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]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________ FORM 10-Q ___________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to _______ Commission File Number 001-01136 ___________________________ BRISTOL-MYERS SQUIBB COMPANY (Exact ...

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]

Bristol Myers Squibb (BMY) came out with quarterly earnings of $1.46 per share, beating the Zacks Consensus Estimate of $1.07 per share. This compares to earnings of $2.07 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +36.45%. A quarter ago, it was expected that this biopharmaceutical company would post earnings of $1.51 per share when it actually produced earnings of $1.8, delivering a surprise of +19.21%.Over the last four ...

Financial Data and Key Metrics Changes - Total company revenues for Q2 2025 were approximately $12.3 billion, reflecting strong demand across the business [20] - The growth portfolio saw a 17% year-over-year increase in sales, primarily driven by demand for key brands [7][21] - Diluted earnings per share was reported at $1.46, which includes a charge of approximately $1.5 billion related to the BioNTech partnership [30] Business Line Data and Key Metrics Changes - Opdivo global sales were approximately $2.6 billion, up 7%, driven by demand in the U.S. and international markets [21] - REBLOZYL global sales reached $568 million in the quarter, with a 30% growth in the U.S. and a 46% increase outside the U.S. [24] - BRYANZI revenues grew 122% globally, reflecting strong demand across all indications [25] - Kamsiyos global sales were $260 million, growing 86% due to robust demand [26] - Eliquis global sales were $3.7 billion, growing 6% [27] Market Data and Key Metrics Changes - The U.S. market saw strong launches for both Opdivo and KEVANTIC, with the latter receiving a permanent J code to support reimbursement [22][23] - The company expects the legacy portfolio to decline approximately 15% to 17% for the year, a more moderate rate than previously anticipated [32] Company Strategy and Development Direction - The company is focused on reshaping for long-term sustainable growth, with strategic partnerships announced with BioNTech and PhiloChem to enhance its oncology and radiopharmaceutical capabilities [8][12] - The company is entering a data-rich period with seven registration assets and seven lifecycle management opportunities expected in the next 12 to 24 months [14] - The company aims to drive improved growth in the outer years and attractive returns for shareholders through strategic business development initiatives [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential despite some studies not meeting expectations, emphasizing the importance of upcoming data readouts [39] - The company is optimistic about the performance of its growth portfolio and has raised its full-year revenue guidance by $700 million [32] - Management highlighted the importance of maintaining a strong pipeline and the potential for new therapies to address unmet medical needs [100] Other Important Information - The company is committed to returning capital to shareholders through dividends while also focusing on debt reduction, aiming to pay down $10 billion by 2026 [31] - A new Executive Vice President, Chief Medical Officer, and Head of Development will join the company, indicating a focus on advancing the pipeline [19] Q&A Session Summary Question: Insights on Phase III results and potential for line extensions - Management noted that while some studies did not yield expected results, they do not foresee significant long-term impacts on growth and are optimistic about future opportunities [39][40] Question: Context on direct-to-consumer offering with Pfizer - The partnership aims to increase patient access and affordability, cutting out middlemen in the healthcare system [48][51] Question: Launch dynamics and hurdles for COBENFI - The launch is tracking as expected, with positive physician feedback and plans to expand into hospital settings [59][60] Question: Rationale for partnering with BioNTech - The partnership is seen as a strategic move to enhance the growth profile and leverage both companies' strengths in immuno-oncology [68][71] Question: Competitive dynamics for KAMZIOS - The company remains confident in KAMZIOS's growth potential despite upcoming competition, emphasizing its established efficacy and safety profile [89] Question: Insights on MILVEXIAN's potential - Management believes there is an underappreciation of MILVEXIAN's differentiated dosing and its potential to address significant unmet needs in various indications [99][100]

Financial Data and Key Metrics Changes - Total company revenues for Q2 2025 were approximately $12.3 billion, reflecting strong demand across the business [19] - The growth portfolio saw a 17% year-over-year increase in sales, primarily driven by demand for key brands [5][19] - Gross margin was approximately 73%, primarily due to product mix, with operating expenses down by approximately $260 million compared to the same period last year [29][30] - Diluted earnings per share was $1.46, which includes a $1.5 billion charge related to the BioNTech strategic partnership [30][34] Business Line Data and Key Metrics Changes - Opdivo global sales were approximately $2.6 billion, up 7%, driven by demand in the U.S. and international markets [20] - REBLOZYL global sales were $568 million in the quarter, with U.S. revenue growth up 30% year-over-year [22] - BRYANZI revenues were $344 million, reflecting a 122% increase due to strong demand across all indications [25] - Kamsiyos global sales were $260 million, growing 86% due to robust demand [26] - Eliquis global sales were $3.7 billion, growing 6% primarily due to strong demand [27] Market Data and Key Metrics Changes - In the U.S., Opdivo revenues were approximately $1.5 billion, largely driven by a strong launch in MSI high colorectal cancer [20] - Outside the U.S., Opdivo revenues grew 7%, driven by volume growth and one-time favorable adjustments [20] - REBLOZYL sales outside the U.S. grew 46%, reflecting continued demand across newly launched markets [23] Company Strategy and Development Direction - The company is focused on reshaping for long-term sustainable growth, optimizing its cost structure, and enhancing its growth portfolio [5][19] - Strategic partnerships with BioNTech and Philochem aim to strengthen immuno-oncology and radiopharmaceutical capabilities [6][11] - The company is prioritizing investments in areas with the strongest potential for high-value assets [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential despite some studies not meeting expectations, emphasizing the importance of upcoming data readouts [39] - The company is entering a data-rich period with seven registration assets and seven lifecycle management opportunities expected in the next 12 to 24 months [13] - Management raised full-year revenue guidance by $700 million, reflecting strong performance and better-than-expected legacy sales [32][34] Other Important Information - The company announced a direct-to-consumer offering for Eliquis in partnership with Pfizer, aimed at increasing patient access and affordability [45][49] - A new Executive Vice President, Chief Medical Officer, and Head of Development will join the company, indicating a focus on pipeline advancements [17] Q&A Session Summary Question: Upcoming data-heavy period and Phase III results - Management acknowledged the importance of upcoming studies and their limited impact on long-term growth, emphasizing confidence in future opportunities [39] Question: Macro pressures and direct-to-consumer offering - The direct-to-consumer offering was implemented to cut out middlemen and provide patients with lower costs and increased transparency [46][49] Question: Launch dynamics for COBENFI - COBENFI is performing in line with expectations, with steady growth anticipated as the company expands its prescriber base [56] Question: Competitive dynamics for Kamsiyos - Management remains confident in Kamsiyos' growth despite upcoming competition, citing strong real-world data and positive feedback on label changes [86] Question: Differentiation of MILVEXIAN - Management believes there is an underappreciation of MILVEXIAN's differentiated dosing and its potential in multiple indications [90][92]

Q2 2025 Performance - Global net sales reached approximately $12.3 billion, showing a 1% year-over-year increase, but 0% excluding foreign exchange impacts[11] - The Growth Portfolio net sales increased by 18%, or 17% excluding foreign exchange impacts[11] - GAAP earnings per share (EPS) were $0.64, while non-GAAP EPS reached $1.46, including a negative impact of $0.57 per share from acquired IPR&D charges[13] Financial Guidance - The company is adjusting its non-GAAP EPS guidance to $6.35 - $6.65[14] - Total revenues are expected to be approximately $46.5 billion - $47.5 billion[14] - The company is on track to pay down approximately $10 billion of debt by the end of Q2 2026, with approximately $6.5 billion already achieved as of Q2 2025[56] Strategic Business Development - The company executed strategic business development initiatives, including the formation of Immunology NewCo with Bain Capital[14,17] - A global alliance was formed to co-develop and co-commercialize BNT327 (PD-L1/VEGF bispecific)[18] - A license agreement was secured for exclusive worldwide rights to OncoACP3, strengthening the company's position in radiopharmaceuticals[18] Product Performance - Eliquis global net sales reached $3.68 billion, showing an 8% increase year-over-year, or 6% excluding foreign exchange impacts[46] - Reblozyl sales increased 34% to $568 million[41] - Opdivo sales increased 7% to $2.56 billion[36]