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Jun 30, 2025
Bristol-Myers Squibb Q2 2025 Earnings Report
Bristol Myers Squibb reported modest revenue growth and a decline in earnings during Q2 2025, impacted by R&D charges tied to a strategic partnership.
Key Takeaways
Bristol Myers Squibb delivered $12.3B in revenue for Q2 2025, with strength in its Growth Portfolio offset by legacy product declines. GAAP EPS dropped to $0.64 and net income declined due to a $1.5B IPRD charge related to a new partnership with BioNTech.
Total revenue reached $12.269 billion, up 1% from Q2 2024
GAAP EPS was $0.64, significantly impacted by a $1.5B acquired IPRD charge
Growth Portfolio revenue grew to $6.6B, driven by oncology drugs like Breyanzi and Camzyos
Legacy Portfolio revenue declined 14% due to generic pressure and Medicare redesign
Revenue by Geographic Location
Forward Guidance
BMS raised its full-year revenue guidance and slightly narrowed non-GAAP EPS guidance due to strong Growth Portfolio performance and FX benefits, while accounting for the BioNTech IPRD charge.
Positive Outlook
- Revenue guidance increased to $46.5B–$47.5B
- Strength in Growth Portfolio performance
- Legacy Portfolio outperformed expectations
- Favorable $200M FX impact
- Other income raised to $250M due to better royalty and interest income
Challenges Ahead
- Non-GAAP EPS guidance lowered to $6.35–$6.65 due to IPRD charge
- R&D costs include $1.5B IPRD expense from BioNTech deal
- Gross margin slightly compressed due to product mix
- U.S. revenue declined by 3%
- Continued drag from generic competition in Legacy Portfolio
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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