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BMY Beats on Q3 Earnings and Sales, Raises 2025 Sales View
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Key Takeaways
Bristol-Myers posted Q3 EPS of $1.63 and revenues of $12.2B, topping consensus estimates.
Growth Portfolio sales climbed 18% to $6.8B, led by Opdivo, Reblozyl, Breyanzi and Camzyos.
Legacy drugs declined but Eliquis surged 25%.
Bristol-Myers Squibb Company (BMY - Free Report) reported third-quarter 2025 adjusted earnings per share (EPS) of $1.63, which comfortably beat the Zacks Consensus Estimate of $1.48. In the year-ago quarter, BMY posted adjusted earnings per share of $1.80.
Total revenues of $12.2 billion surpassed the Zacks Consensus Estimate of $11.8 billion. Revenues were up 3% from the year-ago period’s level.
The stock is trading up in response to better-than-expected quarterly results.
BMY’s shares have lost 24.7% year to date against the industry's growth of 10.5%.
Image Source: Zacks Investment Research
Revenues increased 1% to $8.3 billion in the United States. International revenues increased 6% year over year to $3.9 billion.
Revenues from the Growth portfolio totaled $6.9 billion, up 18% year over year, driven by the company’s immuno-oncology (IO) portfolio, as well as Reblozyl, Camzyos, and Breyanzi. Sales grew 17% when adjusted for foreign exchange impacts.
Total sales of the immuno-oncology drug Opdivo, approved for multiple cancer indications, increased 7% year over year to $2.5 billion. The figure beat the Zacks Consensus Estimate of $2.43 billion and our model estimate of $2.4 billion. Opdivo Qvantig generated sales of $67 million.
Sales of the rheumatoid arthritis drug Orencia increased 3% to $964 million.
Melanoma drug Yervoy contributed $739 million to the top line. The figure rose 15% year over year. Yervoy sales beat the Zacks Consensus Estimate of $691 million and our model estimate of $658 million.
Reblozyl sales surged 37% year over year to $615 million. Reblozyl sales beat the Zacks Consensus Estimate of $583 million and our model estimate of $598 million.
Opdualag sales jumped 28% to $299 million. The figure beat the Zacks Consensus Estimate of $291 million and our model estimate of $294.8 million.
Breyanzi sales surged 60% to $359 million and beat the Zacks Consensus Estimate of $329 million and our model estimate of $352.5 million. Camzyos sales skyrocketed 89% to $296 million.
Sales of Zeposia totaled $161 million, up 9% year over year. Abecma sales increased 9% to $137 million as higher international sales offset a decline in sales in the country.
Sotyktu sales totaled $80 million. Krazati raked in sales of $53 million. The newly approved schizophrenia drug, Cobenfy, generated sales of $43 million.
BMY’s Legacy Portfolio Continues to Decline in Q3
Revenues for the Legacy Portfolio decreased 12% to $5.4 billion due to the continued generic impact on Revlimid, Pomalyst, Sprycel and Abraxane, which offset the increase in Eliquis sales.
Eliquis sales surged 25% year over year to $3.7 billion, driven by growth in sales in the country. The drug is the top revenue generator for BMY. Sales beat both the Zacks Consensus Estimate of $3.6 billion and our model estimate of $3.5 billion.
Please note that Bristol-Myers has a collaboration agreement with Pfizer (PFE - Free Report) for Eliquis. The companies collaborated in 2007. Profits and losses are shared equally on a global basis, except in certain countries where Pfizer commercializes Eliquis and pays BMY a sales-based fee.
Multiple myeloma (MM) drug Revlimid revenues plummeted 59% to $575 million due to lower demand on account of generic erosion. Sales missed both the Zacks Consensus Estimate of $707 million and our model estimate of $700 million.
MM drug Pomalyst generated sales of $675 million, down 25% year over year.
Leukemia drug Sprycel sales nosedived 59% year over year to $119 million due to generic competition.
Abraxane revenues plunged 71% to $74 million.
Costs and Margin
Gross margin decreased to 72.9% from 76% in the year-ago quarter due to product mix. Adjusted research and development expenses increased 3% to $2.4 billion due to the impact of recent acquisitions, partially offset by the ongoing strategic productivity initiative. Adjusted marketing, selling and administrative expenses decreased 10% to $1.8 billion due to BMY’s cost-cutting initiative.
BMY recorded acquired IPRD charges of $633 million in the quarter.
BMY Raises 2025 Revenue Guidance
Bristol-Myers raised its annual revenue guidance to $47.5-$48 billion from $46.5-$47.5 billion on the back of strong performance of the Growth Portfolio.
The Zacks Consensus Estimate for 2025 revenues is pinned at $47.35 billion.
However, the company now expects adjusted earnings to be in the range of $6.40-$6.60 (previous guidance: $6.35-$6.65).
The annual earnings guidance was updated due to an unfavorable (80 cents per share) impact of the acquired IPRD charge and licensing income. The Zacks Consensus Estimate for 2025 EPS is pegged at $6.37.
BMY’s Key Pipeline Updates
The FDA accepted the supplemental biologics license application for Breyanzi as a potential treatment for adult patients with relapsed or refractory marginal zone lymphoma who have received at least two prior lines of systemic therapy. The regulatory body granted the application Priority Review and set a target action date of Dec. 5, 2025.
The late-stage EXCALIBER-RRMM study evaluating iberdomide, an investigational cereblon E3 ligase modulator (CELMoD), combined with standard therapies (daratumumab + dexamethasone) in patients with relapsed or refractory MM demonstrated a statistically significant improvement in minimal residual disease (MRD) negativity rates, compared with the control arm, in a planned interim analysis of the MRD endpoint.
BMY’s Orbital Acquisition
BMY recently announced that it will acquire privately held biotechnology company Orbital Therapeutics for $1.5 billion in cash.
The acquisition will add OTX-201, Orbital’s lead RNA immunotherapy preclinical candidate currently in IND-enabling studies, to BMY’s pipeline. OTX-201, a next-generation CAR T-cell therapy, is designed to reprogram cells in vivo with a potential best-in-class profile for autoimmune disease. BMY will also add Orbital’s proprietary RNA platform to its pipeline.
Our Take on BMY’s Q3 Performance
BMY’s better-than-expected quarterly results were driven by higher demand for Opdivo, Breyanzi, Reblozyl and Camzyos. Consequently, the revenue guidance was raised to reflect this performance.
Bristol Myers Squibb Company Price, Consensus and EPS Surprise
The company’s efforts to bolster its pipeline through strategic acquisitions and collaborations are encouraging.
BMY had earlier entered into an agreement with BioNTech (BNTX - Free Report) for the global co-development and co-commercialization of BioNTech’s investigational bispecific antibody BNT327 across numerous solid tumor types.
Under the agreement, BNTX and BMY will work jointly to broaden and accelerate the development of this pipeline candidate. The company’s strategic productivity initiative is boosting the bottom line.
However, generic competition for key drugs is a major headwind for BMY as of now.
Alkermes’ earnings per share (EPS) estimates for 2025 have inched up from $1.84 to $1.85, while those for 2026 have risen from $1.68 to $1.70 in the past 30 days. The stock has gained nearly 9% year to date.
Alkermes’ earnings beat estimates in three of the trailing four quarters and missed the mark for the remaining occasion, delivering an average surprise of 4.58%.
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BMY Beats on Q3 Earnings and Sales, Raises 2025 Sales View
Key Takeaways
Bristol-Myers Squibb Company (BMY - Free Report) reported third-quarter 2025 adjusted earnings per share (EPS) of $1.63, which comfortably beat the Zacks Consensus Estimate of $1.48. In the year-ago quarter, BMY posted adjusted earnings per share of $1.80.
Total revenues of $12.2 billion surpassed the Zacks Consensus Estimate of $11.8 billion. Revenues were up 3% from the year-ago period’s level.
The stock is trading up in response to better-than-expected quarterly results.
BMY’s shares have lost 24.7% year to date against the industry's growth of 10.5%.
Image Source: Zacks Investment Research
Revenues increased 1% to $8.3 billion in the United States. International revenues increased 6% year over year to $3.9 billion.
Growth Portfolio Powers BMY’s Top Line in Q3
BMY’s Growth Portfolio comprises drugs like Opdivo, Opdivo Qvantig, Orencia, Yervoy, Reblozyl, Camzyos, Breyanzi, Opdualag, Zeposia, Abecma, Sotyku, Krazati and Cobenfy.
Revenues from the Growth portfolio totaled $6.9 billion, up 18% year over year, driven by the company’s immuno-oncology (IO) portfolio, as well as Reblozyl, Camzyos, and Breyanzi. Sales grew 17% when adjusted for foreign exchange impacts.
Total sales of the immuno-oncology drug Opdivo, approved for multiple cancer indications, increased 7% year over year to $2.5 billion. The figure beat the Zacks Consensus Estimate of $2.43 billion and our model estimate of $2.4 billion.
Opdivo Qvantig generated sales of $67 million.
Sales of the rheumatoid arthritis drug Orencia increased 3% to $964 million.
Melanoma drug Yervoy contributed $739 million to the top line. The figure rose 15% year over year. Yervoy sales beat the Zacks Consensus Estimate of $691 million and our model estimate of $658 million.
Reblozyl sales surged 37% year over year to $615 million. Reblozyl sales beat the Zacks Consensus Estimate of $583 million and our model estimate of $598 million.
Opdualag sales jumped 28% to $299 million. The figure beat the Zacks Consensus Estimate of $291 million and our model estimate of $294.8 million.
Breyanzi sales surged 60% to $359 million and beat the Zacks Consensus Estimate of $329 million and our model estimate of $352.5 million. Camzyos sales skyrocketed 89% to $296 million.
Sales of Zeposia totaled $161 million, up 9% year over year. Abecma sales increased 9% to $137 million as higher international sales offset a decline in sales in the country.
Sotyktu sales totaled $80 million. Krazati raked in sales of $53 million. The newly approved schizophrenia drug, Cobenfy, generated sales of $43 million.
BMY’s Legacy Portfolio Continues to Decline in Q3
Revenues for the Legacy Portfolio decreased 12% to $5.4 billion due to the continued generic impact on Revlimid, Pomalyst, Sprycel and Abraxane, which offset the increase in Eliquis sales.
Eliquis sales surged 25% year over year to $3.7 billion, driven by growth in sales in the country. The drug is the top revenue generator for BMY. Sales beat both the Zacks Consensus Estimate of $3.6 billion and our model estimate of $3.5 billion.
Please note that Bristol-Myers has a collaboration agreement with Pfizer (PFE - Free Report) for Eliquis. The companies collaborated in 2007. Profits and losses are shared equally on a global basis, except in certain countries where Pfizer commercializes Eliquis and pays BMY a sales-based fee.
Multiple myeloma (MM) drug Revlimid revenues plummeted 59% to $575 million due to lower demand on account of generic erosion. Sales missed both the Zacks Consensus Estimate of $707 million and our model estimate of $700 million.
MM drug Pomalyst generated sales of $675 million, down 25% year over year.
Leukemia drug Sprycel sales nosedived 59% year over year to $119 million due to generic competition.
Abraxane revenues plunged 71% to $74 million.
Costs and Margin
Gross margin decreased to 72.9% from 76% in the year-ago quarter due to product mix. Adjusted research and development expenses increased 3% to $2.4 billion due to the impact of recent acquisitions, partially offset by the ongoing strategic productivity initiative. Adjusted marketing, selling and administrative expenses decreased 10% to $1.8 billion due to BMY’s cost-cutting initiative.
BMY recorded acquired IPRD charges of $633 million in the quarter.
BMY Raises 2025 Revenue Guidance
Bristol-Myers raised its annual revenue guidance to $47.5-$48 billion from $46.5-$47.5 billion on the back of strong performance of the Growth Portfolio.
The Zacks Consensus Estimate for 2025 revenues is pinned at $47.35 billion.
However, the company now expects adjusted earnings to be in the range of $6.40-$6.60 (previous guidance: $6.35-$6.65).
The annual earnings guidance was updated due to an unfavorable (80 cents per share) impact of the acquired IPRD charge and licensing income. The Zacks Consensus Estimate for 2025 EPS is pegged at $6.37.
BMY’s Key Pipeline Updates
The FDA accepted the supplemental biologics license application for Breyanzi as a potential treatment for adult patients with relapsed or refractory marginal zone lymphoma who have received at least two prior lines of systemic therapy. The regulatory body granted the application Priority Review and set a target action date of Dec. 5, 2025.
The late-stage EXCALIBER-RRMM study evaluating iberdomide, an investigational cereblon E3 ligase modulator (CELMoD), combined with standard therapies (daratumumab + dexamethasone) in patients with relapsed or refractory MM demonstrated a statistically significant improvement in minimal residual disease (MRD) negativity rates, compared with the control arm, in a planned interim analysis of the MRD endpoint.
BMY’s Orbital Acquisition
BMY recently announced that it will acquire privately held biotechnology company Orbital Therapeutics for $1.5 billion in cash.
The acquisition will add OTX-201, Orbital’s lead RNA immunotherapy preclinical candidate currently in IND-enabling studies, to BMY’s pipeline. OTX-201, a next-generation CAR T-cell therapy, is designed to reprogram cells in vivo with a potential best-in-class profile for autoimmune disease. BMY will also add Orbital’s proprietary RNA platform to its pipeline.
Our Take on BMY’s Q3 Performance
BMY’s better-than-expected quarterly results were driven by higher demand for Opdivo, Breyanzi, Reblozyl and Camzyos. Consequently, the revenue guidance was raised to reflect this performance.
Bristol Myers Squibb Company Price, Consensus and EPS Surprise
Bristol Myers Squibb Company price-consensus-eps-surprise-chart | Bristol Myers Squibb Company Quote
The company’s efforts to bolster its pipeline through strategic acquisitions and collaborations are encouraging.
BMY had earlier entered into an agreement with BioNTech (BNTX - Free Report) for the global co-development and co-commercialization of BioNTech’s investigational bispecific antibody BNT327 across numerous solid tumor types.
Under the agreement, BNTX and BMY will work jointly to broaden and accelerate the development of this pipeline candidate.
The company’s strategic productivity initiative is boosting the bottom line.
However, generic competition for key drugs is a major headwind for BMY as of now.
BMY’s Zacks Rank & Stock to Consider
Bristol-Myers currently carries a Zacks Rank #3 (Hold). A better ranked biotech stock is Alkermes (ALKS - Free Report) , which currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Alkermes’ earnings per share (EPS) estimates for 2025 have inched up from $1.84 to $1.85, while those for 2026 have risen from $1.68 to $1.70 in the past 30 days. The stock has gained nearly 9% year to date.
Alkermes’ earnings beat estimates in three of the trailing four quarters and missed the mark for the remaining occasion, delivering an average surprise of 4.58%.