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    BMY
    Earnings call· Sep 2025(Q3 FY25)

    BRISTOL MYERS SQUIBB CO BMY

    Oct 30, 2025 Source

    Executive summary

    Bristol-Myers Squibb Q3 FY25 — Strong Growth Portfolio Performance and Pipeline Advancement

    Bristol-Myers Squibb delivered a strong third quarter, driven by robust performance across its growth portfolio and significant pipeline advancements. The company raised its full-year revenue guidance and maintained its EPS midpoint despite IPR&D charges, reflecting effective financial discipline and strategic investments. Management expressed confidence in the long-term growth trajectory, supported by upcoming clinical readouts and strategic business development activities, while actively navigating policy challenges like IRA.

    Highlights

    7

    • Growth portfolio sales increased 17% year-over-year, driven by IO portfolio, Reblozyl, Camzyos, and Breyanzi.

    • Opdivo global sales grew 6% to approximately $2.5 billion, with Qvantig sales reaching $67 million.

    • Reblozyl global sales were $615 million, up 38% in the U.S. and 31% ex-U.S., annualizing over $2 billion.

    • Breyanzi global sales grew 58% to $359 million, annualizing over $1 billion.

    • Camzyos global sales increased 88% to $296 million, annualizing over $1 billion.

    • Generated cash flow from operations of about $6.3 billion in Q3, with nearly $17 billion in cash and equivalents.

    • Raised full-year revenue guidance by $750 million at the midpoint to $47.5 billion-$48 billion.

    Concerns

    4

    • Sotyktu U.S. sales remained consistent with prior year due to demand being offset by higher rebates associated with increased commercial access.

    • Legacy portfolio expected to decline approximately 15% to 17% for the full year.

    • Revlimid sales expectation remains at approximately $3 billion, with continued impacts from generics of Pomalyst in Europe, Sprycel, and Abraxane.

    • IRA negotiations for Pomalyst are concluding, with the drug losing exclusivity in the U.S. by January 2027.

    Guidance & targets

    13
    CategoryTargetConfidence
    Full-year revenue
    $47.5 billion to $48 billion
    high materiality
    High
    Full-year non-GAAP EPS
    $6.40 and $6.60
    high materiality
    High
    Global Opdivo sales together with Qvantig
    high single-digit to low double-digit range
    medium materiality
    High
    Legacy portfolio decline
    approximately 15% to 17%
    medium materiality
    High
    Revlimid sales expectation
    approximately $3 billion
    medium materiality
    High
    Gross margin
    approximately 72%
    medium materiality
    High
    Operating expense
    approximately $16.5 billion
    medium materiality
    High
    Other Income & Expense (OI&E)
    approximately $500 million
    medium materiality
    High
    Full-year tax guidance
    approximately 18%
    medium materiality
    High
    Debt paydown commitment
    $10 billion
    high materiality
    High
    Strategic productivity initiatives savings
    $2 billion
    high materiality
    High
    New medicines to market
    10 new medicines
    high materiality
    High
    Life cycle management opportunities
    at least 30 significant life cycle management opportunities
    high materiality
    High

    Segment performance

    6
    SegmentRevenueYoYQoQMargin
    Growth Portfolio
    Strengthening the foundation we're building with assets that are early in their life cycle.
    		—17%——
    Oncology
    Opdivo growth driven by MSI-high colorectal cancer launch and first-line non-small cell lung cancer share growth, even with Qvantig uptake. Qvantig growth fueled by continued use across indicated tumor types and permanent J-code.
    Opdivo global sales: $2.5 billionOpdivo global sales growth: 6%Opdivo U.S. sales: $1.5 billionOpdivo U.S. sales growth: 6%Opdivo ex-U.S. sales growth: 6%Qvantig sales: $67 million
    		————
    Hematology
    Reblozyl strength across MDS-associated anemia indications, with improved duration of therapy. Breyanzi strong demand across all indications, with significant growth in large B-cell lymphoma and new indications.
    Reblozyl global sales: $615 millionReblozyl annualized sales: >$2 billionReblozyl U.S. revenue growth: 38%Reblozyl ex-U.S. sales growth: 31%Breyanzi sales: $359 millionBreyanzi annualized sales: >$1 billionBreyanzi global sales growth: 58%Breyanzi U.S. sales: $251 millionBreyanzi U.S. sales growth: 45%Breyanzi ex-U.S. sales growth: >100%
    		————
    Cardiovascular
    Camzyos driven by increasing new patient starts and launch momentum in multiple markets. Eliquis growth from strong demand and favorable Medicare Part D redesign impact.
    Camzyos global sales: $296 millionCamzyos global sales growth: 88%Camzyos annualized sales: >$1 billionCamzyos U.S. sales: $238 millionCamzyos U.S. sales growth: 76%Camzyos ex-U.S. sales growth: >100%Eliquis global sales: $3.7 billionEliquis global sales growth: 23%Eliquis U.S. sales growth: 29%Eliquis ex-U.S. sales growth: 11%
    		————
    Immunology
    Sotyktu U.S. sales consistent with prior year, demand offset by higher rebates due to increased commercial access.
    Sotyktu global sales growth: 20%
    		————
    Cobenfy
    Steady growth in schizophrenia, with focus on disrupting D2 prescribing behavior and field force expansion. Long-term growth expected from additional indications.
    Cobenfy year-to-date sales: $105 millionCobenfy weekly TRxs: >2,400
    		$43 million———

    Operational metrics

    11
    Gross margin
    73%
    Q3 FY25
    Operating expenses
    $4.2 billiondecreased by approximately $100 million YoY
    Q3 FY25
    Effective tax rate
    22.3%
    Q3 FY25
    Diluted EPS (non-GAAP)
    $1.63
    Q3 FY25
    Cash, cash equivalents and marketable securities
    $17 billion
    as of September 30, 2025
    Debt paydown (executed)
    $6.7 billionof $10 billion committed by H1 FY26
    as of Q3 FY25
    Strategic productivity initiatives savings (current year)
    $1 billionversus 2024
    FY25
    Eliquis direct-to-patient discount
    >40%less than list price
    current
    Sotyktu direct-to-patient discount
    >80%less than list price
    effective January 1
    Cobenfy weekly total prescriptions
    >2,400
    weekly
    Cobenfy access (Medicare/Medicaid)
    100%
    current

    Industry KPIs

    7
    MetricValueDetails
    Prescription volume>2,400TRx
    EPS revenue guidanceRevenue: $47.5B-$48B; Non-GAAP EPS: $6.40-$6.60USD
    Pricing policy impactMedicare Part D redesign favorable impact on Eliquis; IRA negotiation for Pomalyst
    Pipeline clinical milestones7 new molecular entities; 7 meaningful life cycle management opportunitiescount
    Regulatory approvals filingsBreakthrough Therapy Designation for iza-bren; Fast Track designation for anti-tau antibody
    Geographic regional revenue growthOpdivo U.S. sales growth: 6%; Opdivo ex-U.S. sales growth: 6%%
    Clinical trial efficacy safety dataIberdomide Phase III EXCALIBER study: statistically significant improvement in MRD negativity rates

    Product announcements

    3
    ProductTypeDetails
    OTX-201 (in vivo CAR-T)launch
    Onco-ACP3launch
    RYZ's next-generation radiopharmaceutical therapiesexpansion

    Deals & partnerships

    4
    Orbital TherapeuticsAcquisition to strengthen cell therapy franchise, adding potential off-the-shelf best-in-class asset OTX-201 and RNA technology platform.

    OTX-201 can be administered in community setting.

    SystImmuneCollaboration on iza-bren, a bispecific ADC.

    First patient treated in global Phase II/III trial for iza-bren in TNBC ineligible for anti-PD-L1 drugs.

    PhiloChemExclusive worldwide rights to Onco-ACP3, a potential best-in-class radiopharmaceutical therapeutic and diagnostic agent.

    PhiloChem added to RYZ offer a transformational platform for cancer treatment.

    BioNTechCollaboration on pumitamig, a bispecific ADC.

    Clinical development program advancing and broadening for pumitamig. Initiated pivotal triple-negative breast cancer study and plan to share early data at San Antonio Breast Cancer Symposium in December. Pivotal studies for pumitamig and chemotherapy combinations initiating in first-line microsatellite stable colorectal cancer and first-line gastric cancer.

    Risks & headwinds

    5
    Policy environment and drug pricing reform (IRA, MFN, tariffs)Ongoing

    Not quantified, but described as "front and center"

    Mitigation: Active engagement with administration, sharing ideas for U.S. price reduction and ex-U.S. price increase while preserving innovation ecosystem.

    Legacy portfolio decline and generic erosionFY25 and beyond

    Legacy portfolio expected to decline approximately 15% to 17% for FY25. Revlimid sales expectation remains at approximately $3 billion, with continued impacts from generics of Pomalyst in Europe, Sprycel, and Abraxane.

    Mitigation: Focus on growth portfolio performance and pipeline advancements to offset declines.

    IRA negotiation impact on PomalystJanuary 2027

    Pomalyst will have lost exclusivity in the U.S. by January 2027, when the IRA price will be effectuated.

    Mitigation: Management believes this will have no impact on the company's outlook due to LOE timing.

    Entrenched prescribing behavior for CobenfyOngoing

    Not quantified, but described as a "highly entrenched market" with "prescriber inertia" against D2 blockers.

    Mitigation: Educating physicians on Cobenfy's innovative profile, field force expansion, robust peer-to-peer activities, real-world data, and upcoming Phase IV switch study.

    Competitive landscape for pumitamigOngoing

    Not quantified, but acknowledged as a "highly competitive market" with other PD-L1/VEGF bispecifics.

    Mitigation: Strategy to be first or second to market, combining pumitamig with novel combinations, leveraging existing IO infrastructure and relationships with community oncologists.

    What to watch in Q4 FY25

    5

    ADEPT-2 (Cobenfy) readout

    by end of this year
    CurrentStudy ongoing, results expected
    TargetPositive readout to support regulatory approval

    Why it matters

    Critical for expanding Cobenfy's indications into Alzheimer's disease psychosis, a significant market opportunity.

    We continue to anticipate data readout for ADEPT-2 by the end of this year and have 2 additional Cobenfy studies in Alzheimer's disease psychosis, both of which are expected to read out next year.

    Q&A highlights

    6

    Inquired about updates on ADEPT-2 following Q2 comments and relative confidence in ADEPT-1 and ADEPT-4 studies given design differences.

    Management reiterated ADEPT-2 results expected by year-end, expressed strong confidence in the overall Cobenfy development program (citing external data, real-world feedback, and internal data). Cristian Massacesi clarified ADEPT-4 is similar to ADEPT-2, while ADEPT-1 is a relapse prevention design.

    “while we remain blinded to the data, our confidence in the Cobenfy development program, including in ADP, continues to be strong.”

    asked by Chris Schott · answered by Christopher Boerner

    2 min read5 chapters

    Detailed Narrative

    01

    Growth Portfolio Momentum

    Bristol-Myers Squibb's growth portfolio, including Opdivo, Reblozyl, Camzyos, and Breyanzi, continued its strong performance in Q3 FY25, with sales increasing 17% year-over-year. Several key products are now annualizing over $1 billion in sales, establishing a robust foundation for future growth. This strong commercial execution led to an upward revision of the full-year revenue guidance.

    02

    Strategic Pipeline Advancements

    The company reported significant clinical and regulatory milestones, including positive Phase III data for Iberdomide in multiple myeloma and breakthrough therapy designation for iza-bren in NSCLC. The pipeline is entering a data-rich period, with key readouts expected for 7 new molecular entities and 7 life cycle management opportunities over the next 12-24 months, including milvexian, admilparant, and Sotyktu in new indications.

    03

    Business Development to Enhance Portfolio

    BMS strategically expanded its portfolio through targeted business development, acquiring Orbital Therapeutics for an off-the-shelf CAR-T asset and RNA technology, and licensing Onco-ACP3 for prostate cancer. These moves, alongside the BioNTech partnership for pumitamig, aim to strengthen key franchises like cell therapy and radiopharmaceuticals, addressing unmet medical needs and contributing to long-term growth.

    04

    Financial Discipline and Efficiency

    The company demonstrated strong financial discipline, generating $6.3 billion in cash flow from operations and maintaining a robust cash position of nearly $17 billion. Ongoing strategic productivity initiatives are on track to deliver $2 billion in cost savings by 2027, with $1 billion expected in FY25. This focus on efficiency provides P&L flexibility and supports strategic investments and debt reduction.

    05

    Cobenfy Launch and Future Potential

    Cobenfy, a recent launch, is establishing a new treatment paradigm in schizophrenia, with weekly TRxs surpassing 2,400 and positive physician feedback. While the market is entrenched, the company is confident in continued steady growth, driven by field force expansion and upcoming data from a Phase IV switch study. The long-term potential is expected to be fueled by additional indications, including Alzheimer's disease psychosis, with pivotal readouts anticipated through 2026.

    AI-generated summary of the company’s earnings call. Not investment advice.