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 ...

Financial Performance - Bristol Myers Squibb reported quarterly earnings of $1.80 per share, exceeding the Zacks Consensus Estimate of $1.51 per share, compared to a loss of $4.40 per share a year ago, representing an earnings surprise of 19.21% [1] - The company posted revenues of $11.2 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 4.38%, although this is a decrease from year-ago revenues of $11.87 billion [2] - Over the last four quarters, Bristol Myers has consistently surpassed consensus EPS estimates and revenue estimates [2] Stock Performance and Outlook - Bristol Myers shares have declined approximately 14.2% since the beginning of the year, while the S&P 500 has decreased by 8.6% [3] - The company's future stock performance will largely depend on management's commentary during the earnings call and the sustainability of the recent earnings numbers [3][4] - The current consensus EPS estimate for the upcoming quarter is $1.69 on revenues of $11.35 billion, and for the current fiscal year, it is $6.76 on revenues of $45.82 billion [7] Industry Context - The Medical - Biomedical and Genetics industry, to which Bristol Myers belongs, is currently ranked in the top 32% of over 250 Zacks industries, indicating a favorable outlook compared to lower-ranked industries [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]

Exhibit 99.1 Bristol Myers Squibb Reports First Quarter Financial Results for 2025 Results Reflect Continued Growth Portfolio Momentum and Disciplined Execution (PRINCETON, N.J., April 24, 2025) – Bristol Myers Squibb (NYSE: BMY) today reports results for the first quarter of 2025. "Our strong execution in the first quarter drove continued momentum across our Growth Portfolio and meaningful progress in the pipeline," said Christopher Boerner, Ph.D., board chair and chief executive officer, Bristol Myers Squ ...

百时美施贵宝预计全年调整后每股收益6.70美元至7美元，此前预计6.55美元至6.85美元。 ...

Core Viewpoint - Bristol Myers Squibb exceeded first-quarter estimates and raised its revenue and profit guidance for the year, driven by cost-cutting measures and strong performance in its drug portfolio [1][4]. Financial Performance - The company reported a net income of $2.5 billion, or $1.20 per share, for the first quarter, a significant recovery from a net loss of $11.9 billion, or a loss of $5.89 per share, in the same period last year [6]. - Adjusted earnings per share were $1.80, surpassing the expected $1.49, while revenue was $11.2 billion, exceeding the anticipated $10.7 billion [10]. - Revenue from the growth portfolio reached $5.56 billion, marking a 16% increase from the previous year [11]. Revenue Guidance - The company now anticipates 2025 revenue between $45.8 billion and $46.8 billion, an increase from the prior estimate of around $45.5 billion [2]. - Full-year adjusted earnings are expected to be between $6.70 and $7 per share, up from the previous forecast of $6.55 to $6.85 per share [2]. Market Strategy - China is identified as a critical market, with the "China 2030 Strategy" aimed at addressing unmet medical needs and increasing participation in clinical trials [4]. - The guidance revisions consider the impact of current tariffs on U.S. products shipped to China but do not include potential tariffs on pharmaceuticals imported into the U.S. [3]. Cost-Cutting Initiatives - The company is implementing a plan to reduce expenses by $2 billion by the end of 2027, in addition to $1.5 billion in planned cuts by the end of this year [5]. Product Performance - Sales of Eliquis, a top-selling blood thinner, were $3.57 billion for the quarter, down 4% year-over-year but above analyst expectations [7]. - Opdivo generated $2.27 billion in revenue, a 9% increase from the previous year, also exceeding estimates [11]. - Cobenfy, a recently approved schizophrenia drug, generated $27 million in sales for the first quarter, following disappointing clinical trial results [5][11].

Core Insights - Zacks Premium provides tools for investors to enhance their stock market strategies and confidence, including daily updates, research reports, and stock screens [1] - The Zacks Style Scores are designed to rate stocks based on value, growth, and momentum, serving as complementary indicators to the Zacks Rank [2] Zacks Style Scores - Each stock receives a rating from A to F based on its value, growth, and momentum characteristics, with higher scores indicating a better chance of outperforming the market [3] - The Value Score identifies attractive and discounted stocks using various financial ratios, appealing to value investors [4] - The Growth Score focuses on a company's future prospects and financial health, analyzing earnings, sales, and cash flow for sustainable growth [5] - The Momentum Score helps investors capitalize on price trends by assessing recent price changes and earnings estimate revisions [6] - The VGM Score combines all three Style Scores, providing a comprehensive indicator for investors seeking the best value, growth, and momentum [6] Zacks Rank - The Zacks Rank is a proprietary model that utilizes earnings estimate revisions to assist investors in building successful portfolios [7] - Stocks rated 1 (Strong Buy) have historically achieved an average annual return of +25.41% since 1988, significantly outperforming the S&P 500 [8] - Investors are encouraged to select stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B for optimal investment potential [9] Stock Analysis: Bristol Myers Squibb (BMY) - Bristol Myers Squibb is a leading biopharmaceutical company focused on treatments for severe diseases, with notable products like Opdivo and a diverse portfolio including immunology and cardiovascular drugs [11] - BMY holds a 3 (Hold) rating on the Zacks Rank, with a VGM Score of A and a Value Style Score of B, indicating attractive valuation metrics such as a forward P/E ratio of 7.23 [12] - Recent upward revisions in earnings estimates and a Zacks Consensus Estimate of $6.77 per share for fiscal 2025, along with an average earnings surprise of 16.2%, make BMY a stock of interest for investors [12][13]