Bristol‑Myers Squibb reported third‑quarter 2025 results with revenue of $12.22 billion, a 2 % year‑over‑year increase, and adjusted earnings per share of $1.63, beating consensus estimates of $1.48. Net income for the quarter was $2.20 billion.
The company’s growth portfolio generated $6.60 billion in revenue, up 18 % from the same period last year. Opdivo sales rose 7 % to $2.56 billion, and Reblozyl sales increased 34 % to $568 million. The growth portfolio also includes Eliquis, Breyanzi, and Camzyos, which contributed to the overall revenue lift.
Legacy portfolio sales fell 14 % to $5.67 billion, reflecting generic erosion of Revlimid and Pomalyst. The decline in legacy sales is offset by the strong performance of the growth portfolio.
Bristol‑Myers Squibb raised its full‑year 2025 revenue outlook to $47.5 billion–$48.0 billion and adjusted earnings per share guidance to $6.35–$6.65. The company also reaffirmed a disciplined cost‑saving program that is expected to add $2 billion in annual savings by 2027.
The company faces upcoming patent expirations for key drugs, including Opdivo (Europe 2026, U.S. 2028) and Eliquis, but it is investing heavily in its pipeline and pursuing strategic acquisitions to sustain long‑term growth. Management emphasized confidence in the growth portfolio and the effectiveness of the cost‑saving program.
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