–$17 billion at quarter-end.

• Key product sales: Opdivo $2.53B (up 7%), Reblozyl $615M (up 37%), Breyanzi $359M (up 60%), Camzyos $296M (up 89%), Eliquis $3.75B (up 25%).

• Selling, general, and administrative expenses fell 10% to $1.8 billion, reflecting productivity initiatives.

Outlook and guidance

• Full-year 2025 revenue guidance raised to $47.5–$48.0 billion, reflecting Growth Portfolio strength.

• Non-GAAP EPS guidance narrowed to $6.40–$6.60, including a $(0.80) per share net impact from acquired IPR&D charges.

• Legacy Portfolio sales expected to decline 15–17% for FY 2025; Revlimid sales projected at $3 billion.

• Ongoing cost savings from productivity initiatives and favorable tax legislation expected to support sustainable growth.