On April 24, 2025 Bristol Myers Squibb (NYSE: BMY) reported results for the first quarter of 2025 (Press release, Bristol-Myers Squibb, APR 24, 2025, View Source [SID1234652099]).
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"Our strong execution in the first quarter drove continued momentum across our Growth Portfolio and meaningful progress in the pipeline," said Christopher Boerner, Ph.D., board chair and chief executive officer, Bristol Myers Squibb. "We are advancing our multi-year plan to become a more agile and efficient company, while strengthening the foundation for top-tier, long-term growth. Our strategy is clear, and our actions are accelerating the delivery of transformational medicines to patients."
First Quarter Results
$ in millions, except per share amounts
2025
2024
Change
Change
Excl. FX**
Total Revenues
$11,201
$11,865
(6)%
(4)%
Earnings/(Loss) Per Share – GAAP*
1.20
(5.89
)
N/A
N/A
Earnings/(Loss) Per Share – Non-GAAP*
1.80
(4.40
)
N/A
N/A
Acquired IPRD Charge and Licensing Income Net Impact on Earnings/(Loss) Per Share
(0.04
)
(6.30
)
N/A
N/A
*GAAP and Non-GAAP earnings/(loss) per share include the net impact of Acquired IPRD charges and licensing income.
**See "Use of Non-GAAP Financial Information".
FIRST QUARTER RESULTS
All comparisons are made versus the same period in 2024 unless otherwise stated.
Total revenues of $11.2 billion decreased 6%, or 4% Ex-FX.
U.S. revenues of $7.9 billion decreased 7%.
International revenues of $3.3 billion decreased 2%, or increased 2% Ex-FX.
Growth Portfolio revenues of $5.6 billion increased 16% on a reported basis, or 18% Ex-FX. Revenue growth was primarily driven byOpdivo, Breyanzi, Reblozyl andCamzyos and reflects the strong early U.S. launch ofCobenfy.
Legacy Portfolio revenues of $5.6 billion declined 20% on a reported basis and Ex-FX. The decline was driven by continued generic impact on Revlimid, Pomalyst, Sprycel andAbraxane, as well as the impacts from U.S. Medicare Part D redesign.
FIRST QUARTER PRODUCT REVENUE HIGHLIGHTS(d)
($ amounts in millions)
Quarter Ended March 31,
2025
% Change from Quarter
Ended March 31, 2024
% Change from
Quarter Ended
March 31, 2024
Ex-FX**
U.S.
Int’l
WW(c)
U.S.
Int’l
WW(c)
Int’l
WW(c)
Growth Portfolio
Opdivo
$ 1,332
$ 933
$ 2,265
15%
1%
9%
7%
12%
Opdivo Qvantig
8
—
9
N/A
N/A
N/A
N/A
N/A
Orencia
555
215
770
(3)%
(5)%
(4)%
(1)%
(2)%
Yervoy
394
230
624
7%
7%
7%
12%
9%
Reblozyl
390
89
478
33%
44%
35%
49%
36%
Opdualag
228
25
252
15%
>200%
23%
>200%
23%
Breyanzi
204
60
263
133%
>200%
146%
>200%
148%
Camzyos
126
33
159
63%
>200%
89%
>200%
90%
Zeposia
61
46
107
(16)%
22%
(3)%
26%
(2)%
Abecma
59
45
103
13%
47%
26%
54%
28%
Sotyktu
32
23
55
(5)%
138%
27%
146%
29%
Krazati
44
4
48
116%
>200%
125%
>200%
125%
Cobenfy
27
—
27
N/A
N/A
N/A
N/A
N/A
Other Growth Products(a)
174
229
403
13%
34%
24%
35%
25%
Total Growth Portfolio
3,633
1,930
5,563
18%
13%
16%
18%
18%
Legacy Portfolio
Eliquis
2,646
919
3,565
(6)%
2%
(4)%
5%
(3)%
Revlimid
809
127
936
(44)%
(41)%
(44)%
(39)%
(44)%
Pomalyst/Imnovid
537
122
658
(10)%
(55)%
(24)%
(53)%
(24)%
Sprycel
126
49
175
(56)%
(47)%
(53)%
(43)%
(53)%
Abraxane
40
65
105
(72)%
(10)%
(52)%
(6)%
(50)%
Other Legacy Products(b)
82
116
199
(14)%
(10)%
(12)%
(8)%
(11)%
Total Legacy Portfolio
4,240
1,398
5,638
(21)%
(17)%
(20)%
(14)%
(20)%
Total Revenues
$ 7,873
$ 3,328
$ 11,201
(7)%
(2)%
(6)%
2%
(4)%
**
See "Use of Non-GAAP Financial Information".
(a)
Includes Augtyro, Onureg, Inrebic, Nulojix, Empliciti and royalty revenue.
(b)
Includes other mature brands.
(c)
Worldwide (WW) includes U.S. and International (Int’l).
(d)
For the above table and all subsequent tables, certain totals may not sum due to rounding. Percentages have been calculated using unrounded amounts.
FIRST QUARTER COST & EXPENSES
All comparisons are made versus the same period in 2024 unless otherwise stated.
The table below presents selected line item information.
Three Months Ended March 31,
2025
Three Months Ended March 31,
2024
($ amounts in millions)
GAAP
Specified
Items**
Non-
GAAP
GAAP
Specified
Items**
Non-
GAAP
Cost of products sold
$
3,033
(14
)
$
3,018
$
2,932
(22
)
$
2,910
Gross margin(a)
72.9
%
73.1
%
75.3
%
75.5
%
Selling, general and administrative
1,584
(1
)
1,583
2,367
(378
)
1,989
Research and development
2,257
(21
)
2,235
2,695
(349
)
2,346
Acquired IPRD
188
—
188
12,949
—
12,949
Amortization of acquired intangible assets
830
(830
)
—
2,357
(2,357
)
—
Other (income)/expense, net
339
(489
)
(150
)
81
(235
)
(154
)
Effective tax rate
17.1
%
(2.1
)%
15.1
%
(3.4
)%
(5.6
)%
(9.0
)%
**See "Use of Non-GAAP Financial Information" and refer to the Specified Items schedule below for further detail.
(a) Represents revenue minus cost of products sold divided by revenue.
Gross margin decreased from 75.3% to 72.9% on a GAAP basis, and from 75.5% to 73.1% on a non-GAAP basis, primarily due to product mix.
Selling, general and administrative expenses of $1.6 billion decreased 33% on a GAAP basis, primarily due to one-time acquisition-related expenses in 2024 and results from our strategic productivity initiative in 2025. Non-GAAP selling, general and administrative expenses of $1.6 billion decreased 20%, primarily reflecting results from our strategic productivity initiative.
Research and development expenses of $2.3 billion decreased 16% on a GAAP basis, primarily from one-time acquisition-related expenses in 2024. Non-GAAP research and development expenses of $2.2 billion decreased 5%, primarily driven by results from our strategic productivity initiative.
Acquired IPRD charge of $188 million decreased from $12.9 billion on a GAAP and non-GAAP basis, primarily due to the prior year Karuna acquisition and SystImmune collaboration. Licensing income of $87 million increased from $12 million.
Amortization of acquired intangible assets of $830 million decreased 65% on a GAAP basis, primarily due to lower amortization expense related toRevlimid.
Effective tax rate in 2025 on a GAAP and non-GAAP basis was 17.1% and 15.1%, respectively. The 2024 GAAP and non-GAAP effective tax rate was impacted by the $12.1 billion one-time non-tax-deductible charge for the Karuna acquisition.
Reported net income attributable to Bristol Myers Squibb on a GAAP basis of $2.5 billion, or $1.20 per share, in the first quarter compared to a net loss of $11.9 billion, or $(5.89) per share, in the prior year. Non-GAAP net earnings attributable to Bristol Myers Squibb of $3.7 billion, or $1.80 per share, compared to a net loss of $8.9 billion, or $(4.40) per share, in the prior year.
PRODUCT AND PIPELINE UPDATES
Entries organized by date and inclusive of first quarter and recent updates.
Asset
Date
Announced
Milestone
CobenfyTM
(xanomeline and
trospium
chloride)
April 22
The Phase 3 ARISE trial evaluating Cobenfy as an adjunctive treatment to atypical antipsychotics in adults with schizophrenia did not meet the threshold for statistical significance for the primary endpoint.
Camzyos
(mavacamten)
April 17
The U.S. Food and Drug Administration (FDA) updated the U.S. Prescribing Information for Camzyos, simplifying treatment options for patients and physicians by reducing the required echo monitoring for eligible patients in the maintenance phase and expanding patient eligibility by reducing contraindications.
Camzyos
April 14
The Phase 3 ODYSSEY-HCM trial evaluating Camzyos for the treatment of adult patients with symptomatic New York Heart Association class II-III non-obstructive hypertrophic cardiomyopathy did not meet its dual primary endpoints.
Opdivo
(nivolumab) +
Yervoy
(ipilimumab)
April 11
The FDA approved Opdivo plus Yervoy as a first-line treatment for adult patients with unresectable or metastatic hepatocellular carcinoma (HCC).
Opdivo + Yervoy
April 8
The FDA approved Opdivo plus Yervoy as a first-line treatment of adult and pediatric patients (12 years and older) with unresectable or metastatic microsatellite instability-high or mismatch repair deficient colorectal cancer.
Opdivo
March 28
The Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) recommended approval of the perioperative regimen of Opdivo, in combination with platinum-based chemotherapy as neoadjuvant treatment, followed by Opdivo as monotherapy, as adjuvant treatment after surgical resection for the treatment of resectable non-small cell lung cancer at high risk of recurrence in adult patients whose tumors have PD-L1 expression ≥1%.
Subcutaneous
formulation of
Opdivo
March 28
The CHMP of the EMA recommended approval of a new Opdivo formulation associated with a new route of administration (subcutaneous use), a new pharmaceutical form (solution for injection) and a new strength (600 mg/vial).
Breyanzi
(lisocabtagene
maraleucel)
March 14
The European Commission (EC) granted approval to Breyanzi for the treatment of adult patients with relapsed or refractory follicular lymphoma after two or more lines of systemic therapy.
Sotyktu
(deucravacitinib)
March 8
Announced positive data from the pivotal Phase 3 POETYK PsA-2 trial evaluating the efficacy and safety of Sotyktu in adults with active psoriatic arthritis.
Opdivo + Yervoy
March 7
The EC approved Opdivo plus Yervoy for the first-line treatment of adult patients with unresectable or advanced HCC.
Opdivo
February 19
Announced the final analysis of overall survival (OS) from the Phase 3 CheckMate -816 study. The results showed a statistically significant and clinically meaningful improvement in OS, a key secondary endpoint, compared to neoadjuvant chemotherapy alone.
Sotyktu
February 16
Announced new five-year results from the POETYK PSO long-term extension trial of Sotyktu treatment in adult patients with moderate-to-severe plaque psoriasis. The safety profile of Sotyktu remained consistent through five years with no new safety signals identified.
OpdualagTM
(nivolumab and
relatlimab-rmbw)
February 13
The Phase 3 RELATIVITY-098 trial evaluating Opdualag for the adjuvant treatment of patients with completely resected stage III-IV melanoma did not meet its primary endpoint of recurrence-free survival.
Breyanzi
February 10
Announced positive topline results from the Phase 2 TRANSCEND FL trial evaluating Breyanzi in adult patients with relapsed or refractory marginal zone lymphoma. The trial cohort met its primary endpoint of overall response rate and key secondary endpoint of complete response rate.
Financial Guidance
Bristol Myers Squibb is raising key 2025 non-GAAP line-item guidance assumptions as outlined below.
The company is increasing its full-year revenue guidance from approximately $45.5 billion to a range of approximately $45.8 billion to $46.8 billion, reflecting the strong performance of the Growth Portfolio, better-than-expected Legacy Portfolio sales in the first quarter of 2025, and a favorable impact of approximately $500 million related to foreign exchange rates.
In addition, full-year operating expense expectations remain approximately $16 billion, with an additional $200 million foreign exchange impact. The company now anticipates other income and expense in 2025 to be approximately $100 million of income due to higher-than-expected royalties and favorable interest income.
As a result of these changes, the company is raising the midpoint of its 2025 non-GAAP EPS guidance by $0.15 per share to an expected range of $6.70 to $7.00.
The stated guidance revisions include the estimated impact of current tariffs on U.S. products shipped to China, but do not account for any potential pharmaceutical sector tariffs.
Non-GAAP2,3
February
(Prior)
April
(Updated)
Total Revenues
(Reported & Ex-FX)
~$45.5 billion
~$45.8 – $46.8 billion
Gross Margin %
~72%
No change
Operating Expenses1
~$16 billion
~$16.2 billion
Other income/(expense)
~$30 million
~$100 million
Effective tax rate
~18%
No change
Diluted EPS
$6.55-$6.85
$6.70-$7.00
1 Operating Expenses = SG&A and R&D.
2 See "Use of Non-GAAP Financial Information."
3 February was calculated using foreign exchange rates as of January 9, 2025, and April was calculated using foreign exchange rates as of April 23, 2025.
The 2025 financial guidance excludes the impact of any potential future strategic acquisitions, divestitures, specified items that have not yet been identified and quantified, and the impact of future Acquired IPRD charges and licensing income. To the extent we have quantified the impact of significant R&D charges or other income resulting from upfront or contingent milestone payments in connection with asset acquisitions or licensing of third-party intellectual property rights, we may update this information from time to time on our website www.bms.com, in the "Investors" section. Non-GAAP guidance assumes exchange rates as of the date noted. The financial guidance is subject to risks and uncertainties applicable to all forward-looking statements as described elsewhere in this press release.
A reconciliation of forward-looking non-GAAP measures, including non-GAAP EPS, to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Namely, we are not, without unreasonable effort, able to reliably predict the impact of accelerated depreciation and impairment charges, legal and other settlements, gains and losses from equity investments and other adjustments. In addition, the company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results. See "Cautionary Statement Regarding Forward-Looking Statements" and "Use of Non-GAAP Financial Information."
Conference Call Information
Bristol Myers Squibb will host a conference call today, Thursday, April 24, 2025, at 8:00 a.m. ET, during which company executives will review financial results with the investment community.
Investors and the general public are invited to listen to a live webcast of the call at View Source." target="_blank" title="View Source." rel="nofollow">View Source Materials related to the call will be available at View Source prior to the start of the conference call.
A replay of the webcast will be available at View Source approximately three hours after the conference call concludes.