Bristol Myers Squibb (NYSE: BMY) has released its first quarter financial results for 2025, showcasing a mixed yet strategically forward-looking performance that underscores its commitment to transformative therapies and operational discipline.
In Q1 2025, Bristol Myers Squibb reported total revenues of \(11.2 billion, marking a 6% decrease compared to Q1 2024, which reported \)11.865 billion. Adjusted for foreign exchange, this decline moderates to 4%. Despite the top-line softness, the company’s Growth Portfolio demonstrated robust expansion with revenues soaring 16% (18% Ex-FX) to $5.6 billion. This growth was chiefly propelled by flagship products such as Opdivo, Breyanzi, Reblozyl, Camzyos, and early momentum from the U.S. launch of Cobenfy.
Conversely, the Legacy Portfolio faced a significant decline of 20%, impacted primarily by generic competition and the U.S. Medicare Part D redesign, which affected sales of Revlimid, Pomalyst, Sprycel, and Abraxane.
Earnings per share (EPS) on a GAAP basis reached \(1.20, a marked improvement from a loss of \)5.89 per share in the prior year period. On a non-GAAP basis, EPS was \(1.80 compared to a loss of \)4.40 per share previously.
Bristol Myers Squibb achieved a gross margin of 72.9% on a GAAP basis, reflecting slight contraction primarily due to product mix. The company reported significant cost discipline, evidenced by a 33% reduction in selling, general and administrative expenses on a GAAP basis to \(1.6 billion, attributable to strategic productivity initiatives and a reduction in one-time acquisition-related expenses. Research and development expenses also decreased by 16% to \)2.3 billion.
Significant pipeline updates include FDA approvals for Opdivo plus Yervoy in hepatocellular carcinoma and microsatellite instability-high colorectal cancer, and European Commission approval of Breyanzi for relapsed or refractory follicular lymphoma. However, certain clinical trials such as the Phase 3 ARISE trial for Cobenfy and ODYSSEY-HCM trial for Camzyos did not meet primary endpoints, indicating challenges amid the regulatory landscape.
The company revised its 2025 revenue guidance upward to a range of \(45.8 billion to \)46.8 billion, an increase from the previously estimated \(45.5 billion, driven by strong Growth Portfolio performance and favorable foreign exchange impacts. Non-GAAP EPS guidance midpoint was increased by \)0.15 to a range of \(6.70 to \)7.00, reflecting confidence in sustained profitability and operational leverage.
Comparing with the most recent available financial data from Q3 2024, where total revenues stood at \(11.892 billion and net income was \)1.211 billion with an operating loss of \(2.529 billion, the Q1 2025 results demonstrate improved profitability and operational efficiencies despite revenue pressure. The net income turnaround from a \)11.9 billion loss in Q1 2024 to a $2.5 billion profit in Q1 2025 highlights the impact of strategic cost management and portfolio shift.
Bristol Myers Squibb continues its transformation with significant growth in innovative therapies counterbalancing the decline in legacy products. The disciplined execution on cost management and promising pipeline advancements position the company for robust long-term growth, as reflected in upgraded financial guidance for 2025.
For further details, access the official filing here.
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