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BMY Beats on Q1 Earnings and Sales, Raises 2025 Outlook
BMYBristol-Myers Squibb(BMY) ZACKS·2025-04-24 16:55

Core Viewpoint - Bristol-Myers Squibb Company (BMY) reported strong first-quarter 2025 results, with adjusted earnings per share (EPS) of 1.80,exceedingexpectations,despiteadeclineinoverallrevenuesduetolegacyportfoliosales[1][20].FinancialPerformance−AdjustedEPSof1.80, exceeding expectations, despite a decline in overall revenues due to legacy portfolio sales [1][20]. Financial Performance - Adjusted EPS of 1.80 beat the Zacks Consensus Estimate of 1.51andimprovedfromanadjustedlossof1.51 and improved from an adjusted loss of 4.40 in the same quarter last year [1]. - Total revenues reached 11.2billion,surpassingtheZacksConsensusEstimateof11.2 billion, surpassing the Zacks Consensus Estimate of 10.7 billion, although down 6% from the previous year [1]. - U.S. revenues decreased 7% to 7.9billion,whileinternationalrevenuesfell27.9 billion, while international revenues fell 2% year over year to 3.3 billion [3]. Growth Portfolio - Revenues from the Growth Portfolio amounted to 5.6billion,reflectinga165.6 billion, reflecting a 16% increase year over year, driven by strong demand for key drugs [4]. - Notable sales growth was observed in Opdivo (2.26 billion, up 9%), Reblozyl (478million,up35478 million, up 35%), and Breyanzi (263 million, up 146%) [5][6][7]. - The Growth Portfolio's performance was bolstered by higher demand for Opdivo, Reblozyl, Breyanzi, Camzyos, Yervoy, and Opdualag [4]. Legacy Portfolio - Revenues from the Legacy Portfolio declined 20% to 5.64billion,primarilyduetogenericcompetitionaffectingdrugslikeRevlimidandPomalyst[10].−Eliquissaleswere5.64 billion, primarily due to generic competition affecting drugs like Revlimid and Pomalyst [10]. - Eliquis sales were 3.56 billion, down 4%, but exceeded expectations [10]. - Revlimid revenues plummeted 44% to 936million,whilePomalystandSprycelalsosawsignificantdeclines[12].CostManagement−Grossmargindecreasedto73.1936 million, while Pomalyst and Sprycel also saw significant declines [12]. Cost Management - Gross margin decreased to 73.1% from 75.5% in the previous year, attributed to product mix changes [13]. - Adjusted R&D expenses decreased 5% to 2.2 billion, and adjusted marketing, selling, and administrative expenses fell 20% to 1.6billionduetocost−cuttinginitiatives[13].GuidanceUpdate−Thecompanyraiseditsannualrevenueguidanceto1.6 billion due to cost-cutting initiatives [13]. Guidance Update - The company raised its annual revenue guidance to 45.8-46.8billion,upfrom46.8 billion, up from 45.5 billion, reflecting strong Growth Portfolio performance and favorable foreign exchange impacts [17]. - Adjusted EPS guidance was also increased to a range of 6.70−6.70-7, compared to the previous guidance of 6.55−6.55-6.85 [18]. Pipeline Developments - The FDA approved Opdivo plus Yervoy as a first-line treatment for unresectable or metastatic hepatocellular carcinoma [16]. - Updates on Camzyos and Cobenfy indicated some challenges in clinical trials, with the latter not meeting statistical significance for its primary endpoint [15].