Key Takeaways Pfizer's COVID sales fell sharply, while non-COVID revenues rose 6% operationally in 2025.PFE's new and acquired drugs generated $10.2B in 2025, up about 14% year over year.Pfizer faces a 2026-2030 LOE cliff as Eliquis and other key drugs near patent expiry.Sales of Pfizer’s (PFE) COVID products, Comirnaty and Paxlovid, declined from their peak with the end of the pandemic. Their sales came down to around $11 billion in 2024 and $6.7 billion in 2025 from $56.7 billion in 2022. In addition to l ...

Core Viewpoint - Bristol Myers Squibb (BMY) has improved its near-term outlook following strong fourth-quarter 2025 results, with a stock increase of 7.6% post-earnings, reflecting enhanced investor sentiment [2][3]. Group 1: Financial Performance - BMY's stock has surged 31.2% over the past three months, outperforming the industry growth of 11.9% [3]. - The company's fourth-quarter revenues from its growth portfolio increased by 16% to $7.4 billion, accounting for 59% of total revenues [7]. - The blockbuster drug Opdivo generated $2.7 billion in sales during the fourth quarter, marking a 9% year-over-year increase [8]. - BMY's legacy portfolio faced a 15% revenue decline in the fourth quarter due to generic competition, impacting overall performance [15]. Group 2: Growth Drivers - Key brands in BMY's growth portfolio include Opdivo, Reblozyl, Breyanzi, and Camzyos, which have shown significant revenue contributions [7][9]. - Reblozyl's annualized sales have exceeded $2 billion, driven by strong uptake in MDS-associated anemia patients [11]. - Breyanzi sales surged 49% in the fourth quarter, surpassing a $1 billion annualized run rate [12]. - The FDA approval of Cobenfy for schizophrenia treatment has led to initial sales of $155 million in 2025, indicating strong market potential [13][14]. Group 3: Pipeline and Future Prospects - BMY is developing a robust pipeline with six promising candidates expected to report top-line data in the second half of the year [20]. - The acquisition of Orbital Therapeutics has added a next-generation CAR T-cell therapy candidate to BMY's pipeline [21]. - Collaboration with BioNTech on the bispecific antibody pumitamig has shown encouraging interim results in treating triple-negative breast cancer [22][23]. Group 4: Valuation and Estimates - BMY shares currently trade at a price/earnings ratio of 10.16x forward earnings, which is lower than the large-cap pharma industry's average of 18.76x [24]. - The Zacks Consensus Estimate for 2026 EPS has increased to $6.13 from $6.08 over the past week [25]. Group 5: Cost Management and Revenue Outlook - BMY is targeting $2 billion in annualized cost savings by the end of 2027, having achieved approximately $1 billion in savings in 2025 [29]. - Management projects 2026 revenues to be between $46.0 billion and $47.5 billion, down from $48.2 billion in 2025, due to ongoing pressure from legacy product sales [30].

Bates points to AI biotech In Silico as a prime example of how AI can overturn development in this way. In Silico has reported an average time of 13 months from project initiation to candidate selection in a 2025 Nature Medicine paper published on the company’s AI-developed drug rentosertib. In a Phase IIa idiopathic pulmonary fibrosis (IPF) study (NCT05938920), the drug was found to be safe and indicated positive signals in increasing lung function.Pharma companies look for several capabilities in AI, says ...

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]

Core Viewpoint - Bristol Myers Squibb reported strong fourth quarter results and issued a 2026 forecast that exceeded Wall Street expectations, indicating potential for continued stock momentum in current market conditions [1] Financial Performance - Fourth quarter revenue increased by 1% to $12.5 billion, surpassing the expected $12.28 billion [1] - Earnings per share (EPS) fell 25% year over year to $1.26 but exceeded estimates of $1.12 [1] - Bristol Myers' shares rose over 1.5% despite a down day for the S&P 500, reflecting the stock's defensive nature [1] Product Performance - The new schizophrenia treatment Cobenfy has significant sales potential, although it is still in early stages [1] - Sales of the blood thinner Eliquis, the company's largest drug, increased by 8% annually, despite falling short of expectations [1] - Bristol Myers expects Eliquis sales to grow by 10% to 15% for the full year, contrary to analyst expectations of a 15% decline in 2026 [1] Cost Management - The company achieved a half percentage point of adjusted operating margin expansion due to cost-cutting efforts, with both research-and-development costs and overhead expenses declining year over year [1] - Bristol is on track to deliver approximately $1 billion in cost savings in 2025 and another $1 billion over the next two years [1] Future Outlook - Bristol Myers provided 2026 revenue guidance of $46 billion to $47.5 billion, better than the $44.16 billion expected [1] - Gross margin is projected to be 69% to 70%, below the FactSet consensus of 72.3% [1] - Adjusted earnings are expected to be between $6.05 and $6.35 per share, exceeding the $6.02 expected [1] - The company anticipates a busy year of trial readouts, with over 10 late-stage study updates expected, which could bolster investor confidence [1]

Core Insights - Bristol-Myers Squibb Company (BMY) reported fourth-quarter 2025 adjusted earnings per share (EPS) of $1.26, exceeding the Zacks Consensus Estimate of $1.15, but down from $1.67 in the same quarter last year [1] - Total revenues reached $12.5 billion, surpassing the Zacks Consensus Estimate of $12.25 billion, and reflecting a 1% increase from the previous year [1] - The stock price increased following the better-than-expected quarterly results [1] Financial Performance - BMY's shares have increased by 28.5% over the past six months, while the industry has grown by 43.8% [2] - U.S. revenues remained flat year over year at $8.56 billion, while international revenues rose by 5% to $3.94 billion [3] - The Growth Portfolio revenues increased by 16% to $7.39 billion, primarily driven by immuno-oncology drugs like Opdivo [6][7] - The Legacy Portfolio revenues decreased by 15% to $5.11 billion, impacted by generic competition on key drugs, despite an 8% increase in Eliquis sales to $3.45 billion [11] Key Drug Performance - Opdivo sales increased by 9% year over year to $2.69 billion, surpassing estimates [8] - Yervoy contributed $810 million, up 20% year over year, and Reblozyl sales surged 22% to $666 million [9] - Breyanzi sales rose by 49% to $392 million, while Camzyos sales skyrocketed by 59% to $353 million [10] Cost and Margin Analysis - Adjusted gross margin decreased to 71.9% from 74% in the previous year due to a change in product mix [14] - Adjusted research and development expenses declined by 8% to $2.56 billion, and adjusted marketing, selling, and administrative expenses decreased by 1% to $2.09 billion [15] Future Guidance - For 2026, BMY provided revenue guidance of $46-$47.5 billion, supported by the Growth Portfolio's strong performance [17] - The company expects adjusted earnings to be in the range of $6.05-$6.35 for the full year, with the Zacks Consensus Estimate for 2026 EPS at $6.08 [17] Pipeline Updates - In December 2025, the FDA approved Breyanzi for adult patients with relapsed or refractory marginal zone lymphoma [18] - A supplemental biologics license application for Opdivo in combination with other drugs for Hodgkin lymphoma is under priority review, with a decision expected by April 8, 2026 [19]

Core Insights - Bristol Myers Squibb reported fourth-quarter 2025 revenues of $12.50 billion, exceeding the consensus estimate of $12.281 billion, marking a 1% year-over-year increase [1] - The company highlighted significant progress in 2025, with a strong Growth Portfolio and a robust balance sheet, allowing for continued investment in growth drivers [1] Financial Performance - Adjusted earnings for Bristol Myers Squibb were reported at $1.26, surpassing the consensus of $1.11, although this reflects a 25% decline due to acquired IPRD charges and licensing income [2] - The Growth Portfolio generated revenues of $7.4 billion, a 16% increase (15% at constant currency), primarily driven by the immuno-oncology portfolio, Camzyos, Breyanzi, and Reblozyl [3] - Legacy Portfolio revenues decreased to $5.1 billion, a 15% decline (16% Ex-FX), with increased demand for Eliquis offset by generic impacts and higher U.S. government channel rebates [3] Product Sales - Eliquis sales reached $3.45 billion, an 8% increase [4] - Opdivo sales increased by 9% to $2.69 billion, while Orencia generated $1.01 billion in sales, up 1% [4] - Yervoy sales rose by 20% to $810 million, and Reblozyl saw a 22% increase in quarterly sales to $666 million [4] Future Outlook - For fiscal 2026, Bristol Myers Squibb expects adjusted earnings of $6.05-$6.35 per share, compared to the consensus of $6.02 [5] - The company anticipates 2026 sales of approximately $46 billion-$47.50 billion, exceeding the consensus of $44.16 billion, with a projected revenue decline of 12-16% for the Legacy Portfolio, partially offset by the Growth Portfolio [5] - Global Eliquis revenues are expected to increase by 10%-15% in 2026 [5] - The company projects a gross margin of around 69-70%, influenced by product mix changes [6]

Financial Data and Key Metrics Changes - In Q4 2025, total revenue was approximately $12.5 billion, flat year-over-year, while the growth portfolio revenue increased by 15% to $7.4 billion, representing nearly 60% of total revenue [14][15] - For the full year, the growth portfolio grew 17%, offsetting a decline of roughly $4 billion in revenue from the legacy portfolio [6][7] - Adjusted diluted earnings per share for Q4 were $1.26, and for the full year, it was $6.15, both including a net charge related to in-process R&D and licensing income [20] Business Line Data and Key Metrics Changes - Opdivo revenue grew 7% to nearly $2.7 billion in Q4, driven by new indications and share growth in first-line non-small cell lung cancer [15] - Reblozyl achieved 21% growth, reflecting solid uptake across MDS-associated anemia patients [16] - Breyanzi's revenue increased by 47% in Q4, driven by strong demand across its approved indications [16] - Eliquis revenue was nearly $3.5 billion in Q4, up 6%, supported by demand growth and market share gains [16] Market Data and Key Metrics Changes - The U.S. market for Eliquis saw a 4% revenue increase, contributing to its overall growth [16] - Camzyos revenue grew 57% to $353 million in Q4, benefiting from global demand growth [17] - Sotyktu's global revenue grew 3%, with upcoming PDUFA dates for psoriatic arthritis and phase III readouts for lupus and Sjögren's disease [17] Company Strategy and Development Direction - The company aims to deliver industry-leading sustainable growth into the 2030s, focusing on executing its growth strategy and advancing its pipeline [11][23] - A multi-year plan is in place to rewire the company for long-term growth, with expectations to introduce over 10 new medicines and 30 meaningful launch opportunities by 2030 [9][10] - The company is expanding the use of AI to enhance operational efficiency and reinvest strategically in growth [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth portfolio's ability to drive revenue despite anticipated declines in the legacy portfolio due to ongoing LOE impacts [12] - The company expects 2026 revenue in the range of $46-$47.5 billion, with a projected decline of 12%-16% in the legacy portfolio [12][21] - Management highlighted the importance of maintaining a strong say-to-do ratio and delivering on commitments as part of the company culture [11] Other Important Information - The company completed a targeted $10 billion debt paydown ahead of schedule and generated strong cash flow from operations of approximately $2 billion in Q4 [20] - The effective tax rate for Q4 was 22.1%, reflecting a one-time non-tax deductible in-process R&D charge related to the Orbital acquisition [19] Q&A Session Summary Question: Insights on pivotal catalysts for 2026 - Management highlighted the potential for over 10 phase III data readouts this year, with a focus on products like Milvexian and Admilparant [25][28] Question: Eliquis dynamics for 2026 - Eliquis is expected to grow 10%-15% in 2026, driven by market share gains and pricing strategy adjustments [39] Question: Business development priorities - The company is focused on deepening its presence in existing therapeutic areas while remaining opportunistic for new opportunities [37] Question: Milvexian AFib study updates - The study is progressing well, with a focus on demonstrating non-inferiority to Eliquis and potential benefits in bleeding risks [46] Question: Admilparant's hypotension risk - Management indicated that the hypotension risk is being well managed in the phase three studies, with a focus on higher dosing [89]

Financial Data and Key Metrics Changes - In Q4 2025, total revenue was approximately $12.5 billion, flat year-over-year, while the growth portfolio revenue increased by 15% to $7.4 billion, representing nearly 60% of total revenue [12][13] - For the full year, the growth portfolio grew 17%, offsetting a decline of roughly $4 billion in revenue from the legacy portfolio [4][5] - Adjusted diluted earnings per share for Q4 were $1.26, and for the full year, it was $6.15, both including a net charge related to in-process R&D and licensing income [18][19] Business Line Data and Key Metrics Changes - Opdivo revenue grew 7% to nearly $2.7 billion in Q4, driven by new indications and share growth in first-line non-small cell lung cancer [14] - Reblozyl delivered 21% growth, reflecting solid uptake across first- and second-line MDS-associated anemia patients [15] - Breyanzi's revenue increased by 47% in Q4, driven by strong demand across its approved indications [15] - Eliquis revenue was nearly $3.5 billion in Q4, up 6%, supported by demand growth and market share gains [16] - Camzyos revenue grew 57% to $353 million in Q4, benefiting from global demand growth [16] Market Data and Key Metrics Changes - The company anticipates a revenue decline for the legacy portfolio of 12%-16% in 2026 due to ongoing loss of exclusivity impacts [11] - Eliquis is projected to grow 10%-15% in 2026, driven by global demand growth and a recent price reduction [11] Company Strategy and Development Direction - The company aims to deliver industry-leading sustainable growth into the 2030s and beyond, focusing on executing its growth strategy and advancing its pipeline [10][22] - The company plans to report top-line registrational data for six potential new products in 2026, with more than 30 meaningful launch opportunities expected by 2030 [8][9] - The company is committed to maintaining a strong cost-savings initiative, targeting an additional $1 billion in savings over 2026 and 2027 [17][48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver long-term value for patients and shareholders, highlighting a strong performance in 2025 [22] - The company is optimistic about the upcoming data readouts and the potential for new medicines to enhance its growth profile [8][9] Other Important Information - The company has a strong financial position with approximately $11 billion in cash equivalents and marketable securities as of December 31, 2025 [18] - The effective tax rate for Q4 was 22.1%, reflecting a one-time non-tax deductible in-process R&D charge related to the Orbital acquisition [17] Q&A Session Summary Question: Insights on pivotal catalysts and growth areas - Management highlighted the excitement around upcoming data readouts for six products and the potential for over 10 phase III data readouts in 2026, emphasizing the growth of the CELMoD program and the potential of Milvexian in AFib [26][27] Question: Eliquis dynamics and business development priorities - Eliquis is expected to continue strong performance in 2026, with a 75% market share in the U.S. Management is focused on deepening presence in existing therapeutic areas while remaining opportunistic in business development [35][36] Question: Updates on Milvexian and metabolic opportunities - The Milvexian study is progressing well, with a focus on demonstrating non-inferiority to Eliquis. Management is also monitoring the metabolic space but prioritizing existing therapeutic areas for business development [41][42] Question: Admilparant's hypotension risk and generic competition - Management addressed the manageable hypotension risk associated with Admilparant and discussed expectations for generic competition for Eliquis and Orencia, with significant impacts anticipated in 2026 and 2027 [82][83]

Q4 2025 Results February 5, 2026 Not for Product Promotional Use Forward Looking Statements and Non-GAAP Financial Information This presentation contains statements about Bristol-Myers Squibb Company's (the "Company") future financial results, plans, business development strategy, anticipated clinical trials, results and regulatory approvals that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. All statements that ar ...