Core Insights - The company demonstrated strong fourth-quarter performance in 2025, with a growth portfolio that increased by 15% year-over-year, contributing significantly to overall revenue [1][15] - The company is focused on executing a multiyear plan aimed at long-term growth, entering 2026 with positive momentum [1][12] - The company anticipates 2026 revenue between $46 billion and $47.5 billion, driven by strong performance from its growth portfolio despite a projected decline in its legacy portfolio [12][13] Financial Performance - Total revenue for Q4 2025 was approximately $12.5 billion, with the growth portfolio accounting for nearly 60% of total revenue [15] - Key brands such as Reblozyl, Breyanzi, and Camzyos showed significant growth, with Breyanzi's revenue up 47% and Camzyos growing 57% [18][19] - The company achieved approximately $1 billion in cost savings in 2025, with plans to realize an additional $1 billion in 2026 and 2027 [20][49] Product Development and Pipeline - Breyanzi received FDA approval for additional cancer types, enhancing its market position [6] - The company has multiple pivotal studies planned for 2026, with expectations for significant data readouts that could enhance the growth profile of its portfolio [10][30] - The company is focusing on expanding its product offerings in oncology, immunology, and neuroscience, with several new medicines expected to launch by 2030 [8][11] Market Dynamics - Eliquis is projected to grow by 10% to 15% in 2026, driven by increased global demand and a recent price reduction that enhances patient access [13][40] - The company anticipates a revenue decline of $1.5 billion to $2 billion for Eliquis in 2027 due to generic competition, which is expected to impact its overall revenue [25][82] - The company is strategically focused on business development opportunities that align with its existing therapeutic areas, while also considering new market expansions [39][44]

Bristol Myers Squibb (BMY) came out with quarterly earnings of $1.26 per share, beating the Zacks Consensus Estimate of $1.15 per share. This compares to earnings of $1.67 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +9.33%. A quarter ago, it was expected that this biopharmaceutical company would post earnings of $1.48 per share when it actually produced earnings of $1.63, delivering a surprise of +10.14%.Over the last four ...

Financial Data and Key Metrics Changes - The company reported total revenue in Q4 2025 was approximately $12.5 billion, flat year-over-year, while the growth portfolio revenue increased by 15% to $7.4 billion, representing close to 60% of total revenue in the quarter [14][15] - For the full year, the growth portfolio grew 17%, offsetting a decline of roughly $4 billion in revenue from the legacy portfolio [6][7] - Adjusted diluted earnings per share for Q4 were $1.26, and for the full year, it was $6.15, both figures including a net charge related to in-process R&D and licensing income [20] Business Line Data and Key Metrics Changes - Opdivo revenue grew 7% to nearly $2.7 billion in Q4, driven by new indications and share growth in first-line non-small cell lung cancer [15] - Reblozyl delivered 21% growth, reflecting solid uptake across first- and second-line MDS-associated anemia patients [16] - Breyanzi's revenue increased by 47% in Q4, driven by strong demand across its approved indications [16] - Eliquis revenue was nearly $3.5 billion in Q4, an increase of 6%, driven by demand growth and market share gains [16] Market Data and Key Metrics Changes - The company anticipates 2026 revenue in the range of $46 billion to $47.5 billion, reflecting strong performance from the growth portfolio and a projected revenue decline for the legacy portfolio of 12%-16% [12][21] - Eliquis is expected to grow 10%-15% in 2026, driven by global demand growth and a recent price reduction [12] Company Strategy and Development Direction - The company aims to deliver industry-leading sustainable growth into the 2030s and beyond, focusing on executing its growth strategy and advancing its pipeline [11][23] - The company plans to introduce more than 10 new medicines and over 30 meaningful launch opportunities by 2030, with a data-rich period expected in 2026 [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver long-term value for patients and shareholders, emphasizing the importance of executing growth strategies and optimizing cost structures [23] - The company is focused on maintaining a strong say-to-do ratio and embedding this culture into its operations [11] Other Important Information - The company completed its targeted $10 billion debt paydown ahead of schedule and generated strong cash flow from operations of approximately $2 billion in Q4 [20] - The effective tax rate in Q4 was 22.1%, reflecting a one-time non-tax deductible in-process R&D charge related to the Orbital acquisition [19] Q&A Session Summary Question: Insights on pivotal catalysts for 2026 - Management highlighted the potential for over 10 phase III data readouts in 2026, with a focus on products like CELMoDs and Milvexian [25][28] Question: Eliquis dynamics for 2026 - Eliquis is expected to maintain strong performance with a 75% market share in the U.S., supported by recent pricing strategy adjustments [38][39] Question: Update on Milvexian and AFib study - The study is progressing well, with a focus on demonstrating non-inferiority to Eliquis while also aiming for a better bleeding profile [46][66] Question: Cost savings in 2026 - The company achieved over $1 billion in cost savings in 2025 and expects to continue reducing expenses while reinvesting in growth drivers [51][52] Question: Admilparant's hypotension risk - Management indicated that the hypotension risk observed in phase II was well managed in phase III studies, with ongoing monitoring [89]

Financial Data and Key Metrics Changes - In Q4 2025, total revenue was approximately $12.5 billion, flat year-over-year, while the growth portfolio revenue increased by 15% to $7.4 billion, representing nearly 60% of total revenue [14][15] - For the full year, the growth portfolio grew 17%, offsetting a decline of roughly $4 billion in revenue from the legacy portfolio [6][7] - Adjusted diluted earnings per share for Q4 were $1.26, and for the full year, it was $6.15, both including a net charge related to in-process R&D and licensing income [20] Business Line Data and Key Metrics Changes - Opdivo revenue grew 7% to nearly $2.7 billion in Q4, driven by new indications and share growth in first-line non-small cell lung cancer [15] - Reblozyl achieved 21% growth, reflecting solid uptake across MDS-associated anemia patients [16] - Breyanzi's revenue increased by 47% in Q4, driven by strong demand across its approved indications [16] - Eliquis revenue was nearly $3.5 billion in Q4, up 6%, supported by demand growth and market share gains [16] Market Data and Key Metrics Changes - The U.S. market for Eliquis saw a 4% revenue increase, contributing to its overall growth [16] - Camzyos revenue grew 57% to $353 million in Q4, benefiting from global demand growth [17] - Sotyktu's global revenue grew 3%, with upcoming PDUFA dates for psoriatic arthritis and phase III readouts for lupus and Sjögren's disease [17] Company Strategy and Development Direction - The company aims to deliver industry-leading sustainable growth into the 2030s, focusing on executing its growth strategy and advancing its pipeline [11][23] - A multi-year plan is in place to rewire the company for long-term growth, with expectations to introduce over 10 new medicines and 30 meaningful launch opportunities by 2030 [9][10] - The company is expanding the use of AI to enhance operational efficiency and reinvest strategically in growth [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth portfolio's ability to drive revenue despite anticipated declines in the legacy portfolio due to ongoing LOE impacts [12] - The company expects 2026 revenue in the range of $46-$47.5 billion, with a projected decline of 12%-16% in the legacy portfolio [12][21] - Management highlighted the importance of maintaining a strong say-to-do ratio and delivering on commitments as part of the company culture [11] Other Important Information - The company completed a targeted $10 billion debt paydown ahead of schedule and generated strong cash flow from operations of approximately $2 billion in Q4 [20] - The effective tax rate for Q4 was 22.1%, reflecting a one-time non-tax deductible in-process R&D charge related to the Orbital acquisition [19] Q&A Session Summary Question: Insights on pivotal catalysts for 2026 - Management highlighted the potential for over 10 phase III data readouts this year, with a focus on products like Milvexian and Admilparant [25][28] Question: Eliquis dynamics for 2026 - Eliquis is expected to grow 10%-15% in 2026, driven by market share gains and pricing strategy adjustments [39] Question: Business development priorities - The company is focused on deepening its presence in existing therapeutic areas while remaining opportunistic for new opportunities [37] Question: Milvexian AFib study updates - The study is progressing well, with a focus on demonstrating non-inferiority to Eliquis and potential benefits in bleeding risks [46] Question: Admilparant's hypotension risk - Management indicated that the hypotension risk is being well managed in the phase three studies, with a focus on higher dosing [89]

Financial Data and Key Metrics Changes - In Q4 2025, total revenue was approximately $12.5 billion, flat year-over-year, while the growth portfolio revenue increased by 15% to $7.4 billion, representing nearly 60% of total revenue [12][13] - For the full year, the growth portfolio grew 17%, offsetting a decline of roughly $4 billion in revenue from the legacy portfolio [4][5] - Adjusted diluted earnings per share for Q4 were $1.26, and for the full year, it was $6.15, both including a net charge related to in-process R&D and licensing income [18][19] Business Line Data and Key Metrics Changes - Opdivo revenue grew 7% to nearly $2.7 billion in Q4, driven by new indications and share growth in first-line non-small cell lung cancer [14] - Reblozyl delivered 21% growth, reflecting solid uptake across first- and second-line MDS-associated anemia patients [15] - Breyanzi's revenue increased by 47% in Q4, driven by strong demand across its approved indications [15] - Eliquis revenue was nearly $3.5 billion in Q4, up 6%, supported by demand growth and market share gains [16] - Camzyos revenue grew 57% to $353 million in Q4, benefiting from global demand growth [16] Market Data and Key Metrics Changes - The company anticipates a revenue decline for the legacy portfolio of 12%-16% in 2026 due to ongoing loss of exclusivity impacts [11] - Eliquis is projected to grow 10%-15% in 2026, driven by global demand growth and a recent price reduction [11] Company Strategy and Development Direction - The company aims to deliver industry-leading sustainable growth into the 2030s and beyond, focusing on executing its growth strategy and advancing its pipeline [10][22] - The company plans to report top-line registrational data for six potential new products in 2026, with more than 30 meaningful launch opportunities expected by 2030 [8][9] - The company is committed to maintaining a strong cost-savings initiative, targeting an additional $1 billion in savings over 2026 and 2027 [17][48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver long-term value for patients and shareholders, highlighting a strong performance in 2025 [22] - The company is optimistic about the upcoming data readouts and the potential for new medicines to enhance its growth profile [8][9] Other Important Information - The company has a strong financial position with approximately $11 billion in cash equivalents and marketable securities as of December 31, 2025 [18] - The effective tax rate for Q4 was 22.1%, reflecting a one-time non-tax deductible in-process R&D charge related to the Orbital acquisition [17] Q&A Session Summary Question: Insights on pivotal catalysts and growth areas - Management highlighted the excitement around upcoming data readouts for six products and the potential for over 10 phase III data readouts in 2026, emphasizing the growth of the CELMoD program and the potential of Milvexian in AFib [26][27] Question: Eliquis dynamics and business development priorities - Eliquis is expected to continue strong performance in 2026, with a 75% market share in the U.S. Management is focused on deepening presence in existing therapeutic areas while remaining opportunistic in business development [35][36] Question: Updates on Milvexian and metabolic opportunities - The Milvexian study is progressing well, with a focus on demonstrating non-inferiority to Eliquis. Management is also monitoring the metabolic space but prioritizing existing therapeutic areas for business development [41][42] Question: Admilparant's hypotension risk and generic competition - Management addressed the manageable hypotension risk associated with Admilparant and discussed expectations for generic competition for Eliquis and Orencia, with significant impacts anticipated in 2026 and 2027 [82][83]

Q4 2025 Results February 5, 2026 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 ar ...

While reporting financial results for the fourth quarter on Thursday, Bristol-Myers Squibb Co. (BMY) initiated its adjusted earnings and revenue growth guidance for the full-year 2026, above analysts' estimates.For fiscal 2026, the company now projects adjusted earnings in a range of about $6.05 to $6.35 per share on worldwide total revenues between about $46.0 billion and $47.5 billion.On average, 25 analysts polled expect the company to report earnings of $6.04 per share on a revenues decline of 7.85 per ...

Core Viewpoint - Bristol Myers Squibb has provided a particularly optimistic forecast for the year 2026, indicating strong growth and performance expectations for the company in the coming years [1] Group 1 - The company anticipates significant revenue growth driven by its key products and a robust pipeline of new therapies [1] - Bristol Myers Squibb expects to achieve a revenue target of $50 billion by 2026, reflecting a substantial increase from previous years [1] - The outlook includes expectations for continued advancements in oncology and immunology, which are critical areas for the company's future success [1]

格隆汇2月5日｜百时美施贵宝预计2026年营收约为460亿至475亿美元，市场预期为441.6亿美元。 ...

Core Insights - Bristol Myers Squibb reported higher fourth-quarter revenue driven by growth in sales of its immuno-oncology treatments, which helped to offset a decline in revenue from some of its older drugs [1] Group 1 - The increase in revenue is attributed to the success of immuno-oncology treatments [1] - Older drugs experienced a decline in revenue, indicating a potential shift in the company's product performance [1]