Results Reflect Continued Growth Portfolio
Momentum and Disciplined Execution
- First quarter revenues were $11.2 billion, -6%
(-4% Ex-FX)
- Growth Portfolio revenues were $5.6 billion, +16% (+18%
Ex-FX)
- GAAP EPS was $1.20 and non-GAAP EPS was
$1.80
- Raising 2025 revenue guidance to a range of ~$45.8
billion to $46.8 billion; Increasing non-GAAP EPS range to
$6.70 to $7.00
Bristol Myers Squibb (NYSE: BMY) today reports results for the
first quarter of 2025.
“Our strong execution in the first quarter drove continued
momentum across our Growth Portfolio and meaningful progress in the
pipeline,” said Christopher Boerner, Ph.D., board chair and chief
executive officer, Bristol Myers Squibb. “We are advancing our
multi-year plan to become a more agile and efficient company, while
strengthening the foundation for top-tier, long-term growth. Our
strategy is clear, and our actions are accelerating the delivery of
transformational medicines to patients."
First Quarter Results
$ in millions, except per share
amounts
2025
2024
Change
Change Excl. FX**
Total Revenues
$11,201
$11,865
(6)%
(4)%
Earnings/(Loss) Per Share -
GAAP*
1.20
(5.89
)
N/A
N/A
Earnings/(Loss) Per Share -
Non-GAAP*
1.80
(4.40
)
N/A
N/A
Acquired IPRD Charge and
Licensing Income Net Impact on Earnings/(Loss) Per Share
(0.04
)
(6.30
)
N/A
N/A
*GAAP and Non-GAAP earnings/(loss) per
share include the net impact of Acquired IPRD charges and licensing
income.
**See "Use of Non-GAAP Financial
Information".
FIRST QUARTER RESULTS All
comparisons are made versus the same period in 2024 unless
otherwise stated.
- Total revenues of $11.2 billion decreased 6%, or 4% Ex-FX.
- U.S. revenues of $7.9 billion decreased 7%.
- International revenues of $3.3 billion decreased 2%, or
increased 2% Ex-FX.
- Growth Portfolio revenues of $5.6 billion increased 16% on a
reported basis, or 18% Ex-FX. Revenue growth was primarily driven
by Opdivo, Breyanzi, Reblozyl and Camzyos and reflects the strong
early U.S. launch of Cobenfy.
- Legacy Portfolio revenues of $5.6 billion declined 20% on a
reported basis and Ex-FX. The decline was driven by continued
generic impact on Revlimid, Pomalyst, Sprycel and Abraxane, as well
as the impacts from U.S. Medicare Part D redesign.
FIRST QUARTER PRODUCT REVENUE
HIGHLIGHTS(d)
($ amounts in millions)
Quarter Ended March 31,
2025
% Change from Quarter Ended
March 31, 2024
% Change from Quarter Ended
March 31, 2024 Ex-FX**
U.S.
Int'l
WW(c)
U.S.
Int'l
WW(c)
Int'l
WW(c)
Growth Portfolio
Opdivo
$ 1,332
$ 933
$ 2,265
15%
1%
9%
7%
12%
Opdivo Qvantig
8
—
9
N/A
N/A
N/A
N/A
N/A
Orencia
555
215
770
(3)%
(5)%
(4)%
(1)%
(2)%
Yervoy
394
230
624
7%
7%
7%
12%
9%
Reblozyl
390
89
478
33%
44%
35%
49%
36%
Opdualag
228
25
252
15%
>200%
23%
>200%
23%
Breyanzi
204
60
263
133%
>200%
146%
>200%
148%
Camzyos
126
33
159
63%
>200%
89%
>200%
90%
Zeposia
61
46
107
(16)%
22%
(3)%
26%
(2)%
Abecma
59
45
103
13%
47%
26%
54%
28%
Sotyktu
32
23
55
(5)%
138%
27%
146%
29%
Krazati
44
4
48
116%
>200%
125%
>200%
125%
Cobenfy
27
—
27
N/A
N/A
N/A
N/A
N/A
Other Growth Products(a)
174
229
403
13%
34%
24%
35%
25%
Total Growth Portfolio
3,633
1,930
5,563
18%
13%
16%
18%
18%
Legacy Portfolio
Eliquis
2,646
919
3,565
(6)%
2%
(4)%
5%
(3)%
Revlimid
809
127
936
(44)%
(41)%
(44)%
(39)%
(44)%
Pomalyst/Imnovid
537
122
658
(10)%
(55)%
(24)%
(53)%
(24)%
Sprycel
126
49
175
(56)%
(47)%
(53)%
(43)%
(53)%
Abraxane
40
65
105
(72)%
(10)%
(52)%
(6)%
(50)%
Other Legacy Products(b)
82
116
199
(14)%
(10)%
(12)%
(8)%
(11)%
Total Legacy Portfolio
4,240
1,398
5,638
(21)%
(17)%
(20)%
(14)%
(20)%
Total Revenues
$ 7,873
$ 3,328
$ 11,201
(7)%
(2)%
(6)%
2%
(4)%
**
See "Use of Non-GAAP Financial
Information".
(a)
Includes Augtyro, Onureg, Inrebic,
Nulojix, Empliciti and royalty revenue.
(b)
Includes other mature brands.
(c)
Worldwide (WW) includes U.S. and
International (Int'l).
(d)
For the above table and all subsequent
tables, certain totals may not sum due to rounding. Percentages
have been calculated using unrounded amounts.
FIRST QUARTER COST &
EXPENSES All comparisons are made versus the same
period in 2024 unless otherwise stated.
The table below presents selected line item
information.
Three Months Ended March 31,
2025
Three Months Ended March 31,
2024
($ amounts in millions)
GAAP
Specified Items**
Non- GAAP
GAAP
Specified Items**
Non- GAAP
Cost of products sold
$
3,033
(14
)
$
3,018
$
2,932
(22
)
$
2,910
Gross margin(a)
72.9
%
73.1
%
75.3
%
75.5
%
Selling, general and
administrative
1,584
(1
)
1,583
2,367
(378
)
1,989
Research and development
2,257
(21
)
2,235
2,695
(349
)
2,346
Acquired IPRD
188
—
188
12,949
—
12,949
Amortization of acquired intangible
assets
830
(830
)
—
2,357
(2,357
)
—
Other (income)/expense, net
339
(489
)
(150
)
81
(235
)
(154
)
Effective tax rate
17.1
%
(2.1
)%
15.1
%
(3.4
)%
(5.6
)%
(9.0
)%
**See "Use of Non-GAAP Financial
Information" and refer to the Specified Items schedule below for
further detail.
(a) Represents revenue minus cost of
products sold divided by revenue.
- Gross margin decreased from 75.3% to 72.9% on a GAAP basis, and
from 75.5% to 73.1% on a non-GAAP basis, primarily due to product
mix.
- Selling, general and administrative expenses of $1.6 billion
decreased 33% on a GAAP basis, primarily due to one-time
acquisition-related expenses in 2024 and results from our strategic
productivity initiative in 2025. Non-GAAP selling, general and
administrative expenses of $1.6 billion decreased 20%, primarily
reflecting results from our strategic productivity initiative.
- Research and development expenses of $2.3 billion decreased 16%
on a GAAP basis, primarily from one-time acquisition-related
expenses in 2024. Non-GAAP research and development expenses of
$2.2 billion decreased 5%, primarily driven by results from our
strategic productivity initiative.
- Acquired IPRD charge of $188 million decreased from $12.9
billion on a GAAP and non-GAAP basis, primarily due to the prior
year Karuna acquisition and SystImmune collaboration. Licensing
income of $87 million increased from $12 million.
- Amortization of acquired intangible assets of $830 million
decreased 65% on a GAAP basis, primarily due to lower amortization
expense related to Revlimid.
- Effective tax rate in 2025 on a GAAP and non-GAAP basis was
17.1% and 15.1%, respectively. The 2024 GAAP and non-GAAP effective
tax rate was impacted by the $12.1 billion one-time
non-tax-deductible charge for the Karuna acquisition.
- Reported net income attributable to Bristol Myers Squibb on a
GAAP basis of $2.5 billion, or $1.20 per share, in the first
quarter compared to a net loss of $11.9 billion, or $(5.89) per
share, in the prior year. Non-GAAP net earnings attributable to
Bristol Myers Squibb of $3.7 billion, or $1.80 per share, compared
to a net loss of $8.9 billion, or $(4.40) per share, in the prior
year.
PRODUCT AND PIPELINE UPDATES
Entries organized by date and inclusive of first quarter and
recent updates.
Asset
Date Announced
Milestone
CobenfyTM (xanomeline and trospium
chloride)
April 22
The Phase 3 ARISE trial evaluating Cobenfy
as an adjunctive treatment to atypical antipsychotics in adults
with schizophrenia did not meet the threshold for statistical
significance for the primary endpoint.
Camzyos® (mavacamten)
April 17
The U.S. Food and Drug Administration
(FDA) updated the U.S. Prescribing Information for Camzyos,
simplifying treatment options for patients and physicians by
reducing the required echo monitoring for eligible patients in the
maintenance phase and expanding patient eligibility by reducing
contraindications.
Camzyos
April 14
The Phase 3 ODYSSEY-HCM trial evaluating
Camzyos for the treatment of adult patients with symptomatic New
York Heart Association class II-III non-obstructive hypertrophic
cardiomyopathy did not meet its dual primary endpoints.
Opdivo® (nivolumab) + Yervoy®
(ipilimumab)
April 11
The FDA approved Opdivo plus Yervoy as a
first-line treatment for adult patients with unresectable or
metastatic hepatocellular carcinoma (HCC).
Opdivo + Yervoy
April 8
The FDA approved Opdivo plus Yervoy as a
first-line treatment of adult and pediatric patients (12 years and
older) with unresectable or metastatic microsatellite
instability-high or mismatch repair deficient colorectal
cancer.
Opdivo
March 28
The Committee for Medicinal Products for
Human Use (CHMP) of the European Medicines Agency (EMA) recommended
approval of the perioperative regimen of Opdivo, in combination
with platinum-based chemotherapy as neoadjuvant treatment, followed
by Opdivo as monotherapy, as adjuvant treatment after surgical
resection for the treatment of resectable non-small cell lung
cancer at high risk of recurrence in adult patients whose tumors
have PD-L1 expression ≥1%.
Subcutaneous formulation of Opdivo
March 28
The CHMP of the EMA recommended approval
of a new Opdivo formulation associated with a new route of
administration (subcutaneous use), a new pharmaceutical form
(solution for injection) and a new strength (600 mg/vial).
Breyanzi® (lisocabtagene maraleucel)
March 14
The European Commission (EC) granted
approval to Breyanzi for the treatment of adult patients with
relapsed or refractory follicular lymphoma after two or more lines
of systemic therapy.
Sotyktu® (deucravacitinib)
March 8
Announced positive data from the pivotal
Phase 3 POETYK PsA-2 trial evaluating the efficacy and safety of
Sotyktu in adults with active psoriatic arthritis.
Opdivo + Yervoy
March 7
The EC approved Opdivo plus Yervoy for the
first-line treatment of adult patients with unresectable or
advanced HCC.
Opdivo
February 19
Announced the final analysis of overall
survival (OS) from the Phase 3 CheckMate -816 study. The results
showed a statistically significant and clinically meaningful
improvement in OS, a key secondary endpoint, compared to
neoadjuvant chemotherapy alone.
Sotyktu
February 16
Announced new five-year results from the
POETYK PSO long-term extension trial of Sotyktu treatment in adult
patients with moderate-to-severe plaque psoriasis. The safety
profile of Sotyktu remained consistent through five years with no
new safety signals identified.
OpdualagTM (nivolumab and
relatlimab-rmbw)
February 13
The Phase 3 RELATIVITY-098 trial
evaluating Opdualag for the adjuvant treatment of patients with
completely resected stage III-IV melanoma did not meet its primary
endpoint of recurrence-free survival.
Breyanzi
February 10
Announced positive topline results from
the Phase 2 TRANSCEND FL trial evaluating Breyanzi in adult
patients with relapsed or refractory marginal zone lymphoma. The
trial cohort met its primary endpoint of overall response rate and
key secondary endpoint of complete response rate.
Financial Guidance Bristol
Myers Squibb is raising key 2025 non-GAAP line-item guidance
assumptions as outlined below.
The company is increasing its full-year revenue guidance from
approximately $45.5 billion to a range of approximately $45.8
billion to $46.8 billion, reflecting the strong performance of the
Growth Portfolio, better-than-expected Legacy Portfolio sales in
the first quarter of 2025, and a favorable impact of approximately
$500 million related to foreign exchange rates.
In addition, full-year operating expense expectations remain
approximately $16 billion, with an additional $200 million foreign
exchange impact. The company now anticipates other income and
expense in 2025 to be approximately $100 million of income due to
higher-than-expected royalties and favorable interest income.
As a result of these changes, the company is raising the
midpoint of its 2025 non-GAAP EPS guidance by $0.15 per share to an
expected range of $6.70 to $7.00.
The stated guidance revisions include the estimated impact of
current tariffs on U.S. products shipped to China, but do not
account for any potential pharmaceutical sector tariffs.
Non-GAAP2,3
February
(Prior)
April (Updated)
Total Revenues
(Reported & Ex-FX)
~$45.5 billion
~$45.8 - $46.8 billion
Gross Margin %
~72%
No change
Operating Expenses1
~$16 billion
~$16.2 billion
Other income/(expense)
~$30 million
~$100 million
Effective tax rate
~18%
No change
Diluted EPS
$6.55-$6.85
$6.70-$7.00
1 Operating Expenses = SG&A and
R&D.
2 See "Use of Non-GAAP Financial
Information."
3 February was calculated using foreign
exchange rates as of January 9, 2025, and April was calculated
using foreign exchange rates as of April 23, 2025.
The 2025 financial guidance excludes the impact of any potential
future strategic acquisitions, divestitures, specified items that
have not yet been identified and quantified, and the impact of
future Acquired IPRD charges and licensing income. To the extent we
have quantified the impact of significant R&D charges or other
income resulting from upfront or contingent milestone payments in
connection with asset acquisitions or licensing of third-party
intellectual property rights, we may update this information from
time to time on our website www.bms.com, in the "Investors"
section. Non-GAAP guidance assumes exchange rates as of the date
noted. The financial guidance is subject to risks and uncertainties
applicable to all forward-looking statements as described elsewhere
in this press release.
A reconciliation of forward-looking non-GAAP measures, including
non-GAAP EPS, to the most directly comparable GAAP measures is not
provided because comparable GAAP measures for such measures are not
reasonably accessible or reliable due to the inherent difficulty in
forecasting and quantifying measures that would be necessary for
such reconciliation. Namely, we are not, without unreasonable
effort, able to reliably predict the impact of accelerated
depreciation and impairment charges, legal and other settlements,
gains and losses from equity investments and other adjustments. In
addition, the company believes such a reconciliation would imply a
degree of precision and certainty that could be confusing to
investors. These items are uncertain, depend on various factors and
may have a material impact on our future GAAP results. See
"Cautionary Statement Regarding Forward-Looking Statements" and
"Use of Non-GAAP Financial Information."
Conference Call Information
Bristol Myers Squibb will host a conference call today, Thursday,
April 24, 2025, at 8:00 a.m. ET, during which company executives
will review financial results with the investment community.
Investors and the general public are invited to listen to a live
webcast of the call at http://investor.bms.com. Materials related
to the call will be available at http://investor.bms.com prior to
the start of the conference call.
A replay of the webcast will be available at
http://investor.bms.com approximately three hours after the
conference call concludes.
About Bristol Myers Squibb:
Transforming Patients' Lives Through Science At Bristol
Myers Squibb, our mission is to discover, develop and deliver
innovative medicines that help patients prevail over serious
diseases. We are pursuing bold science to define what's possible
for the future of medicine and the patients we serve. For more
information, visit us at BMS.com and follow us on LinkedIn, X,
YouTube, Facebook and Instagram.
corporatefinancial-news
Use of Non-GAAP Financial
Information In discussing financial results and
guidance, the company refers to financial measures that are not in
accordance with U.S. Generally Accepted Accounting Principles
(GAAP). The non-GAAP financial measures are provided as
supplemental information to the financial measures presented in
this press release that are calculated and presented in accordance
with GAAP and are presented because management has evaluated the
company’s financial results both including and excluding the
adjusted items or the effects of foreign currency translation, as
applicable, and believes that the non-GAAP financial measures
presented portray the results of the company's baseline
performance, supplement or enhance management's, analysts' and
investors' overall understanding of the company’s underlying
financial performance and trends and facilitate comparisons among
current, past and future periods. In addition, non-GAAP gross
margin, which is gross profit excluding certain specified items, as
a percentage of revenues, non-GAAP operating margin, which is gross
profit less selling, general and administrative expenses and
research and development expenses excluding certain specified items
as a percentage of revenues, non-GAAP operating expenses, which is
selling, general and administrative and research and development
expenses excluding certain specified items, non-GAAP selling,
general and administrative expenses, which is selling, general and
administrative expenses excluding certain specified items, and
non-GAAP research and development expenses, which is research and
development expenses excluding certain specified items, are
relevant and useful for investors because they allow investors to
view performance in a manner similar to the method used by our
management and make it easier for investors, analysts and peers to
compare our operating performance to other companies in our
industry and to compare our year-over-year results.
This earnings release and the accompanying tables also provide
certain revenues and expenses, as well as non-GAAP measures,
excluding the impact of foreign exchange ("Ex-Fx"). We calculate
foreign exchange impacts by converting our current-period local
currency financial results using the prior period average currency
rates and comparing these adjusted amounts to our current-period
results. Ex-Fx financial measures are not accounted for according
to GAAP because they remove the effects of currency movements from
GAAP results.
Non-GAAP financial measures such as non-GAAP earnings and
related EPS information are adjusted to exclude certain costs,
expenses, gains and losses and other specified items that are
evaluated on an individual basis after considering their
quantitative and qualitative aspects and typically have one or more
of the following characteristics, such as being highly variable,
difficult to project, unusual in nature, significant to the results
of a particular period or not indicative of past or future
operating results. These items are excluded from non-GAAP earnings
and related EPS information because the company believes they
neither relate to the ordinary course of the company’s business nor
reflect the company’s underlying business performance. Similar
charges or gains were recognized in prior periods and will likely
reoccur in future periods, including amortization of acquired
intangible assets, including product rights that generate a
significant portion of our ongoing revenue and will recur until the
intangible assets are fully amortized, unwinding of inventory
purchase price adjustments, acquisition and integration expenses,
restructuring costs, accelerated depreciation and impairment of
property, plant and equipment and intangible assets, divestiture
gains or losses, stock compensation resulting from
acquisition-related equity awards, pension, legal and other
contractual settlement charges, equity investment and contingent
value rights fair value adjustments (including fair value
adjustments attributed to limited partnership equity method
investments), and amortization of fair value adjustments of debt
acquired from Celgene in our 2019 exchange offer, among other
items. Deferred and current income taxes attributed to these items
are also adjusted for considering their individual impact to the
overall tax expense, deductibility and jurisdictional tax
rates.
Because the non-GAAP financial measures are not calculated in
accordance with GAAP, they should not be considered superior to and
are not intended to be considered in isolation or as a substitute
for the related financial measures presented in the press release
that are prepared in accordance with GAAP and may not be the same
as or comparable to similarly titled measures presented by other
companies due to possible differences in method and in the items
being adjusted. We encourage investors to review our financial
statements and publicly-filed reports in their entirety and not to
rely on any single financial measure.
Reconciliations of the non-GAAP financial measures to the most
comparable GAAP measures are provided in the accompanying financial
tables and will also be available on the company’s website at
www.bms.com. Within the accompanying financial tables presented,
certain columns and rows may not add due to the use of rounded
numbers. Percentages and EPS amounts presented are calculated from
the underlying amounts.
A reconciliation of forward-looking non-GAAP measures, including
non-GAAP EPS, to the most directly comparable GAAP measures is not
provided because comparable GAAP measures for such measures are not
reasonably accessible or reliable due to the inherent difficulty in
forecasting and quantifying measures that would be necessary for
such reconciliation. Namely, we are not, without unreasonable
effort, able to reliably predict the impact of accelerated
depreciation and impairment charges, legal and other settlements,
gains and losses from equity investments and other adjustments. In
addition, the company believes such a reconciliation would imply a
degree of precision and certainty that could be confusing to
investors. These items are uncertain, depend on various factors and
may have a material impact on our future GAAP results.
Website Information We
routinely post important information for investors on our website,
BMS.com, in the “Investors” section. We may use this website as a
means of disclosing material, non-public information and for
complying with our disclosure obligations under Regulation FD.
Accordingly, investors should monitor the Investors section of our
website, in addition to following our press releases, Securities
and Exchange Commission (SEC) filings, public conference calls,
presentations and webcasts. We may also use social media channels
to communicate with our investors and the public about our company,
our products and other matters, and those communications could be
deemed to be material information. The information contained on, or
that may be accessed through, our website or social media channels
are not incorporated by reference into, and are not a part of, this
document.
Cautionary Statement Regarding
Forward-Looking Statements This earnings release and the
related attachments (as well as the oral statements made with
respect to information contained in this release and the
attachments) contain certain “forward-looking” statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, regarding, among other things, the company’s 2025
financial guidance, its business development and capital allocation
strategy, anticipated developments in the company’s pipeline,
expectations with respect to the company’s future market position
and the projected benefits of the company’s alliances and other
business development activities. These statements may be identified
by the fact that they use words such as “should,” “could,”
“expect,” “anticipate,” “estimate,” “target,” “may,” “project,”
“guidance,” “intend,” “plan,” “believe,” “will” and other words and
terms of similar meaning and expression in connection with any
discussion of future operating or financial performance, although
not all forward-looking statements contain such terms. All
statements that are not statements of historical facts are, or may
be deemed to be, forward-looking statements. No forward-looking
statement can be guaranteed, and there is no assurance that the
company will achieve its financial guidance and long-term targets,
that the company’s future clinical studies will support the data
described in this release, that the company’s product candidates
will receive necessary clinical and manufacturing regulatory
approvals, that the company’s pipeline products will prove to be
commercially successful, that clinical and manufacturing regulatory
approvals will be sought or obtained within currently expected
timeframes, or that contractual milestones will be achieved.
Forward-looking statements are based on current expectations and
projections about the company’s future financial results, goals,
plans and objectives and involve inherent risks, assumptions and
uncertainties, including internal or external factors that could
delay, divert or change any of them in the next several years, that
are difficult to predict, may be beyond the company’s control and
could cause the company’s future financial results, goals, plans
and objectives to differ materially from those expressed in, or
implied by, the statements. Such risks, uncertainties and other
matters include, but are not limited to: increasing pricing
pressures from market access, pharmaceutical pricing controls and
discounting; market actions taken by private and government payers
to manage drug utilization and contain costs; government actions
relating to the imposition of new tariffs, trade restrictions and
export regulations; the company’s ability to retain patent and
market exclusivity for certain products; regulatory changes that
result in lower prices, lower reimbursement rates and smaller
populations for whom payers will reimburse; changes under the 340B
Drug Pricing Program; the company’s ability to obtain and maintain
regulatory approval for its product candidates; the possibility of
difficulties and delays in product introduction and
commercialization; increasing industry competition; potential
difficulties, delays and disruptions in manufacturing, distribution
or sale of products; the company’s ability to identify potential
strategic acquisitions, licensing opportunities or other beneficial
transactions; failure to complete, or delays in completing,
collaborations, acquisitions, divestitures, alliances and other
portfolio actions and the failure to achieve anticipated benefits
from such transactions and actions; exposure to litigation and/or
regulatory actions or investigations; the impact of any healthcare
reform and legislation or regulatory action in the United States
and international markets; increasing market penetration of
lower-priced generic products; the failure of the company’s
suppliers, vendors, outsourcing partners, alliance partners and
other third parties to meet their contractual, regulatory and other
obligations; the impact of counterfeit or unregistered versions of
the company’s products and from stolen products; product label
changes or other measures that could result in declining sales;
safety or efficacy concerns regarding the company’s products or any
product in the same class as the company’s products; the risk of
cyber-attacks and unauthorized disclosure of trade secrets or other
confidential data; the company’s ability to execute its financial,
strategic and operational plans; the company’s ability to attract
and retain key personnel; the impact of the company’s significant
indebtedness; political and financial instability of international
economies and sovereign risk; interest rate and currency exchange
rate fluctuations, credit and foreign exchange risk management;
risks relating to the use of social media platforms; issuance of
new or revised accounting standards; and risks relating to public
health outbreaks, epidemics and pandemics.
Forward-looking statements in this earnings release should be
evaluated together with the many risks and uncertainties that
affect the company’s business and market, particularly those
identified in the cautionary statement and risk factors discussion
in the company’s Annual Report on Form 10-K for the year ended
December 31, 2024, as updated by the company’s subsequent Quarterly
Reports on Form 10-Q, Current Reports on Form 8-K and other filings
with the SEC. The forward-looking statements included in this
document are made only as of the date of this document and except
as otherwise required by applicable law, the company undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events,
changed circumstances or otherwise.
BRISTOL-MYERS SQUIBB
COMPANY
CONSOLIDATED STATEMENTS OF
EARNINGS
(Unaudited, dollars and shares
in millions except per share data)
Three Months Ended March
31,
2025
2024
Net product sales
$
10,886
$
11,559
Alliance and other revenues
315
306
Total Revenues
11,201
11,865
Cost of products sold(a)
3,033
2,932
Selling, general and administrative
1,584
2,367
Research and development
2,257
2,695
Acquired IPRD
188
12,949
Amortization of acquired intangible
assets
830
2,357
Other (income)/expense, net
339
81
Total Expenses
8,230
23,381
Earnings/(Loss) Before Income Taxes
2,971
(11,516
)
Income tax provision
509
392
Net Earnings/(Loss)
2,462
(11,908
)
Noncontrolling Interest
6
3
Net Earnings/(Loss) Attributable to
BMS
$
2,456
$
(11,911
)
Weighted-Average Common Shares
Outstanding:
Basic
2,031
2,023
Diluted
2,040
2,023
Earnings/(Loss) per Common
Share:
Basic
$
1.21
$
(5.89
)
Diluted
1.20
(5.89
)
Other (income)/expense, net
Interest expense(b)
$
494
$
425
Royalty income - divestitures
(272
)
(271
)
Royalty and licensing income
(259
)
(161
)
Provision for restructuring
133
220
Investment income
(138
)
(183
)
Integration expenses
41
71
Litigation and other settlements
257
2
Acquisition expense
2
49
Equity investment (gains)/losses
78
(102
)
Other
3
31
Other (income)/expense, net
$
339
$
81
(a) Excludes amortization of acquired
intangible assets.
(b) Includes amortization of purchase
price adjustments to Celgene debt.
BRISTOL-MYERS SQUIBB
COMPANY
PRODUCT REVENUES
FOR THE THREE MONTHS ENDED
MARCH 31, 2025 AND 2024
(Unaudited, dollars in
millions)
Change vs. 2024
2025
2024
GAAP
Excl. F/X**
U.S.
Int'l(c)
WW(d)
U.S.
Int'l(c)
WW(d)
U.S.
Int'l(c)
WW(d)
U.S.
Int'l(c)
WW(d)
Growth Portfolio
Opdivo
$
1,332
$
933
$
2,265
$
1,155
$
923
$
2,078
15%
1%
9%
15%
7%
12%
Opdivo Qvantig
8
—
9
—
—
—
N/A
N/A
N/A
N/A
N/A
N/A
Orencia
555
215
770
572
226
798
(3)%
(5)%
(4)%
(3)%
(1)%
(2)%
Yervoy
394
230
624
368
215
583
7%
7%
7%
7%
12%
9%
Reblozyl
390
89
478
293
61
354
33%
44%
35%
33%
49%
36%
Opdualag
228
25
252
198
8
206
15%
>200%
23%
15%
>200%
23%
Breyanzi
204
60
263
87
20
107
133%
>200%
146%
133%
>200%
148%
Camzyos
126
33
159
77
7
84
63%
>200%
89%
63%
>200%
90%
Zeposia
61
46
107
72
38
110
(16)%
22%
(3)%
(16)%
26%
(2)%
Abecma
59
45
103
52
30
82
13%
47%
26%
13%
54%
28%
Sotyktu
32
23
55
34
10
44
(5)%
138%
27%
(5)%
146%
29%
Krazati
44
4
48
21
—
21
116%
>200%
125%
116%
>200%
125%
Cobenfy
27
—
27
—
—
—
N/A
N/A
N/A
N/A
N/A
N/A
Other Growth Products(a)
174
229
403
154
171
325
13%
34%
24%
13%
35%
25%
Total Growth Portfolio
3,633
1,930
5,563
3,083
1,709
4,792
18%
13%
16%
18%
18%
18%
Legacy Portfolio
Eliquis
2,646
919
3,565
2,821
899
3,720
(6)%
2%
(4)%
(6)%
5%
(3)%
Revlimid
809
127
936
1,453
216
1,669
(44)%
(41)%
(44)%
(44)%
(39)%
(44)%
Pomalyst/Imnovid
537
122
658
597
268
865
(10)%
(55)%
(24)%
(10)%
(53)%
(24)%
Sprycel
126
49
175
282
92
374
(56)%
(47)%
(53)%
(56)%
(43)%
(53)%
Abraxane
40
65
105
145
72
217
(72)%
(10)%
(52)%
(72)%
(6)%
(50)%
Other Legacy Products(b)
82
116
199
95
133
228
(14)%
(10)%
(12)%
(14)%
(8)%
(11)%
Total Legacy Portfolio
4,240
1,398
5,638
5,393
1,680
7,073
(21)%
(17)%
(20)%
(21)%
(14)%
(20)%
Total Revenues
$
7,873
$
3,328
$
11,201
$
8,476
$
3,389
$
11,865
(7)%
(2)%
(6)%
(7)%
2%
(4)%
**
See "Use of Non-GAAP Financial
Information".
(a)
Includes Augtyro, Onureg, Inrebic,
Nulojix, Empliciti and royalty revenues.
(b)
Includes other mature brands.
(c)
Includes Puerto Rico.
(d)
Worldwide (WW) includes U.S. and
International (Int'l).
BRISTOL-MYERS SQUIBB
COMPANY
INTERNATIONAL
REVENUES(a)
FOREIGN EXCHANGE IMPACT
(%)
(Unaudited)
Three Months Ended March 31,
2025
Revenue Change %
F/X % Favorable/ (Unfavorable)
**
Revenue Change % Ex- F/X
**
Growth Portfolio
Opdivo
1%
(6)%
7%
Opdivo Qvantig
N/A
N/A
N/A
Orencia
(5)%
(4)%
(1)%
Yervoy
7%
(6)%
12%
Reblozyl
44%
(5)%
49%
Opdualag
>200%
NM
>200%
Breyanzi
>200%
NM
>200%
Camzyos
>200%
NM
>200%
Zeposia
22%
(4)%
26%
Abecma
47%
(6)%
54%
Sotyktu
138%
(9)%
146%
Krazati
>200%
NM
>200%
Cobenfy
N/A
N/A
N/A
Other Growth Products(b)
34%
(1)%
35%
Total Growth Portfolio
13%
(5)%
18%
Legacy Portfolio
Eliquis
2%
(3)%
5%
Revlimid
(41)%
(3)%
(39)%
Pomalyst/Imnovid
(55)%
(1)%
(53)%
Sprycel
(47)%
(3)%
(43)%
Abraxane
(10)%
(4)%
(6)%
Other Legacy Products(c)
(10)%
(2)%
(8)%
Total Legacy Portfolio
(17)%
(3)%
(14)%
Total Revenues
(2)%
(4)%
2%
NM
Not meaningful
**
See "Use of Non-GAAP Financial
Information".
(a)
Includes Puerto Rico.
(b)
Includes Augtyro, Onureg, Inrebic,
Nulojix, Empliciti and royalty revenues.
(c)
Includes other mature brands.
BRISTOL-MYERS SQUIBB
COMPANY
WORLDWIDE REVENUES(a)
FOREIGN EXCHANGE IMPACT
(%)
(Unaudited)
Three Months Ended March 31,
2025
Revenue Change %
F/X % Favorable/ (Unfavorable)
**
Revenue Change % Ex- F/X
**
Growth Portfolio
Opdivo
9%
(3)%
12%
Opdivo Qvantig
N/A
N/A
N/A
Orencia
(4)%
(1)%
(2)%
Yervoy
7%
(2)%
9%
Reblozyl
35%
(1)%
36%
Opdualag
23%
—%
23%
Breyanzi
146%
(2)%
148%
Camzyos
89%
(1)%
90%
Zeposia
(3)%
(1)%
(2)%
Abecma
26%
(2)%
28%
Sotyktu
27%
(2)%
29%
Krazati
125%
—%
125%
Cobenfy
N/A
N/A
N/A
Other Growth Products(b)
24%
(1)%
25%
Total Growth Portfolio
16%
(2)%
18%
Legacy Portfolio
Eliquis
(4)%
(1)%
(3)%
Revlimid
(44)%
—%
(44)%
Pomalyst/Imnovid
(24)%
—%
(24)%
Sprycel
(53)%
(1)%
(53)%
Abraxane
(52)%
(1)%
(50)%
Other Legacy Products(c)
(12)%
(1)%
(11)%
Total Legacy Portfolio
(20)%
(1)%
(20)%
Total Revenues
(6)%
(1)%
(4)%
NM
Not meaningful
**
See "Use of Non-GAAP Financial
Information".
(a)
Worldwide (WW) includes U.S. and
International (Int'l).
(b)
Includes Augtyro, Onureg, Inrebic,
Nulojix, Empliciti and royalty revenues.
(c)
Includes other mature brands.
BRISTOL-MYERS SQUIBB
COMPANY
RECONCILIATION OF GAAP AND
NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE
IMPACT *
(Unaudited, dollars in
millions)
THREE MONTHS
2025
2024
Change $
Change %
Favorable / (Unfavorable) F/X
$ **
2025 Excl. F/X **
Favorable / (Unfavorable) F/X
% **
% Change Excl. F/X **
Revenues
$
11,201
$
11,865
$
(664)
(6)%
$
(137)
$
11,338
(1)%
(4)%
Gross profit
8,168
8,933
(764)
(9)%
N/A
N/A
N/A
N/A
Gross profit excluding specified
items(a)
8,183
8,955
(772)
(9)%
N/A
N/A
N/A
N/A
Gross margin(b)
72.9
%
75.3
%
Gross margin excluding specified
items(a)
73.1
%
75.5
%
Selling, general and administrative
1,584
2,367
(782)
(33)%
15
1,600
1%
(32)%
Selling, general and administrative
excluding specified items(a)
1,583
1,989
(405)
(20)%
15
1,598
1%
(20)%
Research and development
2,257
2,695
(438)
(16)%
11
2,268
—%
(16)%
Research and development excluding
specified items(a)
2,235
2,346
(112)
(5)%
11
2,246
—%
(4)%
Operating margin(c)
38.6
%
32.6
%
Operating margin excluding specified
items
39.0
%
38.9
%
*
Foreign exchange impacts were derived by
converting our current-period local currency financial results
using the prior period average currency rates and comparing these
adjusted amounts to our current-period results.
**
See "Use of Non-GAAP Financial
Information".
(a)
Refer to the Specified Items schedule
below for further details.
(b)
Represents gross profit as a percentage of
Revenues.
(c)
Operating margin represents gross profit
less selling, general and administrative expenses and research and
development expenses, as a percentage of Revenues.
BRISTOL-MYERS SQUIBB
COMPANY
SPECIFIED ITEMS
(Unaudited, dollars in
millions)
Three Months Ended March 31,
2025
2025
2024
Inventory purchase price accounting
adjustments
$
13
$
8
Site exit and other costs
2
14
Cost of products sold
14
22
Acquisition related charges(a)
—
372
Site exit and other costs
1
6
Selling, general and
administrative
1
378
Acquisition related charges(a)
—
348
Site exit and other costs
21
1
Research and development
21
349
Amortization of acquired intangible
assets
830
2,357
Interest expense(b)
(12
)
(13
)
Provision for restructuring
133
220
Integration expenses
41
71
Litigation and other settlements
246
—
Acquisition expenses
2
49
Equity investment (gain)/losses
77
(102
)
Other
2
10
Other (income)/expense, net
489
235
Increase to Earnings before income
taxes
1,356
3,341
Income taxes on items above
(143
)
(340
)
Increase to net earnings
$
1,212
$
3,001
(a)
Includes cash settlement of unvested stock
awards, and other related costs incurred in connection with the
recent acquisitions of Karuna, RayzeBio and Mirati.
(b)
Includes amortization of purchase price
adjustments to Celgene debt.
BRISTOL-MYERS SQUIBB
COMPANY
RECONCILIATION OF CERTAIN GAAP
LINE ITEMS TO CERTAIN NON-GAAP LINE ITEMS
(Unaudited, dollars and shares
in millions except per share data)
Three Months Ended March 31,
2025
GAAP
Specified Items(a)
Non-GAAP
Gross profit
$
8,168
$
14
$
8,183
Selling, general and administrative
1,584
(1
)
1,583
Research and development
2,257
(21
)
2,235
Amortization of acquired intangible
assets
830
(830
)
—
Other (income)/expense, net
339
(489
)
(150
)
Earnings/(Loss) before income
taxes
2,971
1,356
4,326
Income tax provision
509
143
652
Net earnings/(loss) attributable to BMS
used for diluted EPS calculation
$
2,456
$
1,212
$
3,668
Weighted-average common shares
outstanding—diluted
2,040
2,040
2,040
Diluted earnings/(loss) per share
$
1.20
$
0.59
$
1.80
Effective tax rate
17.1
%
(2.1
)%
15.1
%
Three Months Ended March 31,
2024
GAAP
Specified Items(a)
Non-GAAP
Gross profit
$
8,933
$
22
$
8,955
Selling, general and administrative
2,367
(378
)
1,989
Research and development
2,695
(349
)
2,346
Amortization of acquired intangible
assets
2,357
(2,357
)
—
Other (income)/expense, net
81
(235
)
(154
)
Earnings/(Loss) before income
taxes
(11,516
)
3,341
(8,175
)
Income tax provision
392
340
732
Net earnings/(loss) attributable to BMS
used for diluted EPS calculation
$
(11,911
)
$
3,001
$
(8,910
)
Weighted-average common shares
outstanding—diluted
2,023
2,023
2,023
Diluted earnings/(loss) per share
$
(5.89
)
$
1.49
$
(4.40
)
Effective tax rate
(3.4
)%
(5.6
)%
(9.0
)%
(a) Refer to the Specified Items schedule
above for further details. Effective tax rate on the Specified
Items represents the difference between the GAAP and Non-GAAP
effective tax rate.
BRISTOL-MYERS SQUIBB
COMPANY
NET DEBT CALCULATION
AS OF MARCH 31, 2025 AND
DECEMBER 31, 2024
(Unaudited, dollars in
millions)
March 31, 2025
December 31,
2024
Cash and cash equivalents
$
10,875
$
10,346
Marketable debt securities - current
907
513
Marketable debt securities -
non-current
344
320
Cash, cash equivalents and marketable
debt securities
$
12,126
$
11,179
Short-term debt obligations
(3,554
)
(2,046
)
Long-term debt
(46,157
)
(47,603
)
Net debt position
$
(37,584
)
$
(38,470
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250424015046/en/
For more information, contact: Media Relations:
media@bms.com Investor Relations: investor.relations@bms.com
Bristol Myers Squibb (NYSE:BMY)
Historical Stock Chart
From May 2025 to Jun 2025
Bristol Myers Squibb (NYSE:BMY)
Historical Stock Chart
From Jun 2024 to Jun 2025
