On October 30, 2025 Bristol Myers Squibb (NYSE: BMY) reported results for the third quarter of 2025.
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
"We delivered strong results this quarter as a result of continued execution across the business and ongoing Growth Portfolio momentum," said Christopher Boerner, Ph.D., board chair and chief executive officer, Bristol Myers Squibb. "We’re focused on building for the future by accelerating innovation, advancing our pipeline, staying agile and delivering more transformational medicines to more patients."
Third Quarter Results
$ in millions, except per share amounts 2025 2024 Change
Change Excl. FX**
Total Revenues $12,222 $11,892 3 % 2 %
Earnings/(Loss) Per Share – GAAP* 1.08 0.60 81 % N/A
Earnings/(Loss) Per Share – Non-GAAP* 1.63 1.80 (9) % N/A
Acquired IPRD Charges and Licensing Income Net Impact on Earnings/(Loss) Per Share (0.20) (0.09) 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".
1
THIRD QUARTER RESULTS
All comparisons are made versus the same period in 2024 unless otherwise stated.
•Growth Portfolio revenues of $6.9 billion increased 18%, or 17% Ex-FX. Revenue growth was primarily driven by our immuno-oncology (IO) portfolio, Reblozyl, Camzyos and Breyanzi.
•Legacy Portfolio revenues of $5.4 billion decreased 12%, or 13% Ex-FX. Demand increased for Eliquis, which was more than offset by expected continued generic impact across the remainder of the Legacy Portfolio.
•Total revenues of $12.2 billion increased 3%, or 2% Ex-FX.
◦U.S. revenues of $8.3 billion increased 1%.
◦International revenues of $3.9 billion increased 6%, or 3% Ex-FX.
THIRD QUARTER PRODUCT REVENUE HIGHLIGHTS(d)
($ amounts in millions) Quarter Ended September 30, 2025
% Change from Quarter Ended September 30, 2024
% Change from Quarter Ended September 30, 2024 Ex-FX**
U.S.
Int’l
WW(c)
U.S.
Int’l
WW(c)
Int’l
WW(c)
Growth Portfolio
Opdivo $ 1,454 $ 1,077 $ 2,532 6 % 8 % 7 % 6 % 6 %
Opdivo Qvantig 60 7 67 N/A N/A N/A N/A N/A
Orencia 721 243 964 2 % 6 % 3 % 3 % 2 %
Yervoy 455 284 739 14 % 17 % 15 % 13 % 14 %
Reblozyl 494 121 615 38 % 35 % 37 % 31 % 37 %
Opdualag 259 40 299 20 % 122 % 28 % 115 % 27 %
Breyanzi 251 109 359 45 % 115 % 60 % 104 % 58 %
Camzyos 238 57 296 76 % 177 % 89 % 168 % 88 %
Zeposia 113 48 161 8 % 13 % 9 % 6 % 7 %
Abecma 51 86 137 (34) % 80 % 9 % 71 % 6 %
Sotyktu 51 29 80 — % 91 % 21 % 87 % 20 %
Krazati 48 5 53 52 % 144 % 58 % 133 % 57 %
Cobenfy 43 — 43 N/A N/A N/A N/A N/A
Other Growth Products(a)
195 319 514 8 % 22 % 16 % 21 % 16 %
Total Growth Portfolio
4,432 2,425 6,857 17 % 20 % 18 % 17 % 17 %
Legacy Portfolio
Eliquis 2,631 1,115 3,746 29 % 16 % 25 % 11 % 23 %
Revlimid 485 89 575 (60) % (55) % (59) % (56) % (59) %
Pomalyst/Imnovid 596 79 675 (15) % (61) % (25) % (61) % (25) %
Sprycel 69 49 119 (69) % (24) % (59) % (25) % (59) %
Abraxane 24 50 74 (84) % (50) % (71) % (49) % (70) %
Other Legacy Products(b)
92 85 177 (11) % (29) % (21) % (30) % (21) %
Total Legacy Portfolio 3,897 1,468 5,365 (12) % (11) % (12) % (14) % (13) %
Total Revenues $ 8,329 $ 3,893 $ 12,222 1 % 6 % 3 % 3 % 2 %
** See "Use of Non-GAAP Financial Information".
(a) Includes Augtyro, Onureg, Inrebic, Nulojix, Empliciti and royalty revenues.
(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.
2
THIRD 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 September 30, 2025 Three Months Ended September 30, 2024
($ amounts in millions)
GAAP
Specified Items**
Non-GAAP
GAAP
Specified Items**
Non-GAAP
Cost of products sold
$ 3,435 (122) $ 3,312 $ 2,957 (101) $ 2,856
Gross margin(a)
71.9 % 72.9 % 75.1 % 76.0 %
Selling, general and administrative
1,789 (1) 1,788 1,983 (7) 1,976
Research and development
2,528 (95) 2,433 2,374 (21) 2,353
Acquired IPRD
633 — 633 262 — 262
Amortization of acquired intangible assets
831 (831) — 2,406 (2,406) —
Other (income)/expense, net
(108) (98) (206) 234 (275) (41)
Effective tax rate
29.5 % (7.2) % 22.3 % 27.5 % (9.0) % 18.5 %
**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 on a GAAP and non-GAAP basis was 71.9% and 72.9% in 2025, and 75.1% and 76.0% in 2024, respectively, reflecting the change in product mix.
•Selling, general and administrative expenses of $1.8 billion decreased 10% on a GAAP and non-GAAP basis, primarily driven by our ongoing strategic productivity initiative.
•Research and development expenses of $2.5 billion increased 6% on a GAAP basis, primarily due to an IPRD impairment charge. Non-GAAP research and development expenses of $2.4 billion increased 3%, primarily due to the impact of recent acquisitions, partially offset by our ongoing strategic productivity initiative.
•Acquired IPRD charges of $633 million increased from $262 million on a GAAP and non-GAAP basis, primarily driven by the Philochem licensing arrangement and achievement of a milestone under the SystImmune collaboration. Licensing income increased from $25 million to $107 million on a GAAP and non-GAAP basis, primarily reflecting the execution of an out-licensing arrangement in 2025.
•Amortization of acquired intangible assets of $831 million decreased 65% on a GAAP basis, primarily due to lower amortization expense related to Revlimid.
•Effective tax rate increased from 27.5% to 29.5% on a GAAP basis, and from 18.5% to 22.3% on a non-GAAP basis. The increase in the non-GAAP effective tax rate was driven by jurisdictional earnings mix.
•Net income attributable to Bristol Myers Squibb of $2.2 billion, or $1.08 per share, increased from $1.2 billion, or $0.60 per share, on a GAAP basis. On a non-GAAP basis, net income attributable to Bristol Myers Squibb of $3.3 billion, or $1.63 per share, decreased from $3.7 billion, or $1.80 per share. GAAP and non-GAAP EPS include the impacts of Acquired IPRD charges and licensing income.
PRODUCT AND PIPELINE UPDATES
Entries organized by date and inclusive of third quarter and recent updates.
Asset(s)
Date Announced
Milestone
Sotyktu (deucravacitinib)
October 27
52-week data from the pivotal Phase 3 POETYK PsA-1 trial demonstrated that Sotyktu improved and maintained meaningful clinical responses, inhibition of radiographic progression and patient-reported outcomes in adults with active psoriatic arthritis.
In addition, data from an integrated analysis of the Phase 2 PAISLEY-SLE and PAISLEY long-term extension studies supported the safety and efficacy with up to four years of Sotyktu treatment for moderate-to-severe systemic lupus erythematosus (SLE).
CD19 NEX-T (BMS-986353)
October 25
Announced positive, updated data and early results from the Phase 1 Breakfree-1 study evaluating BMS-986353, an investigational, autologous CD19-targeted NEX-T CAR T cell therapy, across the systemic sclerosis, SLE and idiopathic inflammatory myopathies cohorts. The preliminary Phase 1 safety and efficacy results are consistent with the potential for immune reset, showing robust CAR T cell expansion, complete B cell depletion and re-emergence of a naive B cell phenotype across all three cohorts.
izalontamab brengitecan
(iza-bren)
October 17
First disclosure of safety and efficacy data presented with SystImmune from the global Phase I US-Lung-101 study of iza-bren, a potentially first-in-class EGFR x HER3 bispecific antibody-drug conjugate, demonstrated promising antitumor activity in heavily pre-treated patients across multiple tumor types, as well as a manageable safety profile.
BMS-986446 October 1
The U.S. Food and Drug Administration (FDA) granted Fast Track Designation to BMS-986446, a potential best-in-class, anti-microtubule binding region-tau antibody currently in Phase 2 development for the treatment of early Alzheimer’s disease.
Sotyktu September 25
Announced an expansion of the company’s direct-to-patient offerings, providing eligible U.S. patients with steeply discounted prices for Sotyktu via the new BMS Patient Connect platform, beginning January 2026.
iberdomide September 23
The Phase 3 EXCALIBER-RRMM study evaluating iberdomide, an investigational cereblon E3 ligase modulator (CELMoD), combined with standard therapies (daratumumab + dexamethasone) in patients with relapsed or refractory multiple myeloma demonstrated a statistically significant improvement in minimal residual disease (MRD) negativity rates, compared with the control arm, in a planned interim analysis of the MRD endpoint.
pumitamig (BNT327 / BMS-986545)
September 8
First disclosure of data presented with BioNTech SE from the global randomized Phase 2 trial (NCT06449209) evaluating pumitamig, an investigational bispecific antibody targeting PD-L1 x VEGF-A, plus chemotherapy in patients with extensive-stage small cell lung cancer demonstrated encouraging anti-tumor responses with a positive trend in the secondary endpoint of progression free survival.
Additionally, this week pivotal studies for pumitamig and chemotherapy combinations are now initiating in first-line (1L) microsatellite stable colorectal cancer and 1L gastric cancer.
Camzyos (mavacamten)
August 29
Results from the global, retrospective COLLIGO-HCM study showed that Camzyos was associated with reductions in left ventricular outflow tract obstruction and improvements in symptom burden in a racially diverse population of patients with symptomatic obstructive hypertrophic cardiomyopathy treated in an international, real-world setting.
iza-bren
August 18
The FDA granted Breakthrough Therapy Designation to iza-bren for the treatment of locally advanced or metastatic non-small cell lung cancer with epidermal growth factor (EGFR) exon 19 deletions or exon 21 L858R substitution mutations whose disease has progressed on or after treatment with an EGFR tyrosine kinase inhibitor and platinum-based chemotherapy.
Breyanzi (lisocabtagene maraleucel)
August 4
The FDA accepted the supplemental biologics license application for Breyanzi as a potential treatment for adult patients with relapsed or refractory marginal zone lymphoma who have received at least two prior lines of systemic therapy. The FDA granted the application Priority Review and assigned a Prescription Drug User Fee Act goal date of December 5, 2025.
Business Development
In October 2025, the company announced a definitive agreement to acquire Orbital Therapeutics. The acquisition includes OTX-201, Orbital’s lead RNA immunotherapy preclinical candidate currently in IND-enabling studies. This investigational, next-generation CAR T-cell therapy is designed to reprogram cells in vivo and has the potential to offer a best-in-class profile for treating autoimmune diseases, aligned with Bristol Myers Squibb’s overall immune reset strategy. This in vivo approach, in which the patient’s own body serves as the manufacturer of CAR T-cells, has the potential to offer a reduced treatment burden, added convenience and improved accessibility compared to ex vivo CAR T-cell therapies. Bristol Myers Squibb will also gain access to Orbital’s differentiated RNA technology platform that integrates advanced RNA engineering and delivery methods, offering the potential to expand therapeutic applications and address additional diseases. The transaction is subject to the satisfaction of customary closing conditions.
Financial Guidance
Bristol Myers Squibb is increasing its full-year 2025 non-GAAP revenue guidance from a range of approximately $46.5 billion to $47.5 billion, to a range of approximately $47.5 billion to $48.0 billion. This update primarily reflects the continued strong performance of our Growth Portfolio.
Full-year other income and expense in 2025 is now expected to be approximately $500 million of income due to higher-than-anticipated royalties and licensing income, as well as favorable interest income.
Non-GAAP EPS is now expected to be in the range of $6.40 – $6.60, inclusive of an $(0.80) per share net impact related to Acquired IPRD charges and licensing income.
Non-GAAP2,3
July
(Prior) October
(Updated)
Total Revenues
(Reported & Ex-FX)
~$46.5 – $47.5 billion ~$47.5 – $48.0 billion
Gross Margin % ~72% No change
Operating Expenses1
~$16.5 billion No change
Other income/(expense) ~$250 million ~$500 million
Effective tax rate ~18% No change
Diluted EPS $6.35 – $6.65 $6.40 – $6.60
Acquired IPRD Charges and Licensing Income Included in Diluted EPS $(0.60) $(0.80)
1 Operating Expenses = SG&A and R&D.
2 See "Use of Non-GAAP Financial Information."
3 July was calculated using foreign exchange rates as of July 25, 2025, and October was calculated using foreign
exchange rates as of October 28, 2025.
The 2025 financial guidance excludes the impact of any potential future strategic acquisitions, including Orbital Therapeutics, which is expected to close in the fourth quarter of 2025, 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.
(Press release, Bristol-Myers Squibb, OCT 30, 2025, View Source [SID1234657142])