PRINCETON, N.J.--(BUSINESS WIRE)--Bristol Myers Squibb Announces Cash Tender Offers to Purchase Certain Notes. ...

Core Viewpoint - Rocket Mortgage reported a strong quarter despite challenging market conditions, with expectations for improvement in the environment ahead [1] Group 1: Company Performance - Rocket Mortgage had a great quarter, indicating strong operational performance [1] - The company is navigating a tough environment, suggesting resilience and adaptability [1] Group 2: Market Environment - The current market conditions are described as very tough, but there are indications that the situation should improve [1]

Core Insights - Bristol Myers Squibb Co. reported Q3 2025 revenues of $12.22 billion, exceeding consensus estimates of $11.81 billion, marking a 3% year-over-year increase [1] Revenue Breakdown - Growth Portfolio revenues reached $6.9 billion, an 18% increase, or 17% when excluding foreign exchange effects, driven by the immuno-oncology portfolio, Reblozyl, Camzyos, and Breyanzi [1] - Legacy Portfolio revenues declined to $5.4 billion, a 12% decrease, or 13% Ex-FX, with Eliquis sales increasing to $3.75 billion, up 25%, but this was offset by the impact of generics on the rest of the Legacy Portfolio [2] Product Performance - Sales of Opdivo increased by 7% to $2.53 billion, while Orencia generated $964 million, up 3%. Yervoy sales rose 15% to $739 million, and Reblozyl saw a 37% increase to $615 million [3] Financial Metrics - Adjusted earnings per share were reported at $1.63, surpassing the consensus of $1.51 [3] - Gross margin on a GAAP basis was 71.9%, and on a non-GAAP basis, it was 72.9%, down from 75.1% and 76.0% respectively from the previous year, indicating a change in product mix [4] Guidance and Market Reaction - The company narrowed its fiscal 2025 earnings guidance to $6.40-$6.60, compared to the consensus of $6.38, and raised its sales guidance to $47.5 billion-$48 billion, above the consensus of $47.33 billion, reflecting strong Growth Portfolio performance [5] - Following the earnings report, Bristol-Myers Squibb shares rose by 4.40% to $44.47 [5]

Group 1 - The article discusses the ongoing decline in the share price of Bristol-Myers Squibb Company (BMY) and its deteriorating long-term prospects in the biotech and pharmaceutical sectors [1] - The author, Edmund Ingham, is a biotech consultant with over 5 years of experience covering the industry and has produced detailed reports on more than 1,000 companies [1] - The Haggerston BioHealth investing group provides insights for both novice and experienced biotech investors, including catalysts to watch, buy and sell ratings, and financial forecasts for major pharmaceutical companies [1]

Alnylam Pharmaceuticals - Alnylam's market worth exceeded many large-cap drugmakers, indicating a challenging position due to high expectations from investors [1] - The company reported quarterly revenues of approximately $1.25 billion, surpassing analyst estimates by nearly $300 million, and boosted its financial forecasts [4] - Amvuttra generated $685 million in sales, exceeding the expected $622 million, indicating growing demand among patients with transthyretin amyloidosis [4] - Despite strong earnings, Alnylam shares fell nearly 7%, attributed to high share prices and elevated investor expectations [3] Biogen - Biogen's latest earnings report showed revenues just above $2.5 billion, narrowly exceeding Wall Street expectations [7] - The company’s aging multiple sclerosis drugs accounted for about 40% of total revenue, while new product launches showed muted performance [8] - Biogen revised its revenue forecast for the year to flat to up 1%, but lowered annual earnings per share estimates to $14.50 to $15 [9] Neurocrine Biosciences - Neurocrine reported a 28% year-over-year increase in net sales, totaling $785 million, but shares fell by 9% following the announcement [11] - The company plans to invest an additional $150 million in expanding sales teams, raising concerns about future margins [12] - Neurocrine received a civil investigative demand from the DOJ regarding Ingrezza, which may have unsettled investors despite a solid quarterly performance [13][14] Bristol Myers Squibb - Bristol Myers' earnings report was positive overall, but the performance of its schizophrenia drug Cobenfy was seen as underwhelming compared to other products [15][16] - Cobenfy sales reached $43 million in the third quarter, with ongoing trials testing its efficacy in treating Alzheimer's-related psychosis [18] - Despite uncertainties surrounding Cobenfy, Bristol Myers' shares rose 7% due to improved financial guidance and quarterly revenue performance [20]

Financial Performance - Bristol Myers Squibb's bottom line increased by nearly $1 billion in Q3 [1] - Revenue climbed due to the strength of newer drugs [1] Cost Management - Costs came down, contributing to the increased bottom line [1]

Financial Performance - Total revenues for Q3 2025 were $12,222 million, a 3% increase from $11,892 million in Q3 2024[145] - Year-to-date revenues decreased by 1% to $35,692 million compared to $35,958 million in the same period of 2024[145] - GAAP EPS for Q3 2025 increased by $0.48 to $1.08, primarily due to lower amortization of acquired intangible assets and cost savings initiatives[146] - Non-GAAP EPS for Q3 2025 was $1.63, a decrease of $0.17 compared to $1.80 in Q3 2024, impacted by higher one-time charges[146] - U.S. revenues for Q3 2025 were $8,329 million, a 1% increase from $8,232 million in Q3 2024[158] - International revenues for Q3 2025 were $3,602 million, reflecting a 6% increase from $3,389 million in Q3 2024[158] - Gross product sales reached $22,494 million in Q3 2025, a 6% increase from $21,223 million in Q3 2024, while year-to-date gross product sales were $64,548 million, up 5% from $61,298 million[162] - Total expenses decreased by 11% in Q3 2025 to $9.108 billion from $10.216 billion in Q3 2024[196] - GAAP net earnings for Q3 2025 were $2,201 million, compared to $1,211 million in Q3 2024, while Non-GAAP net earnings were $3,318 million in Q3 2025 versus $3,650 million in Q3 2024[214] Revenue Drivers - The Growth Portfolio generated $6,857 million in Q3 2025, an 18% increase from $5,812 million in Q3 2024, with year-to-date revenues of $19,016 million, up 17% from $16,200 million[167] - Eliquis revenue increased by 25% to $3,746 million in Q3 2025, with year-to-date revenue of $10,991 million, an 8% increase from $10,138 million[167] - Revlimid revenue decreased by 59% to $575 million in Q3 2025, with year-to-date revenue of $2,349 million, down 47% from $4,434 million[167] - Opdivo revenue reached $2,532 million in Q3 2025, a 7% increase from $2,360 million in Q3 2024, with year-to-date revenue of $7,356 million, up 8% from $6,825 million[165] - U.S. revenues increased by 1% in Q3 2025, but decreased by 3% year-to-date, impacted by higher demand for the Growth Portfolio and Eliquis, offset by generics on Revlimid, Sprycel, and Abraxane[160] - International revenues rose by 6% in Q3 2025 and 4% year-to-date, driven by demand for the Growth Portfolio and Eliquis, with a 3% increase excluding foreign exchange impacts[161] Cost and Expenses - Cost of products sold increased by $478 million in Q3 2025 and $683 million year-to-date, primarily due to higher alliance profit sharing and product mix[197] - Selling, general and administrative expenses decreased by $194 million in Q3 2025 and $1.2 billion year-to-date, mainly due to cost savings from strategic productivity initiatives[198] - Research and development expenses increased by $154 million in Q3 2025, primarily due to an $85 million IPRD impairment charge and higher drug development costs[199] - Acquired IPRD charges were $633 million in Q3 2025, a 142% increase compared to $262 million in Q3 2024[201] - Amortization of acquired intangible assets decreased by $1.6 billion in Q3 2025, primarily due to the full amortization of Revlimid in Q4 2024[202] Strategic Initiatives - The company expects to achieve annual cost savings of approximately $2.0 billion by the end of 2027 through strategic productivity initiatives[144] - The company entered into a definitive agreement to acquire Orbital Therapeutics to enhance its pipeline with OTX-201, a preclinical CAR T-cell therapy[143] - The company is facing increased pricing pressures due to governmental actions, including price controls and reimbursement changes, which may impact future revenues[148] Regulatory and Product Developments - The company received multiple regulatory approvals in 2025, including Opdivo + Yervoy for advanced HCC in the U.S. and EU[142] - New product Opdivo Qvantig launched in January 2025, expanding treatment options for various solid tumors[170] - The FDA accepted the supplemental Biologics License Application for Breyanzi, with a PDUFA goal date of December 5, 2025[226] - The Phase III EXCALIBER-RRMM study for iberdomide showed statistically significant improvement in minimal residual disease negativity rates[226] - The FDA granted Breakthrough Therapy Designation to izalontamab for treating advanced or metastatic NSCLC[226] Cash Flow and Debt Management - Cash flow from operating activities increased by $1.4 billion to $12,182 million in the nine months ended September 30, 2025, compared to $10,751 million in the same period of 2024[222][223] - The net debt position improved by $6.4 billion during the nine months ended September 30, 2025, primarily due to cash provided by operations of $12.2 billion, offset by $3.8 billion in dividends and $2.2 billion for acquisitions[215] - The total cash, cash equivalents, and marketable debt securities reached $16,909 million as of September 30, 2025, up from $11,179 million at the end of 2024[215] - The company issued $13.0 billion in senior unsecured notes in 2024 to fund acquisitions, with net proceeds of $12.9 billion[217] - The company has a five-year $5.0 billion revolving credit facility expiring in January 2030, with no borrowings outstanding as of September 30, 2025[219] Inventory and Demand - Estimated end-user demand indicates no products with inventory levels exceeding one month on hand as of September 30, 2025[191] - U.S. revenues for a legacy product decreased 60% during Q3 2025 and 47% year-to-date, primarily due to lower demand from generic erosion[186] - International revenues for the same legacy product decreased 55% during Q3 2025 and 47% year-to-date, impacted by foreign exchange[186] - U.S. revenues for another legacy product decreased 84% during Q3 2025 and 79% year-to-date, primarily due to lower demand from generic erosion[189] - U.S. revenues for a different legacy product decreased 69% during Q3 2025 and year-to-date, primarily due to lower demand driven by generic erosion[190]

Core Insights - Bristol-Myers Squibb Company (BMY) reported third-quarter 2025 adjusted earnings per share (EPS) of $1.63, exceeding the Zacks Consensus Estimate of $1.48, but down from $1.80 in the same quarter last year [1] - Total revenues reached $12.2 billion, surpassing the Zacks Consensus Estimate of $11.8 billion, and reflecting a 3% increase year-over-year [1] - The stock price increased following the release of these better-than-expected quarterly results [1] Revenue Breakdown - U.S. revenues increased by 1% to $8.3 billion, while international revenues rose by 6% year-over-year to $3.9 billion [3] - Revenues from the Growth Portfolio totaled $6.9 billion, marking an 18% year-over-year increase, driven by the immuno-oncology portfolio and drugs like Reblozyl, Camzyos, and Breyanzi [4] - Sales of the immuno-oncology drug Opdivo increased by 7% year-over-year to $2.5 billion, surpassing estimates [5] - Other notable sales included Yervoy at $739 million (up 15%), Reblozyl at $615 million (up 37%), and Breyanzi at $359 million (up 60%) [6][9] Legacy Portfolio Performance - The Legacy Portfolio saw a 12% decline in revenues to $5.4 billion, primarily due to generic competition affecting drugs like Revlimid and Pomalyst [11] - Eliquis, however, surged by 25% to $3.7 billion, making it the top revenue generator for BMY [11] Cost and Margin Analysis - Gross margin decreased to 72.9% from 76% year-over-year due to product mix changes [14] - Adjusted R&D expenses rose by 3% to $2.4 billion, while adjusted marketing and administrative expenses decreased by 10% to $1.8 billion [14] Guidance and Future Outlook - BMY raised its annual revenue guidance to $47.5-$48 billion from $46.5-$47.5 billion, reflecting strong Growth Portfolio performance [15] - Adjusted earnings guidance was updated to a range of $6.40-$6.60, slightly lower than previous estimates due to an unfavorable impact from acquired charges [15][16] Pipeline and Acquisitions - The FDA accepted a supplemental biologics license application for Breyanzi, with a target action date set for December 5, 2025 [17] - BMY announced the acquisition of Orbital Therapeutics for $1.5 billion, which will enhance its pipeline with OTX-201, a next-generation CAR T-cell therapy [19][20] Strategic Initiatives - BMY's strategic productivity initiatives are positively impacting the bottom line, while ongoing collaborations, such as with BioNTech for bispecific antibodies, are expected to broaden its pipeline [21][22]

Core Insights - Bristol Myers Squibb (BMY) reported quarterly earnings of $1.63 per share, exceeding the Zacks Consensus Estimate of $1.48 per share, but down from $1.80 per share a year ago, representing an earnings surprise of +10.14% [1] - The company achieved revenues of $12.22 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 3.33% and up from $11.89 billion year-over-year [2] - Bristol Myers has consistently surpassed consensus EPS and revenue estimates over the last four quarters [2] Earnings Performance - The earnings surprise for the previous quarter was +36.45%, with actual earnings of $1.46 per share compared to an expected $1.07 [1] - The current consensus EPS estimate for the upcoming quarter is $1.61, with projected revenues of $12.08 billion, while the fiscal year estimate is $6.37 EPS on $47.35 billion in revenues [7] Stock Performance and Outlook - Bristol Myers shares have declined approximately 24.7% year-to-date, contrasting with the S&P 500's gain of 17.2% [3] - The company's Zacks Rank is currently 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Medical - Biomedical and Genetics industry, to which Bristol Myers belongs, is currently ranked in the top 38% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Empirical research indicates a strong correlation between near-term stock movements and earnings estimate revisions, which can be tracked by investors [5]

Financial Data and Key Metrics Changes - Total company sales for Q3 2025 were approximately $12.2 billion, reflecting strong demand across the business [17] - The growth portfolio saw a 17% year-over-year increase in sales, driven by multiple products including the IO portfolio, Reblozyl, Camzyos, and Breyanzi [6][17] - Gross margin was approximately 73%, primarily due to product mix, with operating expenses decreasing by approximately $100 million to roughly $4.2 billion compared to the same period last year [22] Business Line Data and Key Metrics Changes - Opdivo global sales were approximately $2.5 billion, up 6%, driven by demand in the U.S. and expanded indications [17] - Reblozyl global sales were $615 million, reflecting a 38% increase in the U.S. and a 31% increase outside the U.S. [18][19] - Breyanzi sales were $359 million, growing 58% globally, with U.S. sales up 45% [19] - Camzyos global sales increased 88% to $296 million, with U.S. sales up 76% [20] - Eliquis global sales were $3.7 billion, growing 23%, with U.S. sales up 29% [21] Market Data and Key Metrics Changes - The U.S. market showed strong growth across multiple brands, with significant contributions from the oncology and hematology segments [17][18] - Outside the U.S., sales growth was driven by demand in newly launched markets, particularly for Reblozyl and Breyanzi [19] Company Strategy and Development Direction - The company is focused on long-term sustainable growth, with a strategy to enhance its growth portfolio and align its cost structure with business needs [6][15] - Recent acquisitions, such as Orbital Therapeutics, aim to strengthen the cell therapy franchise and expand the company's capabilities in RNA technology [10][11] - The company anticipates introducing 10 new medicines to the market by the end of the decade, alongside 30 significant life cycle management opportunities [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth portfolio's performance and the ability to navigate through the operating environment, emphasizing financial discipline and strategic investments [15][24] - The company is optimistic about the upcoming data readouts and the potential for new product launches to drive future growth [14][24] Other Important Information - The company is maintaining its full-year revenue guidance, increasing it by $750 million to a range of $47.5 billion to $48 billion [24] - The effective tax rate for the quarter was 22.3%, reflecting the earnings mix [22] Q&A Session Summary Question: Updates on ADEPT program and confidence in studies - Management reiterated confidence in the Cabenfi development program, with ongoing studies and expected results by the end of the year [31][32] Question: Commercialization of Cabenfi and prescriber engagement - The company is pleased with Cabenfi's progress, noting positive physician feedback and a growing number of new trialists [40][41] Question: Competitive landscape for PD-1/VEGF bispecifics - Management expressed confidence in the partnership with BioNTech and the potential of pomitomig to become a new standard of care [50][51] Question: Barriers to adoption for Cabenfi - Management acknowledged the entrenched market dynamics but highlighted positive feedback from physicians and ongoing efforts to educate prescribers [58][59] Question: Cost management and strategic productivity initiatives - The company is on track for $1 billion in cost savings this year and is focused on balancing investments for growth while maintaining financial discipline [66][69]