Core Insights - Bristol Myers Squibb's Breyanzi (lisocabtagene maraleucel) has shown significant efficacy in treating relapsed or refractory indolent B-cell non-Hodgkin lymphoma, meeting both primary and key secondary endpoints in the Phase 2 TRANSCEND FL trial [1][2] - The FDA has approved Breyanzi for multiple subtypes of non-Hodgkin lymphoma, making it the CAR T cell therapy with the broadest treatment indications for B-cell malignancies [3] - Breyanzi's sales are projected to exceed $747 million in 2024, reflecting a more than 100% increase from previous figures [3] Company Developments - The Phase 2 TRANSCEND FL trial demonstrated a statistically significant overall response rate (ORR) and complete response rate (CRR) for Breyanzi in the marginal zone lymphoma cohort [1] - Breyanzi has shown durable responses and a consistent safety profile, with no new safety signals reported [2] - A $6.4 billion lawsuit against Bristol Myers Squibb was dismissed due to the plaintiff's lack of standing, which could have implications for the company's legal and financial stability [4] Market Performance - Bristol Myers Squibb's stock price decreased by 2.87%, closing at $55.22 [5]

Group 1 - Cobenfy's FDA approval is expected to significantly contribute to Bristol-Myers Squibb's growth starting in 2025 [1] - The company reported its Q4 2024 financial and business results, indicating a focus on the potential of novel treatments [1] - The analyst has over 20 years of experience in research and development of Cell & Gene Therapies, emphasizing the importance of these therapies in addressing clinical needs [1] Group 2 - The analyst expresses a beneficial long position in the shares of Bristol-Myers Squibb and AbbVie, indicating confidence in their future performance [2] - The article reflects the analyst's independent opinions and is not influenced by any compensation from the companies mentioned [2]

Brendan, a Pennsylvanian by birth:-Completed a Ph.D. at Stanford University in the field of organic synthesis (2009). -Worked for a major pharmaceutical company (Merck, 2009-2013).-Worked in biotech including start-ups (Theravance/Aspira) prior to securing employment at Caltech.-First employee and co-founder of 1200 Pharma as it spun out of Caltech garnering major investment (into the 8 figures).-Remains an avid investor, focused on market trends and especially biotechnology stocks.Analyst’s Disclosure: I/w ...

Bristol-Myers Squibb Company (NYSE:BMY) Q4 2024 Earnings Conference Call February 6, 2025 8:00 AM ET Company Participants Chuck Triano - Senior Vice President, Investor Relations Chris Boerner - Board Chair & Chief Executive Officer David Elkins - Chief Financial Officer Adam Lenkowsky - Chief Commercialization Officer Samit Hirawat - Chief Medical Officer & Head of Global Drug Development Conference Call Participants Chris Schott - JPMorgan Luisa Hector - Berenberg Geoff Meacham - Citibank Chris Shibutani ...

Bristol-Myers Squibb Company (NYSE:BMY) Q4 2024 Earnings Conference Call February 6, 2025 8:00 AM ET Company Participants Chuck Triano - Senior Vice President, Investor Relations Chris Boerner - Board Chair & Chief Executive Officer David Elkins - Chief Financial Officer Adam Lenkowsky - Chief Commercialization Officer Samit Hirawat - Chief Medical Officer & Head of Global Drug Development Conference Call Participants Chris Schott - JPMorgan Luisa Hector - Berenberg Geoff Meacham - Citibank Chris Shibutani ...

Core Viewpoint - Bristol-Myers Squibb Company (BMY) reported better-than-expected fourth-quarter 2024 results, but the outlook for 2025 is below expectations due to anticipated revenue declines from generic competition [1][2][18]. Financial Performance - Adjusted earnings per share (EPS) for Q4 2024 were $1.67, exceeding the Zacks Consensus Estimate of $1.46, but down from $1.70 in the same quarter last year [1]. - Total revenues reached $12.3 billion, surpassing the Zacks Consensus Estimate of $11.6 billion and reflecting an 8% increase year-over-year [1]. - For the full year 2024, revenues rose 7% to $48.3 billion, beating the Zacks Consensus Estimate of $47.5 billion [15]. Revenue Breakdown - U.S. revenues increased 9% to $8.6 billion, while international revenues grew 5% to $3.7 billion [4]. - The Growth Portfolio generated $6.4 billion in revenues, a 21% increase year-over-year, driven by strong sales of Reblozyl, Breyanzi, Camzyos, Yervoy, and Opdualag [5]. - Sales of Eliquis were $3.2 billion, up 11%, and exceeded estimates [11]. Drug Performance - Sales of Reblozyl surged 71% to $547 million, outperforming estimates [7]. - Opdivo sales rose 4% to $2.48 billion but fell short of expectations [6]. - Breyanzi sales skyrocketed 160% to $263 million, significantly beating estimates [9]. Cost and Margin - Gross margin decreased to 74% from 76.4% year-over-year due to product mix changes [14]. - Adjusted research and development expenses increased 13% to $2.8 billion, while marketing and administrative expenses remained flat at $2.1 billion [14]. 2025 Guidance - The company expects adjusted EPS in the range of $6.55-$6.85 for 2025, below the Zacks Consensus Estimate of $6.98 [16]. - Projected revenues for 2025 are approximately $45.5 billion, reflecting a potential 18-20% decline in the Legacy Portfolio due to generic competition [16]. Strategic Initiatives - Bristol-Myers announced an expansion of its strategic productivity initiative, targeting approximately $2 billion in additional annualized cost savings by the end of 2027 [19].

For the quarter ended December 2024, Bristol Myers Squibb (BMY) reported revenue of $12.34 billion, up 7.5% over the same period last year. EPS came in at $1.67, compared to $1.70 in the year-ago quarter.The reported revenue represents a surprise of +6.59% over the Zacks Consensus Estimate of $11.58 billion. With the consensus EPS estimate being $1.46, the EPS surprise was +14.38%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall ...

Group 1 - Bristol Myers Squibb reported quarterly earnings of $1.67 per share, exceeding the Zacks Consensus Estimate of $1.46 per share, but down from $1.70 per share a year ago, representing an earnings surprise of 14.38% [1] - The company achieved revenues of $12.34 billion for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 6.59% and up from $11.48 billion year-over-year [2] - Bristol Myers has consistently outperformed consensus EPS and revenue estimates over the last four quarters [2] Group 2 - The stock has gained approximately 5.6% since the beginning of the year, outperforming the S&P 500's gain of 3.1% [3] - The future performance of Bristol Myers' stock will largely depend on management's commentary during the earnings call and the sustainability of earnings expectations [3][4] - Current consensus EPS estimate for the upcoming quarter is $1.66 on revenues of $11.32 billion, and for the current fiscal year, it is $6.98 on revenues of $46.32 billion [7] Group 3 - The Medical - Biomedical and Genetics industry, to which Bristol Myers belongs, is currently ranked in the top 28% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5] - The current estimate revisions trend for Bristol Myers is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6]

Financial Performance & Guidance - Bristol-Myers Squibb's (BMS) Q4 2024 total revenues remained consistent with GAAP and Non-GAAP figures, reaching $12.3 billion, and full-year revenues also matched at $48.3 billion[51] - The company projects 2025 total revenues to be approximately $45.5 billion[21, 56] - BMS anticipates Non-GAAP EPS to be in the range of $6.55 to $6.85 for 2025[21, 56] - An expanded strategic productivity initiative is expected to yield incremental cost savings of approximately $2 billion by the end of 2027, with around $1 billion expected in 2025[21, 55] Portfolio Performance - The Growth Portfolio experienced a revenue increase of 21%, or 23% Ex-FX, in Q4 2024[11, 26] - For the full year 2024, the Growth Portfolio's revenue grew by 17%, or 19% Ex-FX[14, 15] - Legacy portfolio revenues were $6 billion in Q4 2024 and $25.7 billion for the full year 2024[12, 15] - Eliquis sales reached $3.195 billion in Q4 2024, representing an 11% year-over-year increase, and $13.333 billion for the full year, a 9% increase[33] Pipeline & Strategic Focus - BMS is focusing on transformational medicines, driving operational effectiveness, and strategically allocating capital to deliver sustained top-tier growth and long-term shareholder returns[23] - The company has a potential for 10+ New Molecular Entities (NMEs) and 30+ major Life Cycle Management (LCM) indications between 2025 and 2030[23] - Cobenfy is identified as having expansion opportunities with potential multi-billion-dollar peak sales over the decade[17]

Revenue Performance - Fourth quarter revenues were $12.3 billion, an increase of 8% year-over-year, or 9% when adjusted for foreign exchange[2]. - Full-year revenues reached $48.3 billion, a 7% increase compared to the previous year, or 9% when adjusted for foreign exchange[4]. - Growth Portfolio revenues for the fourth quarter were $6.4 billion, up 21% year-over-year, or 23% when adjusted for foreign exchange[12]. - Bristol Myers Squibb reported revenues of $48.3 billion, a 7% increase, or 9% when adjusted for foreign exchange impacts, driven by the Growth Portfolio and higher demand for Eliquis[21]. - U.S. revenues increased 9% to $34.1 billion, primarily due to higher demand for the Growth Portfolio and Eliquis, partially offset by generics on Sprycel, Revlimid, and Abraxane[21]. - International revenues increased 3% to $14.2 billion, or 8% when adjusted for foreign exchange impacts, mainly due to demand for Growth Portfolio products[21]. - Total revenues for the Growth Portfolio increased to $22.6 billion, a 17% growth compared to $19.4 billion in the prior year, or 19% when adjusted for foreign exchange impacts[26]. - Total revenues for 2024 reached $48.3 billion, a 7% increase compared to $45.0 billion in 2023[60]. Earnings and Losses - The company achieved a GAAP loss per share of $(4.41) for the full year, while non-GAAP EPS was $1.15, an 85% decrease from the previous year[4]. - The company reported a GAAP net loss of $8.9 billion, or $(4.41) per share, compared to a profit of $8.0 billion, or $3.86 per share in the previous year[22]. - Non-GAAP net earnings were $2.3 billion, or $1.15 per share, down from $15.6 billion, or $7.51 per share for the same period a year ago[22]. - The company reported a net loss of $8,933 million for the full year 2024, compared to a net income of $8,040 million in 2023[54]. - The net earnings attributable to Bristol-Myers Squibb for Q4 2024 were $3,408 million, compared to a loss of $8,948 million in Q4 2023[78]. - Diluted earnings per share for Q4 2024 were $1.67, compared to a loss of $4.41 per share in Q4 2023[78]. Expenses and Cost Management - Research and development expenses increased 29% to $3.2 billion in the fourth quarter, primarily due to recent acquisitions[6]. - Research and development expenses increased 20% to $11.2 billion on a GAAP basis, primarily due to recent acquisitions and IPRD impairment charges[21]. - Marketing, selling, and administrative expenses increased 8% to $8.4 billion on a GAAP basis, attributed to the timing of spend and recent acquisitions[21]. - The company expanded its strategic productivity initiative to deliver approximately $2 billion in additional cost savings by the end of 2027[2]. - The company is expanding its strategic productivity initiative to achieve an additional $2 billion in annualized cost savings by the end of 2027[28]. Taxation - The effective tax rate on a GAAP basis was 56.6%, significantly impacted by intangible asset impairments[9]. - The effective tax rate on a non-GAAP basis increased from 14.7% to 56.8%, primarily due to a non-tax deductible charge related to the Karuna acquisition[21]. - The effective tax rate for Q4 2024 was 19.9%, compared to 56.6% in Q4 2023[78]. Future Guidance - The company provided 2025 guidance with expected revenues of approximately $45.5 billion and non-GAAP EPS in the range of $6.55 to $6.85[2]. - Bristol Myers Squibb is targeting approximately $45.5 billion in total revenues for 2025, reflecting an expected revenue decline of 18-20% in the Legacy Portfolio due to generics[31]. - The company anticipates a gross margin of approximately 72% and operating expenses of around $16 billion for 2025[32]. - The company anticipates continued growth in its pipeline and strategic initiatives, with a focus on capital allocation and productivity improvements[47]. Product Performance - Key drivers for the Growth Portfolio included increased demand for Reblozyl, Breyanzi, Camzyos, and Opdualag[26]. - Opdivo generated $9.3 billion in total revenue, with a 2% growth in the U.S. and 14% growth internationally[23]. - Reblozyl saw an 80% increase in U.S. revenue, contributing significantly to the Growth Portfolio's performance[26]. - Eliquis sales increased by 11% year-over-year to $3,195 million in Q4 2024, despite a 3% decline in international sales[56]. - Opdivo sales grew by 4% year-over-year to $2,479 million in Q4 2024, with international sales increasing by 7%[56]. - Reblozyl saw a significant increase in sales, up 71% year-over-year to $547 million in Q4 2024[56]. - Breyanzi's revenue surged by 105% to $747 million, up from $364 million in the previous year[60]. - Eliquis generated $13.3 billion, a 9% increase from $12.2 billion in 2023, despite a 1% decline in international sales[60]. Debt and Cash Position - Cash and cash equivalents decreased to $10,346 million in 2024 from $11,464 million in 2023, representing a decline of 9.8%[82]. - Total cash, cash equivalents, and marketable debt securities decreased to $11,179 million in 2024 from $12,644 million in 2023, a reduction of 11.6%[82]. - Short-term debt obligations improved to $(2,046) million in 2024 from $(3,119) million in 2023, indicating a decrease of 34.4%[82]. - Long-term debt increased to $(47,603) million in 2024 from $(36,653) million in 2023, reflecting an increase of 29.9%[82]. - The net debt position worsened to $(38,470) million in 2024 compared to $(27,128) million in 2023, an increase of 42.0%[82]. Market and Regulatory Environment - Forward-looking statements indicate potential risks including pricing pressures and regulatory changes that could impact future financial performance[49]. - The company plans to include Puerto Rico revenues in International revenues starting in 2024, which may affect future reporting[61]. - Foreign exchange impacts were unfavorable, affecting revenue growth by approximately 2% in the Growth Portfolio for the year[64].