Key Takeaways BMY posted Q4 EPS of $1.26 and revenues of $12.5B, beating estimates and sending the stock higher.BMY's Growth Portfolio revenues rose 16% to $7.39B, driven by immuno-oncology drugs like Opdivo.BMY's Legacy Portfolio fell 15% as generics hit key drugs, while Eliquis sales grew but missed estimates.Bristol-Myers Squibb Company (BMY) reported fourth-quarter 2025 adjusted earnings per share (EPS) of $1.26, which beat the Zacks Consensus Estimate of $1.15. In the year-ago quarter, BMY posted adjus ...

Core Insights - Bristol Myers Squibb (BMY) has partnered with Janux Therapeutics to develop a novel tumor-activated therapeutic targeting a validated solid tumor antigen across multiple cancer types [2] - Janux is set to receive up to $50 million in upfront and near-term milestone payments, with potential additional milestones totaling approximately $800 million, along with tiered royalties on global product sales [3] - BMY will lead clinical development and global commercialization after the IND submission, while Janux will remain involved through the first phase I study [4] Collaboration and Development - BMY's collaboration with Microsoft aims to enhance early detection of lung cancer using AI-powered radiology solutions [4] - In 2025, BMY partnered with BioNTech for the co-development of the investigational bispecific antibody pumitamig (BNT327) for various solid tumor types [5] - Interim results from a phase II study of pumitamig in combination with chemotherapy for triple-negative breast cancer showed encouraging antitumor activity and a manageable safety profile [6][7] Competitive Landscape - BMY competes in the oncology space with major players like Merck and Pfizer, with Merck's Keytruda being a dominant drug in immuno-oncology [9] - Merck is developing bispecific antibodies targeting PD-1 and VEGF, while Pfizer has a diverse oncology portfolio including ADCs and bispecifics [10][13] Financial Performance and Valuation - BMY shares have increased by 25.4% over the past six months, outperforming the industry growth of 22.8% [15] - The company is trading at a price/earnings ratio of 9.02x forward earnings, which is lower than the large-cap pharma industry's average of 18.18x [17] - The Zacks Consensus Estimate for BMY's 2025 EPS has decreased to $6.33 from $6.51 over the past 60 days, while the estimate for 2026 has increased [19]

Core Insights - Bristol Myers Squibb (BMY) shares increased by 5.62% following the announcement to continue the phase III ADEPT-2 study on Cobenfy for psychosis associated with Alzheimer's disease, contrary to investor expectations of a study failure [1][2][7] - The ADEPT-2 study's data readout has been postponed to next year, but the continuation of the study has reassured investors [2][7] - BMY's shares have declined by 9.9% year-to-date, while the industry has seen a growth of 19.9% [2] Study Details - The ADEPT-2 study is a multicenter, randomized, double-blind, placebo-controlled trial assessing the safety and efficacy of Cobenfy in patients with Alzheimer's disease dementia-related psychosis [4] - The primary endpoint focuses on changes in the Neuropsychiatric Inventory-Clinician Hallucinations and Delusions score, with a key secondary endpoint of Clinical Global Impression-Severity [5] - Irregularities were identified at a few study sites, leading to the exclusion of their data from the primary analysis after consultation with the FDA and a data monitoring committee (DMC) [6][7] Future Prospects - The DMC has recommended continuing the study by enrolling additional patients, and BMY will proceed with patient enrollment while remaining blinded to the study data [8] - Additional results from the ADEPT program, including ADEPT-1 and ADEPT-4, are expected by the end of 2026 [9] Portfolio Diversification - BMY is actively working to diversify its portfolio due to the negative impact of generics on its legacy drugs like Revlimid and Pomalyst [10] - The approval of Cobenfy has further diversified BMY's portfolio, with sales reaching $105 million year-to-date, and it is expected to be a significant growth driver as the company seeks label expansions [11] - The FDA has granted Fast Track Designation to BMS-986446, a potential anti-microtubule binding region-tau antibody currently in phase II development for early Alzheimer's disease [12]

Core Insights - Bristol-Myers Squibb Company (BMY) is a leading biopharmaceutical firm focused on innovative medicines for serious diseases, particularly in oncology, immunology, cardiovascular conditions, and blood disorders [1] - The company has a market capitalization of approximately $100.3 billion, positioning it in the large-cap category, which includes firms valued at $10 billion or more [2] Financial Performance - Over the past three months, BMY's stock has increased by about 4.3%, underperforming the S&P 500 Index, which returned 5.1% during the same period [3] - The stock reached a 52-week high of $63.33 in March but has since declined by roughly 22.2% [3] - In the last 12 months, BMY's shares have decreased by about 16.2%, and in 2025, they have fallen approximately 13% [4] Technical Analysis - BMY has recently approached its 200-day moving average after being below this level since April, indicating a potential shift in momentum [5] Revenue Challenges - The company faces challenges from generic competition affecting its older blockbuster drugs, including Revlimid, Pomalyst, Sprycel, and Abraxane [6] - In the Q3 earnings update on October 30, management reported a 12% year-over-year decline in revenue from its legacy portfolio, totaling $5.4 billion, primarily due to significant generic erosion in Revlimid [6]

Core Insights - Bristol Myers Squibb (BMY) received European Commission approval for Breyanzi, expanding its label to include treatment for adult patients with relapsed or refractory mantle cell lymphoma (MCL) after at least two lines of systemic therapy, including a Bruton's tyrosine kinase (BTK) inhibitor [1][9] Group 1: Breyanzi Approval and Indications - The latest approval marks the fourth for Breyanzi in Europe, which is already approved for several other indications including relapsed or refractory diffuse large B-cell lymphoma (DLBCL) and high-grade B-cell lymphoma (HGBCL) [2] - Breyanzi is indicated for patients who relapsed within 12 months of first-line chemoimmunotherapy or are refractory to it, as well as for those with relapsed or refractory DLBCL, PMBCL, and FL3B after two or more lines of therapy [3] Group 2: Clinical Trial Results - The approval is based on the TRANSCEND NHL 001 trial results, where 82.7% of patients responded to Breyanzi, with 71.6% achieving a complete response, and 41.2% of patients maintained their response at 24 months [4][9] Group 3: Pipeline Expansion and Market Impact - Bristol Myers is focusing on expanding its pipeline due to the negative impact of generics on its legacy portfolio, including Revlimid and Pomalyst [5] - The company’s shares gained 3.3% following positive data from Bayer's cardiovascular candidate asundexian, which may boost investor confidence in BMY's own cardiovascular candidate, milvexian [6][8] Group 4: Discontinuation of Librexia Study - Bristol Myers and Johnson & Johnson decided to discontinue the late-stage Librexia study for milvexian after an interim analysis indicated it was unlikely to meet primary efficacy endpoints, although two other studies for milvexian will continue [10][11]

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 Insights - Bristol Myers Squibb (BMY) is implementing a restructuring program to enhance bottom-line growth amid declining revenues from legacy drugs due to generic competition [1][10] - The restructuring aims to streamline operations in key areas such as R&D, manufacturing, and commercial functions, with a focus on aligning the operating model with strategic priorities [2][4] Financial Implications - The total expected charges for the restructuring program are approximately $2.5 billion through 2027, with $1.4 billion already incurred, primarily for employee termination and site exit costs [3][10] - BMY anticipates annual cost savings of around $2.0 billion by the end of 2027 as a result of the restructuring [3][10] Operational Changes - The restructuring will transform R&D operations to accelerate pipeline delivery and enhance the commercial operating model, while also establishing a more responsive manufacturing network [2] - Despite the restructuring, BMY expects operating expenses in 2025 to rise to $16.5 billion, up from a previous estimate of $16.2 billion, reflecting investments in business development and growth opportunities [4] Market Performance - BMY's shares have declined by 16.5% year-to-date, contrasting with the industry growth of 4.9% [9] - The company's shares are currently trading at a price/earnings ratio of 7.36X forward earnings, which is below the industry average of 14.83X [12] Earnings Estimates - The bottom-line estimate for 2025 has increased to $6.50 from $6.37 over the past 60 days, while the estimate for 2026 has risen to $6.07 from $6.02 [14]

Core Insights - Bristol Myers (BMY) and BioNTech (BNTX) presented interim data from a mid-stage study on pumitamig combined with chemotherapy for extensive-stage small cell lung cancer (ES-SCLC) [1][10] Company Developments - Pumitamig is a bispecific antibody that combines PD-L1 checkpoint inhibition and VEGF-A neutralization, aimed at enhancing T cell response against tumors [2][3] - The interim analysis involved 43 untreated ES-SCLC patients, showing a 76.3% confirmed objective response rate, a 100% disease control rate, and a median progression-free survival of 6.8 months [3][10] - The combination therapy exhibited a manageable safety profile with no new safety signals and a low discontinuation rate, supporting ongoing pivotal studies [4][10] - Pumitamig received FDA Orphan Drug designation for small cell lung cancer treatment in 2025 [4][10] Industry Context - The dual-target cancer therapy space is competitive, with major players like Merck and Pfizer developing bispecific antibodies targeting PD-1 and VEGF [6] - Merck secured a global license for LM-299, a PD-1/VEGF bispecific antibody, while Pfizer licensed SSGJ-707, another bispecific antibody targeting the same proteins [7][8] Financial Performance - BMY shares have declined by 13% year-to-date, contrasting with the industry growth of 5.5% [12] - BMY is trading at a price/earnings ratio of 7.66X forward earnings, below its historical mean of 8.47X and the large-cap pharma industry's average of 14.94X [13] - The bottom-line estimate for 2025 has decreased to $6.50 from $6.56, while the estimate for 2026 has increased to $6.07 from $6.03 [14]

Core Insights - Bristol Myers Squibb (BMY) reported strong Q2 2025 results, with GAAP revenue of $12.269 billion exceeding analyst estimates of $11.385 billion and non-GAAP EPS of $1.46 surpassing the expected $1.07 per share [1][2] - Despite the revenue beat, year-over-year performance was impacted by declines in legacy drugs, margin compression, and significant R&D expenses, leading to a revision in non-GAAP EPS guidance [1][11] Financial Performance - Q2 2025 non-GAAP EPS was $1.46, down 29.5% from $2.07 in Q2 2024 [2] - GAAP EPS was $0.64, a decrease of 22.9% from $0.83 in Q2 2024 [2] - Revenue for Q2 2025 was $12.3 billion, a slight increase of 0.8% from $12.2 billion in Q2 2024 [2] - Non-GAAP gross margin narrowed to 72.6% from 75.6% year-over-year, while operating margin decreased to 40.4% from 41.1% [2][7] Product Performance - The Growth Portfolio generated $6.6 billion in sales for Q2 2025, an 18% increase, driven by immuno-oncology products and new therapies [5] - Breyanzi revenue surged 125%, Camzyos increased by 86%, and Reblozyl rose by 33% in Q2 2025 [5][6] - The Legacy Portfolio saw a 14% decline, with Revlimid down 38%, Pomalyst/Imnovid down 26%, and Sprycel down 72% year-over-year [6] Strategic Focus - The company is focused on building its "Growth Portfolio" through new product launches and global expansion while managing declines from older drugs [4] - A significant $1.5 billion R&D charge related to a partnership with BioNTech impacted EPS guidance [9][11] - The company raised its fiscal 2025 non-GAAP revenue outlook to $46.5 billion to $47.5 billion but lowered non-GAAP EPS guidance to $6.35–$6.65 due to the BioNTech charge [11] Pipeline and Development - Progress was made in the drug pipeline, with new indications for Sotyktu and label updates for Breyanzi [10] - Opdivo received European approval for a new subcutaneous form, and the company launched initiatives to improve access to Eliquis [10] - The company is actively pursuing strategic partnerships and business development opportunities to enhance its pipeline [10]

Core Insights - Bristol Myers Squibb (BMY) has entered a strategic collaboration with BioNTech (BNTX) for the co-development and co-commercialization of the investigational bispecific antibody BNT327, which targets various solid tumors [1][8] - The collaboration involves an upfront payment of $1.5 billion and a total of $2 billion in non-contingent anniversary payments through 2028, which will increase BMY's operating expenses [2][8] - BMY is currently facing revenue pressures from its legacy portfolio due to generic competition affecting drugs like Revlimid and Eliquis [3][8] Financial Impact - The total expenses related to the collaboration are expected to adversely impact BMY's bottom line, with approximately $1.5 billion likely incurred in Q2 [2][8] - BMY's share price has decreased by 15% year-to-date, contrasting with the industry growth of 1.3% [7] - The bottom-line estimates for 2025 and 2026 have been revised downwards, with the 2025 estimate dropping from $6.89 to $6.52 [12] Competitive Landscape - The bispecific antibody market, particularly targeting PD-1 and VEGF, is becoming increasingly competitive, with major players like Merck and Pfizer also developing similar therapies [4][6] - Merck has secured a global license for a novel PD-1/VEGF bispecific antibody, LM-299, while Pfizer has entered a licensing agreement for SSGJ-707, another bispecific antibody targeting the same proteins [5][6] Valuation Metrics - BMY is currently trading at a price/earnings ratio of 7.40x forward earnings, which is below its historical mean of 8.53x and the large-cap pharma industry's average of 14.79x [10]