Bristol-Myers Squibb(US:BMY) ZACKSยท2025-07-31 16:46Core Insights - Bristol-Myers Squibb Company (BMY) reported Q2 2025 adjusted EPS of $1.46, exceeding the Zacks Consensus Estimate of $1.07, but down from $2.07 in the same quarter last year [1][7] - Total revenues reached $12.3 billion, surpassing the Zacks Consensus Estimate of $11.4 billion, with a 1% increase from the previous year [1][7] Revenue Breakdown - U.S. revenues decreased by 3% to $8.5 billion, while international revenues increased by 10% to $3.8 billion [4] - The Growth Portfolio generated $6.6 billion in revenues, an 18% increase year-over-year, driven by demand for Opdivo, Reblozyl, Breyanzi, Camzyos, and others [5][21] - Opdivo sales rose 7% to $2.6 billion, exceeding estimates, while Yervoy contributed $728 million, up 16% [6][8] - Legacy Portfolio revenues fell 14% to $5.67 billion, primarily due to generic competition affecting Revlimid and others, although Eliquis sales increased by 8% to $3.7 billion [10][12] Cost and Margin Analysis - Gross margin decreased to 72.6% from 75.6% year-over-year due to product mix changes [13] - Adjusted R&D expenses decreased by 1% to $2.3 billion, while marketing and administrative expenses fell by 12% to $1.7 billion due to cost-cutting initiatives [13] Guidance and Future Outlook - BMY raised its 2025 revenue guidance to $46.5-$47.5 billion, up from $45.8-$46.8 billion, citing strong Growth Portfolio performance and favorable foreign exchange impacts [19] - Adjusted EPS guidance was lowered to $6.35-$6.65 due to IPRD charges from the BNTX partnership [20] Pipeline and Strategic Developments - The FDA accepted a supplemental new drug application for Sotyktu, with a target action date of March 6, 2026 [14] - BMY entered a collaboration with BioNTech for the co-development of a bispecific antibody and announced the formation of a new biopharmaceutical company focused on autoimmune diseases [16][18]