Bristol‑Myers Squibb reported third‑quarter 2025 revenue of $12.22 billion, a 3% year‑over‑year increase (2% excluding foreign‑exchange effects), and non‑GAAP earnings per share of $1.63, surpassing analyst consensus of $1.51‑$1.54.
The Growth Portfolio generated $6.9 billion in revenue, up 18% year‑over‑year (17% excluding FX). Opdivo sales were $2.53 billion, Reblozyl $615 million, and Breyanzi $344 million. Legacy Portfolio revenue fell 12% to $5.4 billion, driven by declines in Revlimid and Sprycel, while Eliquis demand offset some of the pressure.
Gross margin on a GAAP basis was 71.9% and 72.9% on a non‑GAAP basis, lower than 75.1% and 76.0% in Q3 2024, reflecting a shift toward higher‑margin growth products.
The company raised its full‑year revenue outlook to $47.5 billion–$48.0 billion, up from $46.5 billion–$47.5 billion, and reaffirmed its operating‑margin target while highlighting ongoing cost‑saving initiatives.
Management noted competitive pressures from Merck, Pfizer, and Roche, and highlighted the acquisition of Orbital Therapeutics to strengthen cell‑therapy and RNA capabilities. The company also reported $43 million in sales for Cobenfy, a new schizophrenia drug, below expectations.
Analyst consensus revenue for Q3 2025 was $11.8 billion–$11.94 billion, so revenue beat expectations. The company remains focused on transitioning its portfolio toward growth‑driven products and advancing its pipeline to offset patent expirations.
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