Core Viewpoint - Bristol Myers (BMY) reported better-than-expected fourth-quarter results, but the outlook for 2025 indicates a revenue decline due to generic competition and foreign exchange impacts [1][2][3]. Financial Performance - Adjusted earnings per share (EPS) for Q4 were $1.67, exceeding the Zacks Consensus Estimate of $1.46, but down from $1.70 in the same quarter last year [1]. - Total revenues reached $12.3 billion, surpassing the Zacks Consensus Estimate of $11.6 billion, marking an 8% increase from the previous year [1]. 2025 Outlook - BMY anticipates revenues of approximately $45.5 billion in 2025, a decrease from $48.3 billion in 2024 [2]. - The company expects a revenue decline of about 18-20% from its Legacy Portfolio due to generic competition [2]. - Adjusted EPS guidance for 2025 is projected to be between $6.55 and $6.85 [2]. Drug Portfolio and Competition - BMY's Legacy Portfolio generated $25.7 billion in revenues in 2024, accounting for over 53% of total revenues, with Eliquis being the largest contributor [4]. - Eliquis sales in 2024 were $13.3 billion, reflecting a 9% year-over-year growth, with expectations for continued growth in 2025 despite initial sales growth being tempered [5]. - Generic competition is expected to significantly impact revenues from Revlimid, Pomalyst, Sprycel, and Abraxane [6]. New Drug Contributions - Newer drugs like Reblozyl, Breyanzi, Camzyos, and Opdualag are helping to stabilize BMY's revenue amid generic competition [7]. - Reblozyl has shown strong performance and is expected to contribute significantly in the coming decade [7]. - Opdualag and Camzyos are also experiencing robust sales growth, contributing positively to the top line [8]. Cost-Cutting Initiatives - BMY announced a strategic cost-reduction plan aimed at achieving approximately $1.5 billion in savings by the end of 2025, with $1.1 billion already realized [12]. - An expansion of the strategic productivity initiative is expected to yield an additional $2 billion in annualized cost savings by the end of 2027 [13]. Debt and Valuation - As of December 31, 2024, BMY had cash and equivalents of $10.3 billion and long-term debt of $47.6 billion, raising concerns about its high debt ratio [14]. - BMY shares currently trade at a price/earnings ratio of 8.06x forward earnings, lower than its historical mean and the large-cap pharma industry average [18]. Estimate Revisions - The Zacks Consensus Estimate for 2025 earnings has decreased from $7.03 to $6.81 per share over the past week, with a similar downward trend for 2026 [19].

Core Insights - Bristol Myers Squibb's Breyanzi (lisocabtagene maraleucel) has shown significant efficacy in treating relapsed or refractory indolent B-cell non-Hodgkin lymphoma, meeting both primary and key secondary endpoints in the Phase 2 TRANSCEND FL trial [1][2] - The FDA has approved Breyanzi for multiple subtypes of non-Hodgkin lymphoma, making it the CAR T cell therapy with the broadest treatment indications for B-cell malignancies [3] - Breyanzi's sales are projected to exceed $747 million in 2024, reflecting a more than 100% increase from previous figures [3] Company Developments - The Phase 2 TRANSCEND FL trial demonstrated a statistically significant overall response rate (ORR) and complete response rate (CRR) for Breyanzi in the marginal zone lymphoma cohort [1] - Breyanzi has shown durable responses and a consistent safety profile, with no new safety signals reported [2] - A $6.4 billion lawsuit against Bristol Myers Squibb was dismissed due to the plaintiff's lack of standing, which could have implications for the company's legal and financial stability [4] Market Performance - Bristol Myers Squibb's stock price decreased by 2.87%, closing at $55.22 [5]

Group 1 - Cobenfy's FDA approval is expected to significantly contribute to Bristol-Myers Squibb's growth starting in 2025 [1] - The company reported its Q4 2024 financial and business results, indicating a focus on the potential of novel treatments [1] - The analyst has over 20 years of experience in research and development of Cell & Gene Therapies, emphasizing the importance of these therapies in addressing clinical needs [1] Group 2 - The analyst expresses a beneficial long position in the shares of Bristol-Myers Squibb and AbbVie, indicating confidence in their future performance [2] - The article reflects the analyst's independent opinions and is not influenced by any compensation from the companies mentioned [2]

Brendan, a Pennsylvanian by birth:-Completed a Ph.D. at Stanford University in the field of organic synthesis (2009). -Worked for a major pharmaceutical company (Merck, 2009-2013).-Worked in biotech including start-ups (Theravance/Aspira) prior to securing employment at Caltech.-First employee and co-founder of 1200 Pharma as it spun out of Caltech garnering major investment (into the 8 figures).-Remains an avid investor, focused on market trends and especially biotechnology stocks.Analyst’s Disclosure: I/w ...

Bristol-Myers Squibb Company (NYSE:BMY) Q4 2024 Earnings Conference Call February 6, 2025 8:00 AM ET Company Participants Chuck Triano - Senior Vice President, Investor Relations Chris Boerner - Board Chair & Chief Executive Officer David Elkins - Chief Financial Officer Adam Lenkowsky - Chief Commercialization Officer Samit Hirawat - Chief Medical Officer & Head of Global Drug Development Conference Call Participants Chris Schott - JPMorgan Luisa Hector - Berenberg Geoff Meacham - Citibank Chris Shibutani ...

Bristol-Myers Squibb Company (NYSE:BMY) Q4 2024 Earnings Conference Call February 6, 2025 8:00 AM ET Company Participants Chuck Triano - Senior Vice President, Investor Relations Chris Boerner - Board Chair & Chief Executive Officer David Elkins - Chief Financial Officer Adam Lenkowsky - Chief Commercialization Officer Samit Hirawat - Chief Medical Officer & Head of Global Drug Development Conference Call Participants Chris Schott - JPMorgan Luisa Hector - Berenberg Geoff Meacham - Citibank Chris Shibutani ...

Core Viewpoint - Bristol-Myers Squibb Company (BMY) reported better-than-expected fourth-quarter 2024 results, but the outlook for 2025 is below expectations due to anticipated revenue declines from generic competition [1][2][18]. Financial Performance - Adjusted earnings per share (EPS) for Q4 2024 were $1.67, exceeding the Zacks Consensus Estimate of $1.46, but down from $1.70 in the same quarter last year [1]. - Total revenues reached $12.3 billion, surpassing the Zacks Consensus Estimate of $11.6 billion and reflecting an 8% increase year-over-year [1]. - For the full year 2024, revenues rose 7% to $48.3 billion, beating the Zacks Consensus Estimate of $47.5 billion [15]. Revenue Breakdown - U.S. revenues increased 9% to $8.6 billion, while international revenues grew 5% to $3.7 billion [4]. - The Growth Portfolio generated $6.4 billion in revenues, a 21% increase year-over-year, driven by strong sales of Reblozyl, Breyanzi, Camzyos, Yervoy, and Opdualag [5]. - Sales of Eliquis were $3.2 billion, up 11%, and exceeded estimates [11]. Drug Performance - Sales of Reblozyl surged 71% to $547 million, outperforming estimates [7]. - Opdivo sales rose 4% to $2.48 billion but fell short of expectations [6]. - Breyanzi sales skyrocketed 160% to $263 million, significantly beating estimates [9]. Cost and Margin - Gross margin decreased to 74% from 76.4% year-over-year due to product mix changes [14]. - Adjusted research and development expenses increased 13% to $2.8 billion, while marketing and administrative expenses remained flat at $2.1 billion [14]. 2025 Guidance - The company expects adjusted EPS in the range of $6.55-$6.85 for 2025, below the Zacks Consensus Estimate of $6.98 [16]. - Projected revenues for 2025 are approximately $45.5 billion, reflecting a potential 18-20% decline in the Legacy Portfolio due to generic competition [16]. Strategic Initiatives - Bristol-Myers announced an expansion of its strategic productivity initiative, targeting approximately $2 billion in additional annualized cost savings by the end of 2027 [19].

For the quarter ended December 2024, Bristol Myers Squibb (BMY) reported revenue of $12.34 billion, up 7.5% over the same period last year. EPS came in at $1.67, compared to $1.70 in the year-ago quarter.The reported revenue represents a surprise of +6.59% over the Zacks Consensus Estimate of $11.58 billion. With the consensus EPS estimate being $1.46, the EPS surprise was +14.38%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall ...

Group 1 - Bristol Myers Squibb reported quarterly earnings of $1.67 per share, exceeding the Zacks Consensus Estimate of $1.46 per share, but down from $1.70 per share a year ago, representing an earnings surprise of 14.38% [1] - The company achieved revenues of $12.34 billion for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 6.59% and up from $11.48 billion year-over-year [2] - Bristol Myers has consistently outperformed consensus EPS and revenue estimates over the last four quarters [2] Group 2 - The stock has gained approximately 5.6% since the beginning of the year, outperforming the S&P 500's gain of 3.1% [3] - The future performance of Bristol Myers' stock will largely depend on management's commentary during the earnings call and the sustainability of earnings expectations [3][4] - Current consensus EPS estimate for the upcoming quarter is $1.66 on revenues of $11.32 billion, and for the current fiscal year, it is $6.98 on revenues of $46.32 billion [7] Group 3 - The Medical - Biomedical and Genetics industry, to which Bristol Myers belongs, is currently ranked in the top 28% of over 250 Zacks industries, indicating a favorable outlook [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] - The current estimate revisions trend for Bristol Myers is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6]

Q4 2024 Results February 6, 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 ar ...