"Bristol Myers' Growth Portfolio surged 16% to $7.4 billion in Q4, demonstrating the company's successful product diversification strategy. Key contributors included Opdivo at $2.69 billion (+9%), Eliquis at $3.45 billion (+8%), and standout performers Breyanzi at $392 million (+49%) and Camzyos at $353 million (+59%). However, the Legacy Portfolio declined 15% to $5.1 billion as generic competition intensified. Revlimid plummeted 55%, while Sprycel dropped 60%, reflecting the patent cliff challenges facing the company."
"For full-year 2025, Bristol Myers achieved non-GAAP EPS of $6.15, a substantial improvement from prior year levels, with net income of $7.1 billion and gross profit of $34.3 billion. The company provided 2026 guidance projecting revenue of $46.0 to $47.5 billion, representing a 3% decline at midpoint due to continued legacy portfolio erosion. Management expects non-GAAP EPS of $6.05 to $6.35 with gross margins of 69% to 70%. CEO Boerner stated the company has "strong momentum in Growth Portfolio, potential for industry-leading sustainable growth into 2030s, data-rich 2026 with multiple pivotal readouts.""
Bristol Myers Squibb reported Q4 2025 revenue of $12.5 billion and full-year 2025 revenue of $48.2 billion. Non-GAAP EPS for the quarter was $1.26, which included a $(0.60) impact from Orbital Therapeutics acquisition charges, and full-year non-GAAP EPS was $6.15 with net income of $7.1 billion and gross profit of $34.3 billion. The Growth Portfolio rose 16% to $7.4 billion led by Opdivo, Eliquis, Breyanzi and Camzyos. The Legacy Portfolio fell 15% to $5.1 billion due to generic competition, including steep declines in Revlimid and Sprycel. 2026 guidance projects $46.0–$47.5 billion in revenue and non-GAAP EPS of $6.05–$6.35. The quarterly dividend increased to $0.63, and capital returns and debt paydown targets were advanced.
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