Bristol Myers Squibb CEO Christopher Boerner Delivers Q4 & Full-Year 2025 Financial Results; Reports Growth in Core Portfolio and Sets Optimistic 2026 Outlook

Bristol Myers Squibb Company  a leading global biopharmaceutical company, reported fourth quarter and full-year 2025 financial results, marked by resilient performance in its growth portfolio and strategic progress across its pipeline. CEO Christopher Boerner, Ph.D., highlighted diversified revenue streams, strong fundamentals and a forward-looking 2026 guidance that underscores sustainable long-term value creation. 

Fourth Quarter 2025 Financial Highlights
For the quarter ended December 31, 2025, Bristol Myers reported:
• Total revenues of $12.50 billion, up 1% year-over-year.
• Growth portfolio revenues of $7.4 billion, increasing 16%, driven by key immuno-oncology and specialty products.
• Legacy portfolio revenues of $5.1 billion, down 15% on continued generic competition and channel dynamics.
• GAAP earnings per share (EPS) of $0.53, compared with $0.04 in Q4 2024.
• Non-GAAP EPS of $1.26, a 25% decline from $1.67 in the prior year period primarily reflecting acquired IPRD charges and licensing impacts.
• Bristol Myers also increased its quarterly cash dividend to $0.63 per share, marking the 17th consecutive annual dividend hike.

The growth portfolio—comprising innovative therapies such as Opdivo, Camzyos, Breyanzi, Reblozyl and Opdualag—continued to drive momentum, with multiple products posting double-digit percentage growth. By contrast, the legacy portfolio faced expected declines in products affected by generic entry, although Eliquis maintained demand stability.

Full Year 2025 Overview
For the full fiscal year, Bristol Myers delivered robust results:
• Total revenues of $48.19 billion, essentially flat versus $48.30 billion in 2024.
• Growth portfolio revenues climbed 17% to $26.4 billion, a key driver of sustained top-line performance.
• GAAP EPS of $3.46, a notable turnaround from a prior year loss, and non-GAAP EPS of $6.15, more than fivefold higher than 2024’s non-GAAP result.

Management attributed the strong growth portfolio performance to expanding indications and broader adoption of high-value therapies across oncology and cardiovascular categories. Additionally, disciplined cost management, streamlined R&D prioritization and strategic portfolio realignment contributed to year-over-year earnings improvements.

Operational and Strategic Drivers
Bristol Myers’ quarterly update highlighted several operational catalysts:

• Immuno-Oncology Leadership: The company’s immuno-oncology franchise, including Opdivo and associated combination therapies, posted solid gains, reflecting expanded clinical use and regulatory progress.

• Specialty Growth Products: Treatments like Camzyos and Breyanzi saw strong double-digit growth, demonstrating broadening market penetration and improved demand dynamics.

• Pipeline Advancement: Bristol Myers underscored ongoing progress across its late-stage pipeline, with multiple pivotal data readouts expected in 2026, bolstering medium-term growth potential.

Despite pressures from generic erosion in its legacy portfolio, the company’s investment in high-growth franchises and new clinical assets has helped mitigate revenue headwinds and strengthen long-term prospects.

2026 Financial Guidance
Looking ahead, Bristol Myers issued forward guidance for fiscal 2026:
• Revenue projected between $46.0 billion and $47.5 billion, reflecting continued growth portfolio strength despite anticipated legacy declines.
• Non-GAAP EPS expected in the range of $6.05 to $6.35, consistent with analysts’ expectations and reflecting disciplined cost management and margin optimization.

This outlook also embeds strategic assumptions around pricing dynamics, investment in pipeline advancement, and ongoing productivity initiatives. The market responded positively to the guidance, with analysts noting that 2026 projections outpaced more pessimistic revenue expectations, supporting confidence in the company’s growth trajectory.

Market Commentary and Investment Context
Industry observers have characterized Bristol Myers’ latest results as a “tale of two trends,” juxtaposing robust growth portfolio performance against pressures in older, generic-impacted segments. Despite the modest overall revenue increase, the company’s growth franchise was viewed as a driver of resilience and future opportunity.

Investor sentiment has been buoyed by expectations for accelerated uptake of innovative therapies and several high-impact clinical catalysts scheduled for 2026, including late-stage trials across oncology and cardiovascular indications. Additionally, strategic pricing adjustments, particularly surrounding Eliquis, are expected to support revenue stability in a complex pricing environment.

CEO Commentary
CEO Christopher Boerner reflected on 2025 achievements and future potential, stating that “significant progress in our growth portfolio and a strengthened balance sheet provide strategic flexibility to continue investing behind high-value opportunities.” He emphasized that upcoming data readouts and product launches position the company for sustainable, long-term growth into the next decade.

Bristol Myers Squibb’s Q4 and full-year 2025 performance underscores the strategic pivot toward high-growth therapies and disciplined execution, with tangible improvements in earnings and a clear roadmap for 2026. While legacy portfolio dynamics remain a headwind, the company’s diversified revenue base, ongoing pipeline advancement and investor-aligned guidance reinforce confidence in its ability to navigate near-term challenges and capture long-term opportunities.