Bristol Myers Squibb & Co. (NYSE:BMY) reported fourth-quarter 2025 revenues of $12.50 billion on Thursday, beating the consensus of $12.281 billion, a 1% increase year over year.
"We made significant progress in 2025, with real momentum in our Growth Portfolio and a strengthened balance sheet that provides the strategic flexibility to continue investing in growth drivers," said Christopher Boerner, board chair and CEO, Bristol Myers Squibb.
"2026 is data-rich, and we are advancing a truly differentiated pipeline with multiple pivotal readouts expected in the back half of the year. Our core business is strong and growing, and we have the potential to achieve industry-leading, sustainable growth into the 2030s and beyond," Boerner commented.
Bristol-Myers reported adjusted earnings of $1.26, beating the consensus of $1.11, down 25%, which includes the impacts of acquired IPRD charges and licensing income.
Segment Performance
Growth Portfolio revenues of $7.4 billion increased 16%, or 15% at constant currency. Revenue growth was primarily driven by our immuno-oncology (IO) portfolio, Camzyos, Breyanzi, and Reblozyl.
Legacy Portfolio revenues of $5.1 billion decreased 15%, or 16% Ex-FX. Demand increased for Eliquis, which was more than offset by expected continued generic impact across the remainder of the Legacy Portfolio, as well as the impacts from higher U.S. government channel rebates.
Eliquis sales reached $3.45 billion, up 8%.
Sales of the cancer drug Opdivo increased 9% to $2.69 billion. The arthritis drug Orencia generated sales of $1.01 billion, up 1%. Sales of another cancer drug, Yervoy, increased 20% to $810 million.
The anemia drug Reblozyl generated $666 million in quarterly sales, up 22% from a year ago.
Adjusted gross margin decreased from 74.0% to 71.9%, reflecting a change in product mix.
Outlook
Bristol Myers Squibb expects fiscal 2026 adjusted earnings of $6.05-$6.35 per share compared to the consensus of $6.02.
The drug giant expects 2026 sales of approximately $46 billion-$47.50 billion compared to the consensus of $44.16 billion.
The guidance reflects an anticipated revenue decline for the Legacy Portfolio of approximately 12-16%, partially offset by the continued strength of the Growth Portfolio.
The company expects global Eliquis revenues to increase by 10%-15% in 2026.
Bristol Myers expects a gross margin of around 69-70%, reflecting the impact of product mix (higher Eliquis and lower Revlimid and Pomalyst revenue).
BMY Price Action: Bristol-Myers Squibb shares were up 3.77% at $58.21 at the time of publication on Thursday, according to Benzinga Pro data.
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