Bristol-Myers Squibb(US:BMY)2025-07-31 16:17Financial Performance - Total revenues for Q2 2025 were $12,269 million, a 1% increase from $12,201 million in Q2 2024, while year-to-date revenues decreased by 2% to $23,470 million from $24,066 million[143]. - GAAP diluted earnings per share (EPS) for Q2 2025 were $0.64, down from $0.83 in Q2 2024, while non-GAAP EPS decreased to $1.46 from $2.07[143]. - U.S. revenues decreased by 3% in Q2 2025 to $8,519 million, and by 5% year-to-date to $16,392 million, impacted by generics and Medicare Part D redesign[160]. - International revenues increased by 8% in Q2 2025 to $3,481 million, and by 3% year-to-date to $6,590 million, driven by higher demand for the Growth Portfolio and Eliquis[161]. - Total revenues for the second quarter of 2025 were $12,269 million, a 1% increase compared to $12,201 million in 2024[167]. - The Growth Portfolio generated $6,596 million in revenue, an 18% increase from $5,596 million in the same period last year[167]. - The Legacy Portfolio saw a decline in total revenues to $5,673 million, a 14% decrease from $6,605 million in 2024[167]. Cost Management and Savings - The company expects to achieve annual cost savings of approximately $2.0 billion by the end of 2027 due to an expansion in its strategic productivity initiative[142]. - Selling, general and administrative expenses decreased by $215 million in Q2 2025 and $998 million year-to-date, primarily due to cost savings from strategic productivity initiatives[198]. - Total expenses decreased by 4% in Q2 2025 and 45% year-to-date, reflecting a reduction in various operational costs[196]. Regulatory Approvals and Collaborations - In 2025, the company received multiple regulatory approvals, including Opdivo + Yervoy for unresectable HCC in the U.S. and EU, and Breyanzi for relapsed or refractory FL in the EU[140][154]. - A strategic collaboration with BioNTech was established in June 2025 to co-develop a bispecific antibody across multiple solid tumor types[141]. - The company opened a new radiopharmaceutical facility in Indianapolis, Indiana, to support its development and manufacturing capabilities following the RayzeBio acquisition[141]. Product Performance - Opdivo sales increased by 7% in Q2 2025 to $2,560 million, with U.S. sales growing by 7% to $1,506 million[165]. - Breyanzi sales surged by 125% in Q2 2025 to $344 million, with U.S. sales increasing by 110% to $255 million[165]. - New product Cobenfy generated $35 million in sales in Q2 2025, marking its initial revenue[165]. - Eliquis revenue increased by 8% to $3,680 million, with U.S. sales growing by 4% and Non-U.S. sales rising by 18%[167]. - Revlimid revenue decreased by 38% to $838 million, with U.S. sales dropping by 37%[167]. - Pomalyst/Imnovid revenue fell by 26% to $708 million, with U.S. sales down 18%[167]. Market Challenges - The company is facing increased pricing pressures due to legislative changes, including the IRA, which may lead to reduced prices and reimbursement rates for its products[146]. - The company anticipates that ongoing governmental actions may negatively impact its revenues and profit margins due to potential changes in drug pricing and reimbursement policies[152]. - U.S. revenues decreased 37% during Q2 2025 and 41% year-to-date, primarily due to lower demand driven by generic erosion and lower average net selling prices[186]. - International revenues decreased 44% during Q2 2025 and 42% year-to-date, primarily due to lower demand driven by generic erosion and foreign exchange impacts[186]. Research and Development - Research and development expenses decreased by $319 million in Q2 2025 and $757 million year-to-date, primarily due to lower impairment charges and cost savings[199]. - FDA approved label updates for Abecma and Breyanzi to reduce patient monitoring requirements and remove REMS programs[224]. - The Phase III INDEPENDENCE trial for Reblozyl in myelofibrosis-associated anemia did not meet its primary endpoint of RBC transfusion independence[225]. Financial Position - The net debt position as of June 30, 2025, was $35.235 billion, a decrease of $3.2 billion from December 31, 2024, primarily due to cash provided by operations of $5.9 billion[213]. - Cash flow from operating activities for the six months ended June 30, 2025, was $5.871 billion, an increase of $711 million compared to 2024[220]. - Total cash, cash equivalents, and marketable debt securities as of June 30, 2025, amounted to $13.950 billion, up from $11.179 billion at the end of 2024[213].