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Bristol-Myers Stock Up as Q4 Earnings and Revenues Beat Estimates
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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 - Free Report) 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 adjusted earnings per share of $1.67.
Total revenues of $12.5 billion surpassed the Zacks Consensus Estimate of $12.25 billion. Revenues were up 1% from the year-ago period’s level on a reported basis.
The stock is trading up in response to better-than-expected quarterly results.
BMY’s shares have gained 28.5% in the past six months compared with the industry's growth of 43.8%.
Image Source: Zacks Investment Research
Revenues were flat year over year at $8.56 billion in the United States. International revenues increased 5% year over year to $3.94 billion.
Revenues from the Growth portfolio totaled $7.39 billion, up 16% year over year, driven by the company’s immuno-oncology (IO) portfolio, as well as Reblozyl, Camzyos, and Breyanzi. Sales grew 15% when adjusted for foreign exchange impacts.
Total sales of the immuno-oncology drug Opdivo, approved for multiple cancer indications, increased 9% year over year to $2.69 billion. The figure beat the Zacks Consensus Estimate of $2.60 billion and our model estimate of $2.48 billion. Opdivo Qvantig generated sales of $133 million.
Sales of the rheumatoid arthritis drug Orencia increased 1% to $1.01 billion.
Melanoma drug Yervoy contributed $810 million to the top line. The figure rose 20% year over year. Yervoy sales beat the Zacks Consensus Estimate of $727 million and our model estimate of $692 million.
Reblozyl sales surged 22% year over year to $666 million. Reblozyl sales beat the Zacks Consensus Estimate of $636 million and our model estimate of $641 million.
Opdualag sales jumped 38% to $350 million. The figure beat the Zacks Consensus Estimate of $315 million and our model estimate of $314 million.
Breyanzi sales surged 49% to $392 million and beat the Zacks Consensus Estimate of $380 million and our model estimate of $376 million. Camzyos sales skyrocketed 59% to $353 million.
Sales of Zeposia totaled $160 million, up 1% year over year. Abecma sales declined 4% to $100 million as higher international sales were completely offset by lower U.S. sales.
Sotyktu sales totaled $86 million. Krazati raked in sales of $55 million. The newly approved schizophrenia drug, Cobenfy, generated sales of $51 million.
BMY’s Legacy Portfolio Continues to Decline in Q4
Revenues for the Legacy Portfolio decreased 15% to $5.11 billion due to the continued generic impact on Revlimid, Pomalyst, Sprycel and Abraxane, which offset the increase in Eliquis sales.
Eliquis sales increased 8% year over year to $3.45 billion, driven by growth in U.S. and ex-U.S. sales. The drug is the top revenue generator for BMY. However, sales missed both the Zacks Consensus Estimate of $3.69 billion and our model estimate of $3.59 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 55% to $602 million due to lower demand on account of generic erosion. Sales missed both the Zacks Consensus Estimate of $604 million and our model estimate of $640 million.
MM drug Pomalyst generated sales of $692 million, down 16% year over year.
Leukemia drug Sprycel sales nosedived 60% year over year to $79 million due to generic competition.
Abraxane revenues plunged 52% to $84 million.
Costs and Margin
Adjusted gross margin decreased to 71.9% from 74% in the year-ago quarter due to a change in product mix. Adjusted research and development expenses declined 8% to $2.56 billion due to the ongoing strategic productivity initiative. Adjusted marketing, selling and administrative expenses decreased 1% to $2.09 billion due to BMY’s cost-cutting initiative.
BMY recorded acquired IPRD charges of $1.39 billion in the quarter.
Bristol Myers Squibb Company Price, Consensus and EPS Surprise
Revenues were relatively flat year over year at $48.19 billion. The figure beat the Zacks Consensus Estimate of $47.95 billion.
The company recorded adjusted EPS of $6.15 in 2025. The figure surpassed the Zacks Consensus Estimate of $6.09.
BMY’s 2026 Guidance
Bristol-Myers announced its annual revenue guidance of $46-$47.5 billion for 2026 on the back of the strong performance of the Growth Portfolio.
The Zacks Consensus Estimate for 2026 revenues is pinned at $44.13 billion.
The company expects adjusted earnings to be in the range of $6.05-$6.35 for the full year.
The Zacks Consensus Estimate for 2026 EPS is pegged at $6.08.
BMY’s Key Pipeline Updates
In December 2025, the FDA approved Breyanzi as the first and only CAR T treatment for adult patients with relapsed or refractory marginal zone lymphoma who have received at least two prior lines of systemic therapy.
During the quarter, Breyanzi was also approved in the EU for the treatment of adult patients with relapsed or refractory mantle cell lymphoma after at least two lines of systemic therapy, including a Bruton's tyrosine kinase inhibitor.
In late 2025, the FDA accepted a supplemental biologics license application for Opdivo in combination with doxorubicin, vinblastine and dacarbazine for the treatment of adult and pediatric patients (aged 12 years and older) with previously untreated Stage III or IV classical Hodgkin lymphoma, granting the filing priority review status. A regulatory decision is expected by Apr. 8, 2026. A similar application is also currently under review in the EU.
BMY’s Zacks Rank & Stock to Consider
Bristol-Myers currently carries a Zacks Rank #3 (Hold).
Over the past 60 days, 2026 EPS estimates for Alkermes have increased from $1.54 to $1.91. Shares of ALKS have gained 28.3% over the past six months.
Alkermes’ earnings beat estimates in three of the trailing four quarters, missing on the remaining occasion, with the average surprise being 4.58%.
Over the past 60 days, estimates for Immunocore’s loss per share for 2026 have narrowed from 97 cents to 90 cents. IMCR stock has lost 3% over the past six months.
Immunocore’s earnings beat estimates in three of the trailing four quarters and missed in the remaining quarter, with the average surprise being 53.96%.
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Bristol-Myers Stock Up as Q4 Earnings and Revenues Beat Estimates
Key Takeaways
Bristol-Myers Squibb Company (BMY - Free Report) 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 adjusted earnings per share of $1.67.
Total revenues of $12.5 billion surpassed the Zacks Consensus Estimate of $12.25 billion. Revenues were up 1% from the year-ago period’s level on a reported basis.
The stock is trading up in response to better-than-expected quarterly results.
BMY’s shares have gained 28.5% in the past six months compared with the industry's growth of 43.8%.
Image Source: Zacks Investment Research
Revenues were flat year over year at $8.56 billion in the United States. International revenues increased 5% year over year to $3.94 billion.
Growth Portfolio Powers BMY’s Top Line in Q4
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 $7.39 billion, up 16% year over year, driven by the company’s immuno-oncology (IO) portfolio, as well as Reblozyl, Camzyos, and Breyanzi. Sales grew 15% when adjusted for foreign exchange impacts.
Total sales of the immuno-oncology drug Opdivo, approved for multiple cancer indications, increased 9% year over year to $2.69 billion. The figure beat the Zacks Consensus Estimate of $2.60 billion and our model estimate of $2.48 billion. Opdivo Qvantig generated sales of $133 million.
Sales of the rheumatoid arthritis drug Orencia increased 1% to $1.01 billion.
Melanoma drug Yervoy contributed $810 million to the top line. The figure rose 20% year over year. Yervoy sales beat the Zacks Consensus Estimate of $727 million and our model estimate of $692 million.
Reblozyl sales surged 22% year over year to $666 million. Reblozyl sales beat the Zacks Consensus Estimate of $636 million and our model estimate of $641 million.
Opdualag sales jumped 38% to $350 million. The figure beat the Zacks Consensus Estimate of $315 million and our model estimate of $314 million.
Breyanzi sales surged 49% to $392 million and beat the Zacks Consensus Estimate of $380 million and our model estimate of $376 million. Camzyos sales skyrocketed 59% to $353 million.
Sales of Zeposia totaled $160 million, up 1% year over year. Abecma sales declined 4% to $100 million as higher international sales were completely offset by lower U.S. sales.
Sotyktu sales totaled $86 million. Krazati raked in sales of $55 million. The newly approved schizophrenia drug, Cobenfy, generated sales of $51 million.
BMY’s Legacy Portfolio Continues to Decline in Q4
Revenues for the Legacy Portfolio decreased 15% to $5.11 billion due to the continued generic impact on Revlimid, Pomalyst, Sprycel and Abraxane, which offset the increase in Eliquis sales.
Eliquis sales increased 8% year over year to $3.45 billion, driven by growth in U.S. and ex-U.S. sales. The drug is the top revenue generator for BMY. However, sales missed both the Zacks Consensus Estimate of $3.69 billion and our model estimate of $3.59 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 55% to $602 million due to lower demand on account of generic erosion. Sales missed both the Zacks Consensus Estimate of $604 million and our model estimate of $640 million.
MM drug Pomalyst generated sales of $692 million, down 16% year over year.
Leukemia drug Sprycel sales nosedived 60% year over year to $79 million due to generic competition.
Abraxane revenues plunged 52% to $84 million.
Costs and Margin
Adjusted gross margin decreased to 71.9% from 74% in the year-ago quarter due to a change in product mix. Adjusted research and development expenses declined 8% to $2.56 billion due to the ongoing strategic productivity initiative. Adjusted marketing, selling and administrative expenses decreased 1% to $2.09 billion due to BMY’s cost-cutting initiative.
BMY recorded acquired IPRD charges of $1.39 billion in the quarter.
Bristol Myers Squibb Company Price, Consensus and EPS Surprise
Bristol Myers Squibb Company price-consensus-eps-surprise-chart | Bristol Myers Squibb Company Quote
BMY’s 2025 Results
Revenues were relatively flat year over year at $48.19 billion. The figure beat the Zacks Consensus Estimate of $47.95 billion.
The company recorded adjusted EPS of $6.15 in 2025. The figure surpassed the Zacks Consensus Estimate of $6.09.
BMY’s 2026 Guidance
Bristol-Myers announced its annual revenue guidance of $46-$47.5 billion for 2026 on the back of the strong performance of the Growth Portfolio.
The Zacks Consensus Estimate for 2026 revenues is pinned at $44.13 billion.
The company expects adjusted earnings to be in the range of $6.05-$6.35 for the full year.
The Zacks Consensus Estimate for 2026 EPS is pegged at $6.08.
BMY’s Key Pipeline Updates
In December 2025, the FDA approved Breyanzi as the first and only CAR T treatment for adult patients with relapsed or refractory marginal zone lymphoma who have received at least two prior lines of systemic therapy.
During the quarter, Breyanzi was also approved in the EU for the treatment of adult patients with relapsed or refractory mantle cell lymphoma after at least two lines of systemic therapy, including a Bruton's tyrosine kinase inhibitor.
In late 2025, the FDA accepted a supplemental biologics license application for Opdivo in combination with doxorubicin, vinblastine and dacarbazine for the treatment of adult and pediatric patients (aged 12 years and older) with previously untreated Stage III or IV classical Hodgkin lymphoma, granting the filing priority review status. A regulatory decision is expected by Apr. 8, 2026. A similar application is also currently under review in the EU.
BMY’s Zacks Rank & Stock to Consider
Bristol-Myers currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are Alkermes (ALKS - Free Report) and Immunocore (IMCR - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, 2026 EPS estimates for Alkermes have increased from $1.54 to $1.91. Shares of ALKS have gained 28.3% over the past six months.
Alkermes’ earnings beat estimates in three of the trailing four quarters, missing on the remaining occasion, with the average surprise being 4.58%.
Over the past 60 days, estimates for Immunocore’s loss per share for 2026 have narrowed from 97 cents to 90 cents. IMCR stock has lost 3% over the past six months.
Immunocore’s earnings beat estimates in three of the trailing four quarters and missed in the remaining quarter, with the average surprise being 53.96%.