Bristol Myers Squibb (BMY) Q4 2025 Financial Results Summary
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Bristol Myers Squibb (BMY) Q4 2025 Financial Results Summary
(PRINCETON, N.J., February 5, 2026) – Bristol Myers Squibb (NYSE: BMY) today reported financial results for the fourth quarter and the full year of 2025. The company’s disciplined execution reflects a focus on delivering long-term growth.
Summary of Financial Results:
Fourth Quarter (Q4 2025):
- Total Revenues: $12.5 billion
- Growth: Increased 1% vs. Q4 2024.
- Excluding Foreign Exchange (Ex-FX): Relatively flat.
- Growth Portfolio Revenues: $7.4 billion
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Growth: Increased 16% vs. Q4 2024.
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Legacy Portfolio Revenues: $5.1 billion
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Decline: Decreased 15% vs. Q4 2024.
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Earnings Per Share (EPS)
- GAAP EPS: $0.53
- Growth: >200% compared to $0.04 in Q4 2024.
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Non-GAAP EPS: $1.26
- Decline: Decreased 25% compared to $1.67 in Q4 2024.
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U.S. Revenues: $8.6 billion
- International Revenues: $3.9 billion
Full Year 2025:
- Total Revenues: $48.2 billion
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Change: Remained relatively flat, decreased 1% Ex-FX.
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Growth Portfolio Revenues: $26.4 billion
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Growth: Increased 17% vs. 2024.
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Legacy Portfolio Revenues: $21.8 billion
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Decline: Decreased 15% vs. 2024.
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Earnings Per Share (EPS)
- GAAP EPS: $3.46
- Growth: Comparison to a net loss of $4.41 in 2024.
- Non-GAAP EPS: $6.15
- Growth: Increased >200% from $1.15 in 2024.
Cost & Expenses – Q4 2025:
- Cost of Products Sold: $4.1 billion
- Change: Decreased from $4.8 billion in Q4 2024.
- Gross Margin:
- GAAP: 67.2%
- Increase: Up from 61.0% in Q4 2024.
- Non-GAAP: 71.9%
- Decrease: Down from 74.0% in Q4 2024.
- Research and Development Expenses: $2.6 billion
- Change: Decreased 19% compared to Q4 2024.
Key Highlights:
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Growth Drivers: Success in the immuno-oncology portfolio helped drive Growth Portfolio revenue, including products like Camzyos, Breyanzi, and Reblozyl.
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Legacy Portfolio Challenges: The decline was influenced by increased demand for Eliquis, which was offset by generics impacting the rest of the portfolio.
Dividend and Capital Return:
- Quarterly Dividend: Increased to $0.63 per share.
- Annual Increase: This marks the 17th consecutive year of dividend increases.
Financial Guidance for 2026:
- Projected Revenue: ~$46.0 billion to $47.5 billion.
- Non-GAAP EPS Guidance: $6.05 to $6.35.
- Expectation: Anticipates a decline of 12-16% for the Legacy Portfolio, offset by strength in the Growth Portfolio.
Conclusion:
Bristol Myers Squibb’s Q4 2025 results indicate a strategic focus on growth through its Growth Portfolio, though it also faces challenges in its Legacy Portfolio. The sustained dividend increase showcases the company’s commitment to returning value to shareholders. The guidance for 2026 suggests cautious optimism, anticipating both growth and declines in various areas.
Here are the extracted tables from the provided press release:
CONSOLIDATED STATEMENTS OF EARNINGS
$ in millions, except per share data
| 2025 | 2024 | 2025 | 2024 | |
|---|---|---|---|---|
| Net product sales | $12,111 | $11,811 | $46,756 | $46,778 |
| Alliance and other revenues | $391 | $531 | $1,438 | $1,522 |
| Total Revenues | $12,502 | $12,342 | $48,194 | $48,300 |
| Cost of products sold(a) | $4,097 | $4,812 | $13,936 | $13,968 |
| Selling, general and administrative | $2,181 | $2,136 | $7,267 | $8,414 |
| Research and development | $2,586 | $3,191 | $9,951 | $11,159 |
| Acquired IPRD | $1,393 | $30 | $3,721 | $13,373 |
| Amortization of acquired intangible assets | $826 | $1,693 | $3,317 | $8,872 |
| Other (income)/expense, net | -$51 | $305 | $674 | $893 |
| Total Expenses | $11,032 | $12,167 | $38,866 | $56,679 |
| Earnings/(Loss) Before Income Taxes | $1,470 | $175 | $9,328 | -$8,379 |
| Income tax provision | $384 | $99 | $2,272 | $554 |
| Net Earnings/(Loss) | $1,085 | $76 | $7,055 | -$8,933 |
| Noncontrolling Interest | -$1 | $4 | $2 | $15 |
| Net Earnings/(Loss) Attributable to BMS | $1,087 | $72 | $7,054 | -$8,948 |
| **Weighted-Average Common Shares Outstanding** | ||||
| Basic | 2,036 | 2,029 | 2,034 | 2,027 |
| Diluted | 2,041 | 2,037 | 2,039 | 2,027 |
| Earnings/(Loss) per Common Share: | ||||
| Basic | $0.53 | $0.04 | $3.47 | -$4.41 |
| Diluted | $0.53 | $0.04 | $3.46 | -$4.41 |
| Other (income)/expense, net | ||||
| Interest expense | $432 | $496 | $1,891 | $1,947 |
| Royalty income – divestitures | -$285 | -$284 | -$1,129 | -$1,104 |
| Royalty and licensing income | -$396 | -$204 | -$1,093 | -$736 |
| Investment income | -$148 | -$114 | -$586 | -$478 |
| Provision for restructuring | $132 | $77 | $563 | $635 |
| Litigation and other settlements | $10 | $13 | $434 | $84 |
| Loss on debt redemption | $356 | $0 | $356 | $0 |
| Contingent consideration | $15 | $0 | $351 | $0 |
| Equity investment (gains)/losses | -$190 | $205 | -$280 | -$16 |
| Integration expenses | $37 | $70 | $147 | $284 |
| Acquisition expenses | $4 | $0 | $9 | $50 |
| Other | -$18 | $46 | $11 | $227 |
| Other (income)/expense, net | -$51 | $305 | $674 | $893 |
(a) Excludes amortization of acquired intangible assets.
CONDENSED CONSOLIDATED BALANCE SHEETS
$ in millions
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| Cash and cash equivalents | $10,209 | $10,346 |
| Marketable debt securities – current | $464 | $513 |
| Marketable debt securities – non-current | $396 | $320 |
| Cash, cash equivalents and marketable debt securities | $11,069 | $11,179 |
| Short-term debt obligations | -$2,261 | -$2,046 |
| Long-term debt | -$42,850 | -$47,603 |
| Net debt position | -$34,043 | -$38,470 |