Bristol-Myers Squibb Co

Latest Results (25.04.2026):

Bristol-Myers Squibb Co — fourth quarter of 2025: Total Q4 revenues were $12.5 billion (up 1% year‑over‑year), driven by a 16% increase in the Growth Portfolio to $7.4 billion. Q4 GAAP EPS was $0.53 and non‑GAAP EPS was $1.26 (both include a net impact of $(0.60) from Acquired IPRD charges and licensing income). Full‑year 2025 revenues were $48.2 billion; full‑year GAAP EPS was $3.46 and non‑GAAP EPS was $6.15 (net impact $(1.40)). The company provided 2026 guidance of ~$46.0–$47.5 billion in revenues and non‑GAAP EPS of $6.05–$6.35, and increased the quarterly dividend to $0.63 per share.

Revenue snapshot

Q4 total revenues: $12.502B (+1% reported, roughly flat ex‑FX). Growth Portfolio: $7.393B (+16% reported, +15% ex‑FX). Legacy Portfolio: $5.109B (‑15% reported, ‑16% ex‑FX). Q4 regional mix: U.S. $8.558B; International $3.944B.

Earnings and net income

Q4 GAAP EPS $0.53; Q4 non‑GAAP EPS $1.26 (both include net Acquired IPRD/licensing impact of $(0.60)). Q4 net income attributable to BMS: ~$1.1B GAAP; ~$2.6B non‑GAAP. Full‑year 2025: GAAP EPS $3.46, non‑GAAP EPS $6.15; full‑year net income attributable ~$7.1B GAAP and ~$12.5B non‑GAAP.

Specified items and cost trends

Q4 Acquired IPRD charges were $1.393B (increase vs prior year) driven by the 2025 Orbital Therapeutics acquisition; full‑year Acquired IPRD charges were $3.721B (lower than prior year, which included Karuna). Q4 amortization of acquired intangible assets fell to $826M. GAAP gross margin in Q4 rose to 67.2%; non‑GAAP gross margin was 71.9% (down vs prior year non‑GAAP), reflecting product mix and specified adjustments.

Product performance — key drivers

Growth Portfolio leaders in Q4: Opdivo $2.693B (WW +9%), Breyanzi $392M (WW +49%), Reblozyl $666M (WW +22%), Camzyos $353M (WW +59%). Legacy leader Eliquis: $3.453B Q4 (WW +8%). Growth Portfolio strength offset declines across much of the Legacy portfolio due to expected generic pressure and higher U.S. government channel rebates.

Capital allocation & dividend

Board increased the quarterly common dividend to $0.63 per share (annualized $2.52) — the 17th consecutive annual dividend increase and the 94th consecutive year of dividend payments. Management cites a strengthened balance sheet and continued investment capacity for growth drivers.

2026 guidance highlights

Non‑GAAP guidance: total revenues ~$46.0–$47.5B; non‑GAAP diluted EPS $6.05–$6.35; non‑GAAP gross margin ~69%–70%; operating expenses ~ $16.3B. Company expects Legacy Portfolio to decline ~12–16% in 2026, partially offset by Growth Portfolio. Eliquis WW revenue expected to grow ~10–15% vs. 2025.

Pipeline & business development

Recent milestones: Camzyos Phase 3 SCOUT‑HCM positive in adolescents; FDA priority review for Opdivo supplemental filing in untreated Stage III/IV classical Hodgkin lymphoma (PDUFA goal date Apr 8, 2026); Breyanzi approvals (U.S. for relapsed/refractory marginal zone lymphoma; EU for mantle cell lymphoma); promising pumitamig Phase 2 interim data; discontinuation of the milvexian Librexia ACS trial (no new safety concerns). In Jan 2026 BMS announced a Microsoft collaboration to deploy FDA‑cleared radiology AI to aid early lung cancer detection.