Core Insights - Bristol-Myers Squibb Company (NYSE: BMY) reported Q2 2025 earnings, exceeding market expectations with revenues of $12.3 billion, reflecting a year-on-year increase of approximately 1% [1] - The normalized earnings per share (EPS) for the quarter was reported at $1.46 [1] Financial Performance - Revenues for Q2 2025 reached $12.3 billion, marking a slight increase of around 1% compared to the previous year [1] - The normalized EPS was reported at $1.46, indicating strong performance relative to market forecasts [1]

Investors weren't impressed with Bristol-Myers Squibb Company's (NYSE: BMY ) Q2 2025 results, with the stock down by 5.8% yesterday. There's a good reason for it. Revenues are taking their sweet time to gain momentum as the company's legacy portfolio drags them backManika is a macroeconomist with over 20 years of experience in industries including investment management, stock broking, investment banking. She also runs the profile Long Term Tips [LTT], which focuses on the generational opportunity in the gre ...

Group 1 - President Trump has sent letters to 17 major pharmaceutical companies, demanding specific actions to lower drug prices in the U.S. within 60 days, or he will use "all available means" to protect American families from "price gouging" [1][2] - The companies that received the letters include Pfizer, Novo Nordisk, Johnson & Johnson, and others, with a focus on commitments such as providing "most favored nation" pricing for Medicaid patients and direct sales to consumers [1][2] - Trump highlighted that U.S. drug prices are significantly higher than those in other developed countries, with average prescription drug prices being 2 to 3 times higher, and some drugs up to 10 times more expensive [2] Group 2 - Following the announcement, stock prices of several pharmaceutical companies dropped, with Sanofi falling over 8%, and others like Bristol-Myers Squibb and Novo Nordisk declining nearly 5% [2] - The Pharmaceutical Research and Manufacturers of America criticized the introduction of "foreign price controls," arguing it would undermine U.S. innovation and harm patients and workers [3] - Companies like Pfizer and Novartis stated they are working on solutions to make medications more affordable for American patients, with AstraZeneca considering price reductions and direct sales models [3]

Core Insights - Bristol-Myers Squibb Company (BMY) reported Q2 2025 adjusted EPS of $1.46, exceeding the Zacks Consensus Estimate of $1.07, but down from $2.07 in the same quarter last year [1][7] - Total revenues reached $12.3 billion, surpassing the Zacks Consensus Estimate of $11.4 billion, with a 1% increase from the previous year [1][7] Revenue Breakdown - U.S. revenues decreased by 3% to $8.5 billion, while international revenues increased by 10% to $3.8 billion [4] - The Growth Portfolio generated $6.6 billion in revenues, an 18% increase year-over-year, driven by demand for Opdivo, Reblozyl, Breyanzi, Camzyos, and others [5][21] - Opdivo sales rose 7% to $2.6 billion, exceeding estimates, while Yervoy contributed $728 million, up 16% [6][8] - Legacy Portfolio revenues fell 14% to $5.67 billion, primarily due to generic competition affecting Revlimid and others, although Eliquis sales increased by 8% to $3.7 billion [10][12] Cost and Margin Analysis - Gross margin decreased to 72.6% from 75.6% year-over-year due to product mix changes [13] - Adjusted R&D expenses decreased by 1% to $2.3 billion, while marketing and administrative expenses fell by 12% to $1.7 billion due to cost-cutting initiatives [13] Guidance and Future Outlook - BMY raised its 2025 revenue guidance to $46.5-$47.5 billion, up from $45.8-$46.8 billion, citing strong Growth Portfolio performance and favorable foreign exchange impacts [19] - Adjusted EPS guidance was lowered to $6.35-$6.65 due to IPRD charges from the BNTX partnership [20] Pipeline and Strategic Developments - The FDA accepted a supplemental new drug application for Sotyktu, with a target action date of March 6, 2026 [14] - BMY entered a collaboration with BioNTech for the co-development of a bispecific antibody and announced the formation of a new biopharmaceutical company focused on autoimmune diseases [16][18]

Financial Performance - Total revenues for Q2 2025 were $12,269 million, a 1% increase from $12,201 million in Q2 2024, while year-to-date revenues decreased by 2% to $23,470 million from $24,066 million[143]. - GAAP diluted earnings per share (EPS) for Q2 2025 were $0.64, down from $0.83 in Q2 2024, while non-GAAP EPS decreased to $1.46 from $2.07[143]. - U.S. revenues decreased by 3% in Q2 2025 to $8,519 million, and by 5% year-to-date to $16,392 million, impacted by generics and Medicare Part D redesign[160]. - International revenues increased by 8% in Q2 2025 to $3,481 million, and by 3% year-to-date to $6,590 million, driven by higher demand for the Growth Portfolio and Eliquis[161]. - Total revenues for the second quarter of 2025 were $12,269 million, a 1% increase compared to $12,201 million in 2024[167]. - The Growth Portfolio generated $6,596 million in revenue, an 18% increase from $5,596 million in the same period last year[167]. - The Legacy Portfolio saw a decline in total revenues to $5,673 million, a 14% decrease from $6,605 million in 2024[167]. Cost Management and Savings - The company expects to achieve annual cost savings of approximately $2.0 billion by the end of 2027 due to an expansion in its strategic productivity initiative[142]. - Selling, general and administrative expenses decreased by $215 million in Q2 2025 and $998 million year-to-date, primarily due to cost savings from strategic productivity initiatives[198]. - Total expenses decreased by 4% in Q2 2025 and 45% year-to-date, reflecting a reduction in various operational costs[196]. Regulatory Approvals and Collaborations - In 2025, the company received multiple regulatory approvals, including Opdivo + Yervoy for unresectable HCC in the U.S. and EU, and Breyanzi for relapsed or refractory FL in the EU[140][154]. - A strategic collaboration with BioNTech was established in June 2025 to co-develop a bispecific antibody across multiple solid tumor types[141]. - The company opened a new radiopharmaceutical facility in Indianapolis, Indiana, to support its development and manufacturing capabilities following the RayzeBio acquisition[141]. Product Performance - Opdivo sales increased by 7% in Q2 2025 to $2,560 million, with U.S. sales growing by 7% to $1,506 million[165]. - Breyanzi sales surged by 125% in Q2 2025 to $344 million, with U.S. sales increasing by 110% to $255 million[165]. - New product Cobenfy generated $35 million in sales in Q2 2025, marking its initial revenue[165]. - Eliquis revenue increased by 8% to $3,680 million, with U.S. sales growing by 4% and Non-U.S. sales rising by 18%[167]. - Revlimid revenue decreased by 38% to $838 million, with U.S. sales dropping by 37%[167]. - Pomalyst/Imnovid revenue fell by 26% to $708 million, with U.S. sales down 18%[167]. Market Challenges - The company is facing increased pricing pressures due to legislative changes, including the IRA, which may lead to reduced prices and reimbursement rates for its products[146]. - The company anticipates that ongoing governmental actions may negatively impact its revenues and profit margins due to potential changes in drug pricing and reimbursement policies[152]. - U.S. revenues decreased 37% during Q2 2025 and 41% year-to-date, primarily due to lower demand driven by generic erosion and lower average net selling prices[186]. - International revenues decreased 44% during Q2 2025 and 42% year-to-date, primarily due to lower demand driven by generic erosion and foreign exchange impacts[186]. Research and Development - Research and development expenses decreased by $319 million in Q2 2025 and $757 million year-to-date, primarily due to lower impairment charges and cost savings[199]. - FDA approved label updates for Abecma and Breyanzi to reduce patient monitoring requirements and remove REMS programs[224]. - The Phase III INDEPENDENCE trial for Reblozyl in myelofibrosis-associated anemia did not meet its primary endpoint of RBC transfusion independence[225]. Financial Position - The net debt position as of June 30, 2025, was $35.235 billion, a decrease of $3.2 billion from December 31, 2024, primarily due to cash provided by operations of $5.9 billion[213]. - Cash flow from operating activities for the six months ended June 30, 2025, was $5.871 billion, an increase of $711 million compared to 2024[220]. - Total cash, cash equivalents, and marketable debt securities as of June 30, 2025, amounted to $13.950 billion, up from $11.179 billion at the end of 2024[213].

Economic Indicators - The Personal Consumption Expenditures (PCE) report for June showed results warmer than expected, with year-over-year PCE reaching +2.6%, which is 10 basis points higher than anticipated [2][5] - Personal Income increased by +0.3%, exceeding expectations by 10 basis points, while Personal Spending fell to +0.3%, down 10 basis points from expectations [3][4] - The overall PCE Index month-over-month was in line with expectations at +0.3%, following an upwardly revised +0.2% the previous month [4] Job Market - Initial Jobless Claims rose slightly to 218K, marking the first increase in seven weeks, but still significantly lower than the 250K seen in early June [7] - Continuing Claims remained stable at 1.946 million, indicating a leveling off after a period of decline [8] - The upcoming Employment Situation report for July is expected to show 100K new jobs, which is a decrease of 47K from the previous month [9] Q2 Earnings Reports - AbbVie reported Q2 earnings of $2.97 per share, surpassing projections of $2.89, with a year-to-date increase of +6.5% [10] - CVS Health exceeded earnings estimates with $1.81 per share, resulting in an earnings beat of +23.13% and a year-to-date increase of +38.8% [10] - Mastercard's earnings of $4.15 per share beat expectations by 10 cents, with a year-to-date increase of +6% [10] - Bristol Myers-Squibb had a notable earnings beat at $1.46 per share, exceeding estimates by +36.45% [11] - International Paper reported a significant earnings drop to $0.20 per share, missing expectations by -47.37% [11] - Sirius XM missed estimates with earnings of 57 cents per share, resulting in a -27.85% earnings surprise [12] Market Outlook - The Chicago Business Barometer (PMI) report is expected after the market opens, with no further scheduled announcements [13] - Anticipation surrounds upcoming earnings reports from major companies such as Apple and Amazon, with expectations of modest gains for Apple and high-single-digit growth for Amazon [14]

Core Insights - Bristol Myers Squibb (BMY) reported $12.27 billion in revenue for Q2 2025, a year-over-year increase of 0.6% and a surprise of +7.67% over the Zacks Consensus Estimate of $11.4 billion [1] - The EPS for the same period was $1.46, down from $2.07 a year ago, with a surprise of +36.45% compared to the consensus estimate of $1.07 [1] Revenue Performance - Net sales for Cobenfy were $35 million, exceeding the estimated $28.25 million [4] - Opdivo's U.S. net sales reached $1.51 billion, surpassing the $1.38 billion estimate, reflecting a +7.1% year-over-year change [4] - Pomalyst/Imnovid's U.S. net sales were $584 million, below the $627.82 million estimate, showing an -18.4% year-over-year decline [4] - International net sales for Pomalyst/Imnovid were $124 million, exceeding the $95.34 million estimate, but down -49% year-over-year [4] - Revlimid's net sales were $838 million, above the $625.54 million estimate, representing a -38.1% year-over-year decline [4] - Opdivo's total net sales were $2.56 billion, exceeding the $2.4 billion estimate, with a +7.3% year-over-year increase [4] - Abraxane's net sales were $105 million, slightly above the $102.66 million estimate, but down -54.6% year-over-year [4] - Reblozyl's net sales reached $568 million, surpassing the $546.45 million estimate, with a +33.7% year-over-year increase [4] - Zeposia's net sales were $150 million, exceeding the $129.3 million estimate, but down -0.7% year-over-year [4] - Breyanzi's net sales were $344 million, above the $299.75 million estimate, reflecting a +124.8% year-over-year increase [4] - Abecma's net sales were $87 million, below the $99.76 million estimate, showing an -8.4% year-over-year decline [4] - Opdualag's net sales reached $284 million, exceeding the $276.44 million estimate, with a +20.9% year-over-year increase [4] Stock Performance - Bristol Myers' shares have returned -3.5% over the past month, compared to the Zacks S&P 500 composite's +2.7% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

7月31日，百时美施贵宝(BMY)开盘下跌5.09%，截至21:33，报43.64美元/股，成交2.29亿美元，总市值 888.11亿美元。 财务数据显示，截至2025年03月31日，百时美施贵宝收入总额112.01亿美元，同比减少5.6%；归母净利 润24.56亿美元，同比增长120.62%。 大事提醒： 7月31日，百时美施贵宝(美东)盘前披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美 国当地时间，实际披露日期以公司公告为准）。 资料显示，百时美施贵宝公司于1933年8月根据特拉华州的法律以百时美公司的名义成立,作为1887年在 纽约业务的继承者。1989年,百时美公司合并后更名为百时美施贵宝公司。在全球范围内从事生物制药 产品的发现、开发、许可、制造、营销、分销和销售。它与全球其他研究型制药公司、规模较小的研究 公司和仿制药制造商展开竞争。其产品销往世界各地,主要面向批发商、零售药店、医院、政府实体和 医疗行业。它在美国,波多黎各和五个国家生产产品。 本文源自：金融界 作者：行情君 ...

Core Viewpoint - Bristol-Myers Squibb reported a 1% year-over-year revenue growth to $12.3 billion, exceeding analyst expectations of $11.4 billion, while net profit was $2.9 billion with earnings per share of $1.46, down from $2.07 in the same period last year, but above the analyst forecast of $1.07 [1] Revenue Performance - The company's oncology drugs Breyanzi, Reblozyl, and Camzyos, along with Cobenfy, showed strong performance, contributing to a revenue increase of 18% to $6.6 billion [1] Guidance Update - The company raised its full-year revenue guidance to $46.5 billion to $47.5 billion, up from the previous forecast of $45.8 billion to $46.8 billion, while analyst expectations were at $46.28 billion [1] - Adjusted earnings per share guidance was lowered to $6.35 to $6.65, compared to analyst expectations of $6.24 [1]

Core Viewpoint - Bristol Myers Squibb reported quarterly earnings of $1.46 per share, exceeding the Zacks Consensus Estimate of $1.07 per share, but down from $2.07 per share a year ago, indicating a significant earnings surprise of +36.45% [1][2] Financial Performance - The company achieved revenues of $12.27 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 7.67% and showing a slight increase from $12.2 billion in the same quarter last year [2] - Over the last four quarters, Bristol Myers has consistently exceeded consensus EPS estimates and revenue expectations [2] Stock Performance and Outlook - Bristol Myers shares have declined approximately 18.7% year-to-date, contrasting with the S&P 500's gain of 8.2% [3] - The company's earnings outlook is crucial for assessing future stock performance, with current consensus EPS estimates at $1.67 for the upcoming quarter and $6.28 for the current fiscal year [7] Industry Context - The Medical - Biomedical and Genetics industry, to which Bristol Myers belongs, is currently ranked in the bottom 41% of over 250 Zacks industries, which may negatively impact stock performance [8] - The correlation between near-term stock movements and earnings estimate revisions is significant, suggesting that tracking these revisions can provide insights into stock performance [5]