Group 1 - iREIT+HOYA Capital focuses on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1] - The earnings season presents opportunities to acquire blue chip stocks at bargain prices, as the market often reacts with a 'sell first, ask questions later' mentality [2] - The emphasis is on defensive stocks with a medium- to long-term investment horizon [2]

Core Viewpoint - Bristol-Myers Squibb Company (BMY) reported its first quarter (Q1 2025) financial results, which are considered satisfactory, raising questions about whether this performance can reverse the stock's recent decline [1]. Financial Performance - The Q1 2025 results indicate that the company's financial health is stable, but specific figures and metrics are not provided in the text [1]. Market Context - The article suggests that the recent performance of BMY's stock has been underwhelming, and the new financial results may serve as a turning point for the company's stock trajectory [1].

Group 1 - The focus is on growth and dividend income as a strategy for retirement planning [1] - The portfolio is structured to generate monthly dividend income that grows through reinvestment and annual increases [1] Group 2 - The article expresses personal opinions and is not intended as investment advice [2] - It emphasizes the importance of conducting individual research before making investment decisions [2]

Core Viewpoint - Bristol-Myers Squibb Company (BMY) reported strong first-quarter 2025 results, with adjusted earnings per share (EPS) of $1.80, exceeding expectations, despite a decline in overall revenues due to legacy portfolio sales [1][20]. Financial Performance - Adjusted EPS of $1.80 beat the Zacks Consensus Estimate of $1.51 and improved from an adjusted loss of $4.40 in the same quarter last year [1]. - Total revenues reached $11.2 billion, surpassing the Zacks Consensus Estimate of $10.7 billion, although down 6% from the previous year [1]. - U.S. revenues decreased 7% to $7.9 billion, while international revenues fell 2% year over year to $3.3 billion [3]. Growth Portfolio - Revenues from the Growth Portfolio amounted to $5.6 billion, reflecting a 16% increase year over year, driven by strong demand for key drugs [4]. - Notable sales growth was observed in Opdivo ($2.26 billion, up 9%), Reblozyl ($478 million, up 35%), and Breyanzi ($263 million, up 146%) [5][6][7]. - The Growth Portfolio's performance was bolstered by higher demand for Opdivo, Reblozyl, Breyanzi, Camzyos, Yervoy, and Opdualag [4]. Legacy Portfolio - Revenues from the Legacy Portfolio declined 20% to $5.64 billion, primarily due to generic competition affecting drugs like Revlimid and Pomalyst [10]. - Eliquis sales were $3.56 billion, down 4%, but exceeded expectations [10]. - Revlimid revenues plummeted 44% to $936 million, while Pomalyst and Sprycel also saw significant declines [12]. Cost Management - Gross margin decreased to 73.1% from 75.5% in the previous year, attributed to product mix changes [13]. - Adjusted R&D expenses decreased 5% to $2.2 billion, and adjusted marketing, selling, and administrative expenses fell 20% to $1.6 billion due to cost-cutting initiatives [13]. Guidance Update - The company raised its annual revenue guidance to $45.8-$46.8 billion, up from $45.5 billion, reflecting strong Growth Portfolio performance and favorable foreign exchange impacts [17]. - Adjusted EPS guidance was also increased to a range of $6.70-$7, compared to the previous guidance of $6.55-$6.85 [18]. Pipeline Developments - The FDA approved Opdivo plus Yervoy as a first-line treatment for unresectable or metastatic hepatocellular carcinoma [16]. - Updates on Camzyos and Cobenfy indicated some challenges in clinical trials, with the latter not meeting statistical significance for its primary endpoint [15].

Financial Data and Key Metrics Changes - Total company revenues for Q1 2025 were approximately $11.2 billion, reflecting strong demand across the growth portfolio, with an 18% increase in global sales of the growth portfolio [29][38] - Gross margin was approximately 73%, primarily due to product mix, and diluted earnings per share were $1.80 [37][38] - The company is increasing its full-year revenue guidance to a range of $45.8 billion to $46.8 billion, reflecting strong performance and a favorable impact of approximately $500 million related to foreign exchange rates [42][45] Business Line Data and Key Metrics Changes - The immuno-oncology (IO) portfolio, Breyanzi, Reblozyl, and Camzyos were key contributors to the growth portfolio, with Breyanzi's sales more than doubling and international sales tripling [10][32] - Cobenfi, launched in Q1, generated approximately $27 million in sales, tracking ahead of all branded schizophrenia launch benchmarks [36][116] - Eliquis global sales were down 3% due to the impact of Medicare Part D redesign, while Camzyos sales nearly doubled, benefiting from strong global demand [33][34] Market Data and Key Metrics Changes - The growth portfolio's global sales increased approximately 18%, driven by key brands, while the legacy portfolio is expected to decline approximately 16% to 18% for the year [29][42] - The company is seeing strong early uptake of Cobenfi, with approximately 40% to 50% of prescriptions now in second and third-line treatments [56][116] - The company expects total Eliquis revenue to be stronger in the second half of the year due to the Part D redesign and elimination of the coverage gap [34] Company Strategy and Development Direction - The company is focused on maximizing its growth portfolio, accelerating its R&D pipeline, driving operational excellence, and strategically allocating capital [8][22] - Business development remains a top priority, with the company actively pursuing opportunities that can enhance its growth profile [22][94] - The company is taking deliberate actions to rightsize its cost structure and become more efficient, expecting to realize approximately $2 billion in annual cost savings by the end of 2027 [24][40] Management's Comments on Operating Environment and Future Outlook - The current global operating climate presents uncertainty related to tariffs and potential economic downturns, but the company remains confident in its ability to navigate these complexities [25][26] - Management emphasized the importance of strong execution and maintaining a robust pipeline with significant growth potential [26][68] - The company is committed to innovating for patients and advancing first and/or best-in-class medicines through internal discovery and business development [22][68] Other Important Information - The company is on track to pay down $10 billion of debt relative to its March 31, 2024 balance and has maintained its strategic and balanced approach to capital allocation [38][39] - The company has a strong cash position with approximately $12.1 billion in cash equivalents and marketable securities as of March 31 [38] Q&A Session Summary Question: Can you provide any color on the company's US manufacturing footprint ability to shift manufacturing to the US over time? - Management appreciates the administration's efforts to enhance US manufacturing and has been investing in core infrastructure in the US for many years [52][53] Question: How do you think about the future pipeline and riskiness of it? - Management remains confident in delivering growth ambitions driven by the internal R&D pipeline, despite recent setbacks [66][68] Question: How does the readout from ARISE impact your confidence in Alzheimer's psychosis readout? - Management stated that ARISE data has no impact on confidence regarding Alzheimer's disease psychosis trials [80] Question: What are your expectations for the bar for the Alzheimer's psychosis study? - Management indicated that statistical significance in the primary endpoint for hallucinations and delusions is required, but no specific number is predefined [130] Question: Can you provide comments on Bristol's perspective regarding committed capital expenditure going forward? - Management confirmed plans to continue investing in core infrastructure related to R&D and technology in the US [138] Question: How do you approach making M&A decisions in the context of internal success rates? - Management does not tie M&A decisions to specific data readouts but focuses on sourcing new science and innovation that can enhance the growth profile [140][142]

Core Insights - The stock of Bristol-Myers Squibb Company (NYSE: BMY) has declined approximately 14% since December 2024 and nearly 25% over the last year [1] Group 1: Company Analysis - The analysis focuses on high-quality companies that can outperform the market in the long run due to competitive advantages and high defensibility [1] - The analyst has a background in sociology, holding a Master's Degree with an emphasis on organizational and economic sociology, and a Bachelor's Degree in Sociology and History [1]

Financial Performance - Total revenues for Q1 2025 were $11,201 million, a decrease of 6% compared to $11,865 million in Q1 2024[133] - GAAP diluted earnings per share (EPS) for Q1 2025 was $1.20, a significant increase from a loss of $5.89 in Q1 2024[133] - Non-GAAP diluted EPS for Q1 2025 was $1.80, compared to a loss of $4.40 in Q1 2024[133] - U.S. revenues decreased by 7% to $7,873 million in Q1 2025, impacted by generic competition and redesign of the Medicare Part D program[145][147] - International revenues decreased by 3% to $3,110 million in Q1 2025, primarily due to foreign exchange impacts, but increased by 2% excluding these impacts[148] - Gross product sales for Q1 2025 were $19,874 million, a 3% increase from $19,295 million in Q1 2024[149] - Total revenues for the three months ended March 31, 2025, were $11,201 million, a decrease of 6% compared to $11,865 million in 2024[154] - The Growth Portfolio generated $5,563 million in revenue, reflecting a 16% increase from $4,792 million in the previous year[154] - The Legacy Portfolio saw a significant decline, with total revenues of $5,638 million, down 20% from $7,073 million[154] - Non-U.S. revenues for the total portfolio decreased by 2% to $3,328 million[154] Revenue Changes by Product - Eliquis revenue decreased by 4% to $3,565 million, with U.S. sales down 6% and Non-U.S. sales up 2%[154] - Revlimid revenue dropped 44% to $936 million, with U.S. sales also down 44%[154] - Pomalyst/Imnovid revenue decreased by 24% to $658 million, with U.S. sales down 10%[154] - U.S. revenues for Eliquis decreased 44% in Q1 2025, primarily due to generic erosion and lower average net selling prices[174] - U.S. revenues for Revlimid decreased 10% in Q1 2025, mainly due to lower average net selling prices[174] - U.S. revenues for Camzyos increased 63% in Q1 2025, primarily due to higher demand[164] - U.S. revenues for Krazati increased 116% in Q1 2025, driven by higher demand[166] - U.S. revenues for Cobenfy increased 133% in Q1 2025, attributed to expanded manufacturing capacity and new indication launches[167] Cost Management and Expenses - The company expects to achieve annual cost savings of approximately $2.0 billion by the end of 2027 through its productivity initiative[132] - Total expenses decreased by 65% in Q1 2025, from $23.4 billion in 2024 to $8.2 billion[182] - Research and development expenses decreased by 16% in Q1 2025, totaling $2.3 billion[182] - Selling, general and administrative expenses decreased by 33% in Q1 2025, totaling $1.6 billion[182] - Acquired IPRD charges totaled $188 million in Q1 2025, a decrease from $12,949 million in Q1 2024[186] - Amortization of acquired intangible assets decreased by $1.5 billion in Q1 2025, primarily due to the full amortization of Revlimid[187] Regulatory Approvals and Product Launches - Significant regulatory approvals in Q1 2025 included Opdivo + Yervoy for advanced hepatocellular carcinoma and colorectal cancer in the U.S. and EU[131][141] - The launch of Opdivo Qvantig in January 2025 is expected to enhance the company's oncology portfolio[157] - Augtyro received EC approval for treating ROS1-positive advanced NSCLC and advanced solid tumors expressing NTRK gene fusion in February 2025[205] - Breyanzi was approved by the EC for adult patients with relapsed or refractory FL after two or more lines of systemic therapy in March 2025, based on the Phase II TRANSCEND FL study[205] - Camzyos received manufacturing and marketing approval in Japan for treating adults with oHCM in March 2025, based on results from the global Phase III EXPLORER-HCM study[205] - Opdivo Qvantig injection was recommended for approval by the CHMP for subcutaneous use in March 2025, demonstrating noninferiority in co-primary endpoints compared to its intravenous formulation[206] - Opdivo + Yervoy was approved by the FDA as a first-line treatment for unresectable or metastatic HCC in April 2025, based on the Phase III CheckMate-9DW trial results[206] Tax and Net Income - The effective tax rate for Q1 2025 was 17.1%, significantly improved from (3.4)% in Q1 2024, influenced by a $12.1 billion one-time charge in 2024[190] - Non-GAAP net earnings for Q1 2025 were $3,668 million, compared to a loss of $8,910 million in Q1 2024[196] - Other (income)/expense, net increased by $258 million, resulting in a net income of $339 million in Q1 2025 compared to $81 million in Q1 2024[188] Cash Flow and Debt Management - The net debt position improved by $886 million to $(37,584) million as of March 31, 2025, driven by $2.0 billion cash provided by operations[197] - Cash flow from operating activities was $1,954 million in Q1 2025, down $880 million from $2,834 million in Q1 2024[201] - Cash used in investing activities was $(499) million in Q1 2025, a significant decrease from $(19,618) million in Q1 2024 due to lower acquisition-related payments[203] - Dividend payments amounted to $1.3 billion during Q1 2025, reflecting the company's ongoing commitment to returning value to shareholders[200] - The company had no borrowings outstanding under any revolving credit facility as of March 31, 2025, indicating strong liquidity management[199] Clinical Trial Results - Sotyktu showed positive data in the Phase III POETYK PsA-2 trial, achieving ACR20 response in 54.2% of treated patients compared to 39.4% in placebo after 16 weeks[206] - The Phase III ODYSSEY-HCM trial for Camzyos did not meet its dual primary endpoints in April 2025, leading to updates in the U.S. Prescribing Information[205] - The Phase III RELATIVITY-098 trial for Opdualag did not meet its primary endpoint of recurrence-free survival in February 2025[206] Accounting Policies - The company reported no material changes to critical accounting policies during the three months ended March 31, 2025[207]

If you like what you have just read and want to receive at least 4 exclusive stock tips every week focused on Pharma, Biotech and Healthcare, then join me at my marketplace channel, Haggerston BioHealth . Invest alongside the model portfolio or simply access the investment bank-grade financial models and research. I hope to see you there.Revenues came to $11.2bn, down 6% year-on-year on a constant currency basis. Non-GAAP earnings per share ("EPS") came to $1.80, and GAAP EPS $1.20, compared to $(4.40) and ...

Core Insights - Bristol Myers Squibb (BMY) reported $11.2 billion in revenue for Q1 2025, a year-over-year decline of 5.6%, but exceeded the Zacks Consensus Estimate by 4.38% [1] - The company achieved an EPS of $1.80, a significant improvement from -$4.40 a year ago, with a surprise of 19.21% over the consensus estimate of $1.51 [1] Financial Performance - Net Sales for Abraxane in the U.S. were $40 million, significantly below the estimated $66.06 million, representing a decline of 72.4% year-over-year [4] - Opdivo's U.S. sales reached $1.33 billion, surpassing the $1.19 billion estimate, with a year-over-year increase of 15.3% [4] - Pomalyst/Imnovid's U.S. sales were $537 million, below the estimated $588.85 million, reflecting a decline of 10.1% year-over-year [4] - International sales for Pomalyst/Imnovid were $122 million, slightly above the estimate of $118.98 million, but down 54.5% year-over-year [4] - Revlimid's sales were $936 million, exceeding the $884.91 million estimate, with a year-over-year decline of 43.9% [4] - Opdivo's total sales reached $2.27 billion, above the $2.17 billion estimate, with a year-over-year increase of 9% [4] - Abraxane's total sales were $105 million, below the estimated $125.23 million, reflecting a decline of 51.6% year-over-year [4] - Reblozyl's sales were $478 million, slightly above the estimate of $477.54 million, with a year-over-year increase of 35% [4] - Zeposia's sales were $107 million, below the estimated $119.29 million, representing a decline of 2.7% year-over-year [4] - Breyanzi's sales reached $263 million, exceeding the estimate of $240.29 million, with a year-over-year increase of 145.8% [4] - Abecma's sales were $103 million, above the estimated $97.70 million, reflecting a year-over-year increase of 25.6% [4] - Opdualag's sales were $252 million, slightly below the estimate of $261.59 million, with a year-over-year increase of 22.3% [4] Stock Performance - Bristol Myers' shares have returned -18% over the past month, compared to the Zacks S&P 500 composite's -5.1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Q1 2025 Results April 24, 2025 Not for Product Promotional Use Forward Looking Statements and Non-GAAP Financial Information This presentation contains statements about Bristol-Myers Squibb Company's (the "Company") future financial results, plans, business development strategy, anticipated clinical trials, results and regulatory approvals that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. All statements that are ...