On July 31, 2025 Bristol Myers Squibb (NYSE: BMY) reported results for the second quarter of 2025 (Press release, Bristol-Myers Squibb, JUL 31, 2025, View Source [SID1234654670]).

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"We are making good progress rewiring the company for long-term growth. In the second quarter, we delivered strong results across our Growth Portfolio, continued to optimize our cost structure, and added to our innovative pipeline with strategic partnerships," said Christopher Boerner, Ph.D., board chair and chief executive officer, Bristol Myers Squibb. "In the back half of the year, we’re focused on advancing transformational medicines and delivering on our Growth Portfolio and important pipeline opportunities to shape our growth trajectory."

Second Quarter Results
$ in millions, except per share amounts 2025 2024 Change
Change Excl. FX**
Total Revenues $12,269 $12,201 1 % 0 %
Earnings/(Loss) Per Share – GAAP* 0.64 0.83 (22) % N/A
Earnings/(Loss) Per Share – Non-GAAP* 1.46 2.07 (29) % N/A
Acquired IPRD Charge and Licensing Income Net Impact on Earnings/(Loss) Per Share (0.57) (0.04) N/A N/A

SECOND QUARTER RESULTS
All comparisons are made versus the same period in 2024 unless otherwise stated.
•Growth Portfolio revenues of $6.6 billion increased 18%, or 17% Ex-FX. Revenue growth was primarily driven by our immuno-oncology (IO) portfolio, Breyanzi, Reblozyl and Camzyos, and reflects the continued strength of Cobenfy.
•Legacy Portfolio revenues of $5.7 billion decreased 14%, or 15% Ex-FX. Demand increased for Eliquis, offset by expected continued generic impact across the remainder of the Legacy Portfolio, as well as the impacts from U.S. Medicare Part D redesign.
•Total revenues of $12.3 billion increased 1%, and were relatively flat Ex-FX.
◦U.S. revenues of $8.5 billion decreased 3%.
◦International revenues of $3.8 billion increased 10%, or 8% Ex-FX.
SECOND QUARTER PRODUCT REVENUE HIGHLIGHTS(d)

($ amounts in millions) Quarter Ended June 30, 2025
% Change from Quarter Ended June 30, 2024
% Change from Quarter Ended June 30, 2024 Ex-FX**

U.S.
Int’l
WW(c)
U.S.
Int’l
WW(c)
Int’l
WW(c)
Growth Portfolio
Opdivo $ 1,506 $ 1,053 $ 2,560 7 % 7 % 7 % 7 % 7 %
Opdivo Qvantig 28 1 30 N/A N/A N/A N/A N/A
Orencia 711 252 963 (4) % 23 % 2 % 20 % 1 %
Yervoy 451 277 728 12 % 22 % 16 % 21 % 15 %
Reblozyl 453 114 568 30 % 51 % 34 % 46 % 33 %
Opdualag 252 32 284 13 % 161 % 21 % 155 % 20 %
Breyanzi 255 88 344 110 % 183 % 125 % 167 % 122 %
Camzyos 214 46 260 65 % >200% 87 % >200% 86 %
Zeposia 105 46 150 (5) % 15 % — % 10 % (2) %
Abecma 47 40 87 (14) % (1) % (8) % (7) % (11) %
Sotyktu 43 27 70 5 % 116 % 31 % 109 % 29 %
Krazati 47 2 48 58 % (32) % 51 % (33) % 51 %
Cobenfy 35 — 35 N/A N/A N/A N/A N/A
Other Growth Products(a)
201 269 470 15 % 56 % 35 % 55 % 35 %
Total Growth Portfolio
4,348 2,248 6,596 15 % 24 % 18 % 23 % 17 %
Legacy Portfolio
Eliquis 2,654 1,027 3,680 4 % 18 % 8 % 12 % 6 %
Revlimid 732 106 838 (37) % (44) % (38) % (44) % (38) %
Pomalyst/Imnovid 584 124 708 (18) % (49) % (26) % (51) % (27) %
Sprycel 68 52 120 (80) % (38) % (72) % (38) % (72) %
Abraxane 33 72 105 (79) % (7) % (55) % (5) % (54) %
Other Legacy Products(b)
100 123 223 5 % (4) % (1) % (5) % (1) %
Total Legacy Portfolio
4,171 1,503 5,673 (17) % (6) % (14) % (9) % (15) %
Total Revenues $ 8,519 $ 3,750 $ 12,269 (3) % 10 % 1 % 8 % — %

** 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.
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SECOND 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 June 30, 2025 Three Months Ended June 30, 2024
($ amounts in millions)
GAAP
Specified Items**
Non-GAAP
GAAP
Specified Items**
Non-GAAP
Cost of products sold
$ 3,372 (16) $ 3,356 $ 3,267 (296) $ 2,971
Gross margin(a)
72.5 % 72.6 % 73.2 % 75.6 %
Selling, general and administrative
1,713 (22) 1,691 1,928 (6) 1,922
Research and development
2,580 (318) 2,263 2,899 (604) 2,295
Acquired IPRD
1,508 — 1,508 132 — 132
Amortization of acquired intangible assets
830 (830) — 2,416 (2,416) —
Other (income)/expense, net
494 (602) (108) 273 (277) (4)
Effective tax rate
25.9 % (9.8) % 16.1 % (30.9) % 45.0 % 14.1 %

**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 73.2% to 72.5% on a GAAP basis, and from 75.6% to 72.6% on a non-GAAP basis, primarily due to product mix.
•Selling, general and administrative expenses of $1.7 billion decreased 11% on a GAAP basis and 12% on a non-GAAP basis, primarily driven by our ongoing strategic productivity initiative.
•Research and development expenses of $2.6 billion decreased 11% on a GAAP basis, primarily due to lower IPRD impairment charges. Non-GAAP research and development expenses of $2.3 billion decreased 1%, primarily driven by our ongoing strategic productivity initiative.
•Acquired IPRD charges of $1.5 billion increased from $132 million on a GAAP and non-GAAP basis, primarily driven by the execution of a strategic partnership with BioNTech in June 2025.
•Amortization of acquired intangible assets of $830 million decreased 66% on a GAAP basis, primarily due to lower amortization expense related to Revlimid.
•Effective tax rate in 2025 on a GAAP and non-GAAP basis was 25.9% and 16.1%, respectively. The 2024 GAAP effective tax rate was impacted by the release of income tax reserves.
•Net income attributable to Bristol Myers Squibb of $1.3 billion, or $0.64 per share, decreased from $1.7 billion, or $0.83 per share, on a GAAP basis. On a non-GAAP basis, net income attributable to Bristol Myers Squibb of $3.0 billion, or $1.46 per share, decreased from $4.2 billion, or $2.07 per share. GAAP and non-GAAP EPS include the impacts of Acquired IPRD.

PRODUCT AND PIPELINE UPDATES
Entries organized by date and inclusive of second quarter and recent updates.
Asset(s)
Date Announced
Milestone
Sotyktu (deucravacitinib)
July 21
The U.S. Food and Drug Administration (FDA) accepted for review the supplemental New Drug Application (sNDA) for Sotyktu based on positive results from the pivotal Phase 3 POETYK PsA-1 and POETYK PsA-2 clinical trials for the treatment of adults with active psoriatic arthritis. The FDA assigned a Prescription Drug User Fee Act goal date of March 6, 2026.

In addition, China’s Center for Drug Evaluation of National Medical Products Administration and Japan’s Ministry of Health, Labour and Welfare accepted sNDAs for Sotyktu in the same indication. The European Medicines Agency (EMA) has also validated the Type II variation application to expand the indication for Sotyktu to include this disease.
Reblozyl (luspatercept)
July 18
The Phase 3 INDEPENDENCE trial evaluating Reblozyl with concomitant janus kinase inhibitor therapy in adult patients with myelofibrosis-associated anemia receiving red blood cell (RBC) transfusions did not meet its primary endpoint of RBC transfusion independence during any consecutive 12-week period, starting within the first 24 weeks of treatment, compared to placebo. Patients saw a numerical and clinically meaningful improvement in RBC transfusion independence favoring Reblozyl, in line with previous results from the Phase 2 trial.

The company will engage with the FDA and EMA, and plans to engage other health authorities to discuss the submission of marketing applications.
Eliquis (apixaban)
July 17
The BMS-Pfizer Alliance announced a new direct-to-patient option for purchasing Eliquis via the Alliance’s patient resource, Eliquis 360 Support. This option offers uninsured, underinsured or self-pay patients an opportunity to significantly lower out-of-pocket costs for Eliquis.
Breyanzi (lisocabtagene maraleucel) and Abecma (idecabtagene vicleucel)
June 26
The FDA approved label updates for CAR T cell therapies Breyanzi and Abecma that reduce certain patient monitoring requirements and remove the Risk Evaluation and Mitigation Strategy (REMS) programs that were in place since each product was initially approved.
Breyanzi June 16
Primary analysis results of the marginal zone lymphoma cohort of the Phase 2 TRANSCEND FL study evaluating Breyanzi in patients with relapsed or refractory disease demonstrated high rates of durable responses and a consistent safety profile in a fifth cancer type.
Subcutaneous formulation of Opdivo (nivolumab)
May 28
The European Commission (EC) approved a new Opdivo formulation associated with a new route of administration (subcutaneous use), a new pharmaceutical form, and a new strength. Opdivo SC, or nivolumab for subcutaneous use co-formulated with recombinant human hyaluronidase (rHuPH20), has been approved for use across multiple adult solid tumors as monotherapy, monotherapy maintenance following completion of intravenous nivolumab plus Yervoy (ipilimumab) combination therapy, or in combination with chemotherapy or cabozantinib.
Opdivo
May 16
The EC approved the perioperative regimen of neoadjuvant Opdivo and chemotherapy followed by surgery and adjuvant Opdivo 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%.

Business Development
The company recently entered into multiple transactions that enhanced its portfolio and pipeline.
In June 2025, the company entered into an agreement with BioNTech for the global co-development and co-commercialization of BioNTech’s investigational bispecific antibody BNT327 across numerous solid tumor types. Under the agreement, BioNTech and BMS will work jointly to broaden and accelerate the development of this clinical candidate.
Also in June 2025, RayzeBio, Inc., a Bristol Myers Squibb company, entered into a definitive agreement under which Philochem AG, a wholly-owned subsidiary of the Philogen Group, will license the exclusive worldwide rights to develop, manufacture and commercialize OncoACP3, a clinical-stage therapeutic and diagnostic agent targeting prostate cancer, to RayzeBio. The transaction is expected to close in the third quarter of 2025 following the receipt of necessary regulatory approvals and the satisfaction of other customary closing conditions.
In July 2025, the company announced the creation of a new, independent biopharmaceutical company with Bain Capital focused on developing new therapies for autoimmune diseases that address significant unmet needs of patients. The newly formed company launches with five immunology assets in-licensed from Bristol Myers Squibb and a $300 million financing commitment that was led by Bain Capital.
Financial Guidance
Bristol Myers Squibb is increasing its full-year 2025 non-GAAP revenue guidance from a range of approximately $45.8 billion to $46.8 billion, to a range of approximately $46.5 billion to $47.5 billion, reflecting the strength of the Growth Portfolio, better-than-expected Legacy Portfolio sales in the second quarter, and a favorable impact of approximately $200 million related to foreign exchange rates.
Full-year operating expense expectations are now approximately $16.5 billion, reflecting the investment behind recent business development transactions and the identification of additional investment opportunities within our Growth Portfolio. The company now anticipates other income and expense in 2025 to be approximately $250 million of income due to higher-than-anticipated royalties and favorable interest income.
Non-GAAP EPS is now expected to be in the range of $6.35 – $6.65, inclusive of an unfavorable $(0.57) per share impact from the BioNTech Acquired IPRD charge this quarter.
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Non-GAAP2,3

April
(Prior)
July
(Updated)4
Total Revenues
(Reported & Ex-FX)
~$45.8 – $46.8 billion
~$46.5 – $47.5 billion
Gross Margin %
~72%
No change
Operating Expenses1
~$16.2 billion
~$16.5 billion
Other income/(expense)
~$100 million
~$250 million
Effective tax rate
~18%
No change
Diluted EPS $6.70 – $7.00
$6.35 – $6.65
BioNTech Acquired IPRD Charge Included in Diluted EPS
— $(0.57)

1 Operating Expenses = SG&A and R&D.
2 See "Use of Non-GAAP Financial Information."
3 April was calculated using foreign exchange rates as of April 23, 2025, and July was calculated using foreign
exchange rates as of July 25, 2025.
4 Guidance includes Acquired IPRD charges through Q2 2025, and does not include Acquired IPRD either incurred,
or expected to be incurred, after June 30, 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, including any potential Acquired IPRD charges associated with the Philochem transaction, which is expected to close in the third quarter of 2025, subject to customary closing conditions. 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
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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, July 31, 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.