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

Executive summary

• Growth Portfolio revenues increased 16% year-over-year in Q4 and 17% for the full year, nearly offsetting a $4 billion decline in legacy portfolio revenue, with strong contributions from new launches and established brands.

• Opdualag, Breyanzi, and Camzyos each exceeded $1 billion in annual sales; Reblozyl surpassed $2 billion.

• Multiple clinical and regulatory milestones achieved, including FDA approval for Breyanzi in marginal zone lymphoma and collaborations with Microsoft and Orbital Therapeutics.

• Strong execution on cost-savings initiatives, strategic investments in AI, and business development partnerships.

• Pipeline momentum with six top-line registrational data readouts expected in 2026 and over 10 new medicines possible by 2030.

Financial highlights

• Q4 total revenue was $12.5 billion; full-year 2025 revenues reached $48.2 billion, with Growth Portfolio revenue up 16% in Q4 to $7.4 billion and 17% for the year.

• Key brands: Opdivo Q4 revenue up 7–9% to $2.7 billion; Reblozyl up 21–22%; Breyanzi up 47–49%; Camzyos up 57–59%; Eliquis up 6–8% to $3.5 billion.

• Non-GAAP gross margin for FY 2025 was 72.6%; Q4 non-GAAP gross margin was 71.9%.

• Operating expenses for the full year were $16.6 billion (non-GAAP).

• Q4 cash flow from operations was $6.3 billion; cash and equivalents were ~$11 billion at year-end.

Outlook and guidance

• 2026 revenue guidance: $46–$47.5 billion, reflecting growth portfolio strength and a 12–16% decline in legacy portfolio revenue.

• Adjusted diluted/non-GAAP EPS guidance for 2026: $6.05–$6.35.

• Eliquis projected to grow 10–15% in 2026, with a $1.5–$2 billion step-down expected in 2027 due to EU patent expirations and generic entry.

• Gross margin expected at 69–70% in 2026; operating expenses to decline to ~$16.3 billion.

• Typical Q1 sequential revenue decrease expected due to seasonal inventory destocking.