Core Insights - Bristol Myers Squibb Co. reported Q3 2025 revenues of $12.22 billion, exceeding consensus estimates of $11.81 billion, marking a 3% year-over-year increase [1] Revenue Breakdown - Growth Portfolio revenues reached $6.9 billion, an 18% increase, or 17% when excluding foreign exchange effects, driven by the immuno-oncology portfolio, Reblozyl, Camzyos, and Breyanzi [1] - Legacy Portfolio revenues declined to $5.4 billion, a 12% decrease, or 13% Ex-FX, with Eliquis sales increasing to $3.75 billion, up 25%, but this was offset by the impact of generics on the rest of the Legacy Portfolio [2] Product Performance - Sales of Opdivo increased by 7% to $2.53 billion, while Orencia generated $964 million, up 3%. Yervoy sales rose 15% to $739 million, and Reblozyl saw a 37% increase to $615 million [3] Financial Metrics - Adjusted earnings per share were reported at $1.63, surpassing the consensus of $1.51 [3] - Gross margin on a GAAP basis was 71.9%, and on a non-GAAP basis, it was 72.9%, down from 75.1% and 76.0% respectively from the previous year, indicating a change in product mix [4] Guidance and Market Reaction - The company narrowed its fiscal 2025 earnings guidance to $6.40-$6.60, compared to the consensus of $6.38, and raised its sales guidance to $47.5 billion-$48 billion, above the consensus of $47.33 billion, reflecting strong Growth Portfolio performance [5] - Following the earnings report, Bristol-Myers Squibb shares rose by 4.40% to $44.47 [5]

Core Insights - The third-quarter 2025 reporting cycle for the Medical sector is commencing, with major firms expected to release earnings results in the coming weeks, particularly in pharma/biotech and medical devices [1] - Johnson & Johnson has set a positive tone for the earnings season by exceeding estimates and raising its sales expectations for 2025 [1] - Roche has reported solid growth in the first nine months of 2025, driven by high demand for key drugs, leading to an upward revision of its earnings per share growth expectations for 2025 [2] Earnings Trends - As of October 22, 13.3% of Medical sector companies, representing 26.8% of the sector's market capitalization, have reported earnings, with 87.5% exceeding earnings estimates and the same percentage surpassing revenue expectations [3] - Year-over-year earnings increased by 7.4%, while revenues rose by 9.8%. However, third-quarter earnings for the Medical sector are projected to decrease by 4.3%, with sales expected to rise by 8.1% compared to the previous year [3] Company Performance Expectations - Eli Lilly is expected to report strong results driven by demand for GLP-1 drugs and other oncology and immunology products, with a consensus estimate of $16.01 billion in sales and $6.02 per share in earnings [7][8] - Merck is anticipated to see growth from its cancer drug Keytruda, with estimates of $17.06 billion in sales and $2.36 per share in earnings [12] - AbbVie is projected to benefit from sales of Rinvoq, Skyrizi, and newer drugs, with estimates of $15.59 billion in sales and $1.80 per share in earnings [13][14] - Bristol Myers is expected to report revenues influenced by growth portfolio sales, with estimates of $11.83 billion in sales and $1.51 per share in earnings [15][16] - Gilead Sciences is likely to see revenue support from its HIV therapies, with estimates of $7.46 billion in sales and $2.15 per share in earnings, although impacted by changes in Medicare Part D [19][20]

Core Viewpoint - Bristol-Myers Squibb Company (BMY) is set to report its second-quarter 2025 results on July 31, with sales and earnings estimates at $11.38 billion and $1.18 per share, respectively. However, earnings estimates for 2025 and 2026 have seen a decline over the past month [1][5]. Financial Estimates - The current earnings estimate for Q2 2025 is $1.18, down from $1.55 30 days ago, reflecting a decrease of 29.34%. The earnings estimates for 2025 and 2026 have also decreased to $6.37 and $6.03, respectively [2][5]. - BMY has a strong earnings surprise history, beating estimates in the last four quarters with an average surprise of 20.16% [2]. Factors Influencing Q2 Results - Total quarterly revenues are expected to be negatively impacted by declining sales from the legacy portfolio, which includes drugs like Eliquis, Revlimid, and Pomalyst, primarily due to generic competition [4][5]. - Sales for Pomalyst are estimated at $727 million, while Eliquis is projected to generate $3.5 billion in sales [6][7]. Growth Portfolio Performance - The growth portfolio, which includes drugs like Opdivo, Reblozyl, and Camzyos, is expected to partially offset the decline in legacy drug sales. Opdivo sales are estimated at $2.4 billion, while Reblozyl is projected at $546 million [8][10][11]. - New drug Cobenfy for schizophrenia has shown promising sales growth, indicating a positive start for the newly launched product [12][18]. Strategic Initiatives - BMY has announced cost-cutting plans aiming to save $1.5 billion by 2025 and an additional $2 billion annually by 2027, which are expected to improve profitability [5][14]. - The company has entered a strategic collaboration with BioNTech for the co-development of a bispecific antibody, BNT327, which targets solid tumors [19][22]. Stock Performance and Valuation - BMY shares have declined by 14.4% year-to-date, underperforming the industry and the S&P 500 [16]. - The stock currently trades at a price/earnings ratio of 7.84x forward earnings, lower than its historical mean and the large-cap pharma industry average [20].

Core Insights - Bristol Myers is focused on expanding the label for its key drugs, with Reblozyl being a significant contributor, generating $478 million in Q1, reflecting a 35% year-over-year increase [1][9] Drug Indications and Performance - Reblozyl is approved in the U.S. for treating anemia in adult patients with beta thalassemia requiring regular RBC transfusions and for ESA-naïve patients with very low- to intermediate-risk myelodysplastic syndromes [2] - It is also indicated for patients with anemia failing an erythropoiesis stimulating agent and requiring multiple RBC units over 8 weeks [3] Clinical Study Results - The phase III study INDEPENDENCE for Reblozyl did not meet its primary endpoint of RBC transfusion independence in myelofibrosis-associated anemia patients [4] - Despite this, patients showed a numerical improvement in RBC transfusion independence, and several secondary measures indicated a clinically meaningful benefit [5] Competitive Landscape - Keros Therapeutics is developing a competing treatment for transfusion-dependent anemia, having recently initiated a phase III study [6] - Reblozyl also competes with established erythropoiesis-stimulating agents like Procrit, which operates through different mechanisms [7] Financial Performance and Valuation - Bristol Myers' shares have decreased by 9.6% year-to-date, contrasting with the industry growth of 0.7% [8] - The company is trading at a price/earnings ratio of 7.78x forward earnings, lower than its historical mean and the large-cap pharma industry's average of 14.91x [11] Earnings Estimates - The bottom-line estimate for 2025 has been revised down to $6.37 from $6.89 over the past 60 days, with a similar decline for 2026 [12] - Recent consensus estimate trends show a downward revision across multiple time frames [13]

Core Viewpoint - Bristol-Myers Squibb is preparing to announce its Q2 2025 earnings, with expectations of adjusted earnings of $1.585 per share and sales of $11.31 billion, despite slight downward revisions in revenue and earnings estimates for 2025 [1][2]. Financial Performance - The company anticipates a low-single-digit percentage increase in total revenue for the later 2020s, primarily due to updated assumptions for its cancer drug Yervoy [2][4]. - Bank of America Securities has revised the company's earnings model, showing a decline of more than 1% in total revenue and EPS for Q2, with similar trends for 2025 [3][4]. Product Performance and Market Dynamics - Key products such as Pomalyst, Revlimid, Camzyos, and Orencia are expected to face significant headwinds due to U.S. drug pricing reforms [5]. - The earnings call will focus on the commercial performance of products like Cobenfy, Camzyos, Reblozyl, and Breyanzi, which are crucial for immediate revenue streams [7][8]. Industry Challenges - The evolving landscape of U.S. drug pricing policies, including the 'most favored nation' rule and potential pharma-specific tariffs, poses systemic pressures on the pharmaceutical industry, affecting Bristol-Myers Squibb [6]. - The company is expected to face several challenging years ahead, with anticipated earnings declines driven by generic competition [10]. Valuation Insights - Bristol-Myers Squibb is considered one of the cheaper companies in large-cap biopharma, with a price-to-earnings ratio of 7 to 8 times expected 2025 earnings, comparable to peers like Pfizer, GSK, Biogen, and Merck [9].

Company Overview - Bristol-Myers Squibb is a leading global specialty biopharmaceutical company focused on developing treatments for severe diseases [12] - The company has a diverse portfolio that includes blockbuster immuno-oncology drug Opdivo and essential immunology and cardiovascular drugs like Orencia and Eliquis [12] Financial Performance - For fiscal 2025, 11 analysts have revised their earnings estimate upwards in the last 60 days, increasing the Zacks Consensus Estimate by $0.10 to $6.85 per share [13] - Bristol-Myers Squibb boasts an average earnings surprise of 20.2% [13] Investment Ratings - The company currently holds a 3 (Hold) rating on the Zacks Rank, with a VGM Score of A [13] - Bristol-Myers Squibb has a Momentum Style Score of B, and its shares have increased by 4.2% over the past four weeks [13] - With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, Bristol-Myers Squibb is recommended for investors' short list [14]

Core Insights - AnaptysBio, Inc. has released updated data from the Phase 2b trial of rosnilimab, demonstrating significant efficacy in treating rheumatoid arthritis [1][2] - The drug showed durable responses and was well tolerated compared to standard biologics and JAK inhibitors [2][4] - Analyst Emily Bodnar upgraded AnaptysBio's rating from Neutral to Buy, raising the price target from $22 to $38 based on positive trial data [4] Efficacy and Safety - In a 424-patient trial, rosnilimab achieved JAK-like efficacy on multiple measures, including low disease activity (LDA) and remission on the Clinical Disease Activity Index (CDAI) [1] - At Week 12, all three doses of rosnilimab (100mg Q4W, 400mg Q4W, 600mg Q2W) showed statistically significant reductions in DAS-28 CRP and ACR20 compared to placebo [2] - By Week 12, 45% of patients achieved CDAI LDA, increasing to 69% by Week 14 across all doses [2] Patient Outcomes - Rosnilimab demonstrated clinically meaningful improvements in patient-reported outcomes, including pain visual analog scale (VAS) and HAQ-Disability Index [4] - As of the March 11, 2025 data cutoff, 83% of patients remained in LDA at Week 34, with a median CDAI of 13 for those not sustaining LDA [3] Competitive Landscape - Data from the SELECT-CHOICE trial indicated similar efficacy results for AbbVie’s Rinvoq and Bristol Myers Squibb’s Orencia, aligning with rosnilimab's outcomes [5] - In contrast, Eli Lilly's discontinued PD-1 agonist peresolimab showed a decline in CDAI LDA rates, highlighting rosnilimab's stronger performance [6] - Johnson & Johnson is expected to present early data for its PD-1 agonist at the upcoming EULAR conference, although its study is smaller than AnaptysBio's [6]

Core Viewpoint - Zacks Premium offers various tools and resources to help investors make informed decisions and maximize their stock market investments [1][2]. Zacks Style Scores - Zacks Style Scores are complementary indicators that rate stocks based on value, growth, and momentum methodologies, aiding investors in selecting stocks likely to outperform the market in the short term [2][3]. - Stocks are rated from A to F, with A indicating the highest potential for outperformance [3]. Value Score - The Value Score identifies attractive and discounted stocks using ratios such as P/E, PEG, Price/Sales, and Price/Cash Flow [3]. Growth Score - The Growth Score focuses on a company's financial health and future outlook, analyzing projected and historical earnings, sales, and cash flow [4]. Momentum Score - The Momentum Score helps investors capitalize on price trends, utilizing factors like one-week price changes and monthly earnings estimate changes [5]. VGM Score - The VGM Score combines all three Style Scores, providing a comprehensive indicator for investors who utilize multiple investing strategies [6]. Zacks Rank - The Zacks Rank is a proprietary model based on earnings estimate revisions, which has shown strong performance, with 1 (Strong Buy) stocks averaging a +25.41% annual return since 1988, significantly outperforming the S&P 500 [7][8]. - There are over 800 stocks rated 1 or 2, making it essential for investors to use Style Scores to identify the best opportunities [9]. Stock to Watch: Bristol Myers Squibb (BMY) - Bristol Myers Squibb is a leading biopharmaceutical company focused on severe disease treatments, with a strong portfolio including the immuno-oncology drug Opdivo and other essential drugs [11]. - BMY holds a 3 (Hold) Zacks Rank and a VGM Score of A, with a Value Style Score of A due to a forward P/E ratio of 6.8, making it attractive for value investors [12]. - Recent analyst revisions have increased the earnings estimate for fiscal 2025 by $0.14 to $6.89 per share, with an average earnings surprise of 20.2% [12].

Core Viewpoint - Bristol-Myers Squibb Company (BMY) reported strong first-quarter 2025 results, with adjusted earnings per share (EPS) of $1.80, 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 $1.51 and improved from an adjusted loss of $4.40 in the same quarter last year [1]. - Total revenues reached $11.2 billion, surpassing the Zacks Consensus Estimate of $10.7 billion, although down 6% from the previous year [1]. - U.S. revenues decreased 7% to $7.9 billion, while international revenues fell 2% year over year to $3.3 billion [3]. Growth Portfolio - Revenues from the Growth Portfolio amounted to $5.6 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 ($478 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 $5.64 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 $936 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 $1.6 billion due to cost-cutting initiatives [13]. Guidance Update - The company raised its annual revenue guidance to $45.8-$46.8 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-$7, compared to the previous guidance of $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].

Core Insights - Zacks Premium provides tools for investors to enhance their stock market strategies and confidence, including daily updates, research reports, and stock screens [1] - The Zacks Style Scores are designed to rate stocks based on value, growth, and momentum, serving as complementary indicators to the Zacks Rank [2] Zacks Style Scores - Each stock receives a rating from A to F based on its value, growth, and momentum characteristics, with higher scores indicating a better chance of outperforming the market [3] - The Value Score identifies attractive and discounted stocks using various financial ratios, appealing to value investors [4] - The Growth Score focuses on a company's future prospects and financial health, analyzing earnings, sales, and cash flow for sustainable growth [5] - The Momentum Score helps investors capitalize on price trends by assessing recent price changes and earnings estimate revisions [6] - The VGM Score combines all three Style Scores, providing a comprehensive indicator for investors seeking the best value, growth, and momentum [6] Zacks Rank - The Zacks Rank is a proprietary model that utilizes earnings estimate revisions to assist investors in building successful portfolios [7] - Stocks rated 1 (Strong Buy) have historically achieved an average annual return of +25.41% since 1988, significantly outperforming the S&P 500 [8] - Investors are encouraged to select stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B for optimal investment potential [9] Stock Analysis: Bristol Myers Squibb (BMY) - Bristol Myers Squibb is a leading biopharmaceutical company focused on treatments for severe diseases, with notable products like Opdivo and a diverse portfolio including immunology and cardiovascular drugs [11] - BMY holds a 3 (Hold) rating on the Zacks Rank, with a VGM Score of A and a Value Style Score of B, indicating attractive valuation metrics such as a forward P/E ratio of 7.23 [12] - Recent upward revisions in earnings estimates and a Zacks Consensus Estimate of $6.77 per share for fiscal 2025, along with an average earnings surprise of 16.2%, make BMY a stock of interest for investors [12][13]