Bristol-Myers Squibb Co

Latest Results (13.03.2026):

Bristol-Myers Squibb Co — third quarter of 2025: The company reported total revenues of $12.2 billion (up 3%, +2% ex-FX) and GAAP diluted EPS of $1.08 (non‑GAAP EPS $1.63). Growth Portfolio strength drove results, while Acquired IPRD charges and licensing income had a net negative EPS impact of $(0.20) in the quarter. Management raised full‑year 2025 revenue guidance to ~$47.5–$48.0 billion and updated non‑GAAP EPS guidance to $6.40–$6.60 (inclusive of a $(0.80) net impact from Acquired IPRD charges and licensing income).

Revenue snapshot

Total revenues were $12.222 billion (+3% vs Q3 2024; +2% ex‑FX). U.S. revenues were $8.329 billion (+1%) and international revenues were $3.893 billion (+6%, +3% ex‑FX). Growth Portfolio revenues were $6.857 billion (+18%, +17% ex‑FX); Legacy Portfolio revenues were $5.365 billion (down 12%, down 13% ex‑FX).

Earnings and specified items

GAAP diluted EPS: $1.08; non‑GAAP diluted EPS: $1.63 (non‑GAAP EPS declined vs. Q3 2024’s $1.80). Both GAAP and non‑GAAP EPS include a net $(0.20) EPS impact in Q3 from Acquired IPRD charges and licensing income. Acquired IPRD charges increased to $633 million in the quarter.

Growth Portfolio leaders

Key Growth product results (Q3 worldwide): Opdivo $2,532M (+7%), Eliquis (Legacy but notable) $3,746M (+25% WW), Reblozyl $615M (+37%), Breyanzi $359M (+60%), Camzyos $296M (+89%). Several newer products (Opdualag, Breyanzi, Camzyos, Krazati, Sotyktu) showed strong double‑digit to triple‑digit international growth rates.

Legacy portfolio and mix effects

Legacy Portfolio fell 12% YoY as expected generic erosion offset stronger Eliquis demand. Gross margin compressed: GAAP gross margin 71.9% (vs 75.1% in Q3 2024); non‑GAAP gross margin 72.9% (vs 76.0%). Management attributes margin change to product mix.

Costs, R&D and tax

SG&A fell ~10% to $1.789 billion (reflecting productivity initiatives). R&D rose 6% to $2.528 billion on a GAAP basis (including IPRD impairment); non‑GAAP R&D was $2.433 billion (+3% ex‑specified items). GAAP effective tax rate was 29.5% (non‑GAAP 22.3%).

Guidance update

The company raised 2025 revenue guidance to ~$47.5–$48.0 billion (from ~$46.5–$47.5B) and updated non‑GAAP EPS guidance to $6.40–$6.60 (includes a $(0.80) per‑share net impact from Acquired IPRD charges and licensing income). Other income/expense is now expected to be about $500M of income for 2025 (up from ~$250M).

Pipeline, milestones and BD

Multiple pipeline and regulatory updates in Q3 included Sotyktu long‑term and PsA data, FDA Breakthrough for iza‑bren (EGFR×HER3 ADC) in NSCLC, Fast Track for BMS‑986446 (tau antibody), positive readouts for iberdomide in RRMM and progressing pivotal studies for pumitamig. The company announced a definitive agreement to acquire Orbital Therapeutics (OTX‑201 RNA immunotherapy) expected to close in Q4 2025.

Balance sheet / cash

Net debt position as of September 30, 2025 was reported as $(32,069) million (net cash position of ~$32.1 billion), compared with $(38,470) million at December 31, 2024.