Bristol Myers Squibb Q4 Earnings Call Highlights

Core Insights - The company reported flat total revenue of approximately $12.5 billion for Q4 year-over-year, with a growth portfolio revenue increase of 15% to $7.4 billion, representing nearly 60% of total revenue in the quarter [1][5] - The CEO highlighted strong fourth-quarter performance, with the growth portfolio up 15% year-over-year in Q4 and 17% for the full year, nearly offsetting a $4 billion decline in revenue from the legacy portfolio [2][5] - The company anticipates a "data-rich" 2026, expecting top-line registrational readouts for six potential new products and multiple pivotal oncology readouts [3][9] Financial Performance - The company guided for 2026 revenue of $46.0–$47.5 billion and non-GAAP EPS of $6.05–$6.35, forecasting a 12–16% decline in the legacy portfolio due to loss-of-exclusivity [4][13] - Eliquis is expected to grow 10–15% in 2026, but sales are projected to decline by approximately $1.5–$2 billion in 2027 [4][16] - The company ended 2025 with around $11 billion in cash and equivalents, having completed a $10 billion debt paydown ahead of schedule [17] Product Performance - Key products in the growth portfolio include Reblozyl, which exceeded $2 billion, and Opdualag, Breyanzi, and Camzyos, each surpassing $1 billion in 2025 [5] - Opdivo revenue rose 7% in Q4 to nearly $2.7 billion, driven by new indications and market share gains [6] - Breyanzi's Q4 revenue increased by 47%, supported by demand across approved indications, and it received FDA approval for additional cancer types [7] Pipeline and Future Outlook - The company expects significant pipeline activity in 2026, with potential new products including milvexian and admilparant, and anticipates pivotal readouts for Sotyktu and Cobenfy [9][10] - Management is focused on a $2 billion productivity program, having achieved about $1 billion in savings in 2025, with plans to realize the remaining savings in 2026 and 2027 [3][15] - The company is preparing for eight registrational studies expected to commence by year-end, including studies in non-small cell lung cancer [12]