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Dec 31, 2025
Bristol-Myers Squibb Q4 2025 Earnings Report
Bristol-Myers Squibb reported higher fourth-quarter revenue with strong Growth Portfolio performance and improved non-GAAP earnings.
Key Takeaways
In Q4 2025, Bristol-Myers Squibb delivered solid revenue growth driven by its Growth Portfolio, while GAAP earnings were impacted by acquired IPR&D charges, offset by strong non-GAAP profitability.
Q4 revenue increased year over year, led by continued Growth Portfolio momentum.
Non-GAAP EPS significantly exceeded GAAP EPS due to acquired IPR&D charges.
Gross margin remained strong despite portfolio mix changes.
Operating performance reflected disciplined expense management.
Forward Guidance
Management guided to continued Growth Portfolio strength in 2026, with stable margins and disciplined operating expense control.
Positive Outlook
- Sustained Growth Portfolio revenue momentum.
- Expected double-digit Eliquis worldwide revenue growth.
- Stable gross margin outlook.
- Lower operating expenses year over year.
- Improved non-GAAP earnings visibility.
Challenges Ahead
- Continued loss of exclusivity impact on Legacy Portfolio.
- Ongoing exposure to pricing and regulatory pressures.
- Foreign exchange volatility risk.
- Pipeline execution and clinical development risks.
- Macroeconomic and geopolitical uncertainty.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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