Bristol-Myers Squibb(BMY) - 2025 Q1 - Quarterly Report

Financial Performance - Total revenues for Q1 2025 were $11,201 million, a decrease of 6$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$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$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$11,865 million in 2024[154] - The Growth Portfolio generated $5,563 million in revenue, reflecting a 16$4,792 million in the previous year[154] - The Legacy Portfolio saw a significant decline, with total revenues of $5,638 million, down 20$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$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$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$23.4 billion in 2024 to $8.2 billion[182] - Research and development expenses decreased by 16$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]