Bristol Myers Squibb (BMY) Q4 Outperforms: Growth Portfolios Offset Legacy Pressure, Pivotal Readouts Loom

Bristol Myers Squibb (NYSE:BMY) reported Q4 CY2025 revenue of $12.5B, up 1.4% YoY, and non-GAAP profit of $1.26/share, 4.6% above consensus. The company’s full-year revenue guidance of $46.75B is 5.7% above estimates. Growth products—Opdualag, Breyanzi, Camzyos, and Reblozyl—each surpassed $1B in annual sales, with Reblozyl crossing $2B. Management credited disciplined cost savings and early-stage pipeline take-up for offsetting declines in legacy brands amid generic competition and patent expirations, including Eliquis. Looking ahead, pivotal clinical data readouts and label extensions are scheduled through late CY2026, with six new pipeline updates expected. CFO David Elkins said the cost-savings program provides flexibility to reinvest in launches and R&D while navigating pricing shifts and exclusivity loss. Analysts will closely watch pivotal results, execution of cost discipline and reinvestment, and the impact of generics on legacy products.