Bristol-Myers Squibb(US:BMY)2025-10-30 11:09Revenue Performance - Total revenues for Q3 2025 increased by 3% to $12.2 billion, with a 2% increase excluding foreign exchange effects[3] - Growth Portfolio revenues rose by 18% to $6.9 billion, driven primarily by immuno-oncology products, Reblozyl, Camzyos, and Breyanzi[7] - Eliquis revenue increased by 29% to $2.6 billion, while Legacy Portfolio revenues decreased by 12% to $5.4 billion due to generic competition[7] - Total revenues for Q3 2025 reached $12.222 billion, a 2.8% increase compared to $11.892 billion in Q3 2024[38] - Net product sales amounted to $11.850 billion in Q3 2025, up from $11.483 billion in Q3 2024, reflecting a growth of 3.2%[38] - Total revenues for the nine months ended September 30, 2025, were $35,692 million, a decrease of 1% compared to $35,958 million in 2024[44] - The Growth Portfolio generated $19,016 million in revenue, reflecting a 17% increase from $16,200 million in 2024[44] Earnings and Guidance - GAAP EPS was $1.08, a significant increase of 81% from $0.60 in Q3 2024; non-GAAP EPS decreased by 9% to $1.63[3] - The company raised its 2025 revenue guidance to a range of approximately $47.5 billion to $48.0 billion[3] - Bristol Myers Squibb increased its full-year 2025 non-GAAP revenue guidance from approximately $46.5 billion to a range of approximately $47.5 billion to $48.0 billion, reflecting strong performance from its Growth Portfolio[15] - Non-GAAP EPS is now projected to be in the range of $6.40 to $6.60, including a $(0.80) per share net impact related to Acquired IPRD charges and licensing income[16] Expenses and Margins - Gross margin on a GAAP basis was 71.9%, down from 75.1% in Q3 2024, reflecting changes in product mix[9] - Research and development expenses increased by 6% to $2.5 billion, primarily due to an IPRD impairment charge[9] - The total expenses for Q3 2025 were $9.108 billion, down from $10.216 billion in Q3 2024, a decrease of 10.9%[38] - Selling, general and administrative expenses decreased by 10% to $1,789 million in Q3 2025 from $1,983 million in Q3 2024[56] - The operating margin for Q3 2025 was 36.6%, down from 38.5% in Q3 2024, while the operating margin excluding specified items was 38.4% compared to 39.6% in the prior year[56] Clinical Developments - The company announced positive data from multiple clinical trials, including Sotyktu for psoriatic arthritis and BMS-986446 for Alzheimer's disease[12] - The FDA granted Breakthrough Therapy Designation to iza-bren for treating locally advanced or metastatic non-small cell lung cancer with specific mutations[18] - The FDA accepted the supplemental biologics license application for Breyanzi as a potential treatment for adult patients with relapsed or refractory marginal zone lymphoma[18] Acquisitions and Strategic Moves - Bristol Myers Squibb announced a definitive agreement to acquire Orbital Therapeutics, which includes OTX-201, a preclinical RNA immunotherapy candidate[14] - The acquisition aims to enhance Bristol Myers Squibb's immune reset strategy and provide access to advanced RNA technology for treating autoimmune diseases[14] - The financial guidance excludes the impact of potential future strategic acquisitions, including Orbital Therapeutics, expected to close in Q4 2025[17] Cash and Debt Position - Cash and cash equivalents increased to $15,726 million as of September 30, 2025, up from $10,346 million on December 31, 2024, representing a growth of 52.9%[64] - Total cash, cash equivalents, and marketable debt securities reached $16,909 million, compared to $11,179 million in the previous period, indicating a rise of 51.5%[64] - Short-term debt obligations rose to $(4,509) million, up from $(2,046) million, reflecting an increase of 120.1%[64] - Long-term debt decreased to $(44,469) million from $(47,603) million, showing a reduction of 4.5%[64] - The net debt position improved to $(32,069) million, compared to $(38,470) million, marking an enhancement of 16.7%[64]