Bristol-Myers Squibb’s fourth quarter saw continued momentum in its growth portfolio, which management credited as the primary driver behind the company’s positive results. CEO Christopher Boerner highlighted significant contributions from newer products such as Opdualag, Breyanzi, and Camzyos, each surpassing $1 billion in annual sales, and emphasized their early-stage potential. The company also benefited from steady uptake in recently launched therapies, with Reblozyl notably achieving over $2 billion in sales for the year. Management pointed to disciplined execution on cost-saving initiatives, which helped offset declines in legacy brands, including ongoing generic competition. As Boerner summarized, “These are differentiated durable products early in their life cycles with meaningful runway ahead that further strengthen the foundation for long-term growth.”
Is now the time to buy BMY? Find out in our full research report (it’s free for active Edge members).
Bristol-Myers Squibb (BMY) Q4 CY2025 Highlights:
- Revenue: $12.5 billion vs analyst estimates of $11.93 billion (1.4% year-on-year growth, 4.8% beat)
- Adjusted EPS: $1.26 vs analyst estimates of $1.20 (4.6% beat)
- Adjusted EBITDA: $4.31 billion vs analyst estimates of $3.04 billion (34.5% margin, 41.6% beat)
- Adjusted EPS guidance for the upcoming financial year 2026 is $6.20 at the midpoint, beating analyst estimates by 2.4%
- Operating Margin: 11.4%, up from 3.9% in the same quarter last year
- Market Capitalization: $122 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Bristol-Myers Squibb’s Q4 Earnings Call
- Seamus Fernandez (Guggenheim Securities) asked about which upcoming clinical catalysts offer the most upside. CEO Christopher Boerner highlighted the CELMoD program, multiple phase three readouts, and the importance of pivotal data in atrial fibrillation and pulmonary fibrosis.
- Christopher Schott (JPMorgan) questioned business development priorities and Eliquis’ pricing strategy. Management indicated a focus on deepening existing therapeutic areas and explained that recent Eliquis price changes, including a 40% reduction, were intended to expand access and adjust to policy shifts.
- Michael Yee (UBS) inquired about safety monitoring in the milvexian atrial fibrillation study and interest in metabolic disease. Management emphasized ongoing blinded safety reviews and noted that while metabolic disease is of interest, the priority remains enhancing current therapeutic areas.
- Courtney Breen (Bernstein) pressed for details on cost savings and the step-down expected for Eliquis in 2027. CFO David Elkins detailed the remaining $1 billion in cost savings and explained that European patent expirations are expected to trigger a significant drop in Eliquis revenue.
- Jeff Meacham (Citi) asked about CoBinfy’s growth and pipeline expansion. Management reported strong early adoption, broad payer access, and highlighted upcoming studies and new indications as primary growth drivers.
Catalysts in Upcoming Quarters
In the quarters ahead, our analysts will be watching (1) progress on pivotal data readouts for new and existing pipeline candidates, (2) the execution of cost savings and reinvestment into launch and research activities, and (3) the impact of patent expirations and generic competition on legacy brands—especially Eliquis. The ability of recently launched products to accelerate adoption will also be a key performance indicator.
Bristol-Myers Squibb currently trades at $60.11, up from $57.62 just before the earnings. Is the company at an inflection point that warrants a buy or sell? The answer lies in our full research report (it’s free).
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