Bristol-Myers Squibb 2025 Q2 Earnings Net Income Declines 22%

Bristol-Myers Squibb (BMY), ranking 166th by market capitalization, reported its fiscal 2025 Q2 earnings on July 31st, 2025. The company's Q2 revenue of $12.27 billion exceeded analysts’ estimates of $11.38 billion, showcasing a 1% year-over-year increase. Despite strong revenue performance, the earnings per share (EPS) declined 22.9% to $0.64 compared to the previous year. Bristol-Myers Squibb raised its full-year revenue guidance to a range of $46.5 billion to $47.5 billion, surpassing analysts' expectations and reflecting a favorable foreign exchange impact. However, legacy portfolio sales are projected to decline by approximately 15% to 17%.

Revenue
Bristol-Myers Squibb's total revenue rose by 0.6% to $12.27 billion in 2025 Q2 compared to $12.20 billion in 2024 Q2. Leading the growth, Eliquis generated $3.68 billion, while Opdivo contributed $2.56 billion. Orencia and Yervoy earned $963 million and $728 million, respectively. The Growth Portfolio saw contributions from Reblozyl at $568 million, and Breyanzi at $344 million, with Opdualag, Camzyos, and Zeposia bringing in $284 million, $260 million, and $150 million, respectively. Meanwhile, Abecma earned $87 million, and Sotyktu and Krazati added $70 million and $48 million. Cobenfy and other growth products contributed $35 million and $470 million. Revlimid and Pomalyst/Imnovid added $838 million and $708 million, while Sprycel and Abraxane contributed $120 million and $105 million. Other legacy products generated $223 million.

Earnings/Net Income
Bristol-Myers Squibb's EPS declined 22.9% to $0.64 in 2025 Q2 from $0.83 in 2024 Q2. Meanwhile, the company's net income fell to $1.31 billion in 2025 Q2, down 22.0% from $1.68 billion reported in 2024 Q2. The EPS decrease reflects challenging market conditions and a decline in net income.

Price Action
The stock price of Bristol-Myers Squibb has edged down 1.95% during the latest trading day, has tumbled 11.50% during the most recent full trading week, and has dropped 6.44% month-to-date.

Post-Earnings Price Action Review
The strategy of buying Bristol-Myers Squibb's stock when earnings beat and holding for 30 days resulted in a -14.11% return, significantly underperforming the benchmark return of 85.57%. The strategy's Sharpe ratio was -0.13, highlighting substantial risk aversion, while the maximum drawdown was 0%, indicating the strategy avoided losses during the backtest period. The post-earnings price action reveals challenges in maintaining stock value after reporting earnings, with the strategy facing significant volatility and underperformance compared to broader market benchmarks.

CEO Commentary
Christopher S. Boerner, CEO & Chairman, expressed satisfaction with the company's performance, highlighting strong demand across their growth portfolio that resulted in a 17% year-over-year sales increase. He emphasized the significance of recent regulatory approvals and strategic partnerships, particularly with BioNTech and Philochem, to enhance their market positioning in immuno-oncology and radiopharmaceuticals. Boerner underscored the ongoing momentum in product launches, specifically Cobenfy and Qvantig, and reassured stakeholders of the company's focus on long-term sustainable growth, stating, "We are doing what we said we would do, driving focused execution across the business."

Guidance
Bristol-Myers Squibb raised its full-year revenue guidance to a range of $46.5 billion to $47.5 billion, reflecting strong growth in their portfolio and favorable foreign exchange impacts. The company projects a decline in legacy portfolio sales of approximately 15% to 17%, with Revlimid anticipated to generate around $3 billion. The diluted EPS guidance was adjusted to between $6.35 and $6.65, accounting for a $0.57 charge related to the BioNTech partnership and indicating a strong year-to-date performance.

Additional News
Recently, Bristol-Myers Squibb announced a strategic partnership with Bain Capital to form a new immunology company dedicated to developing innovative therapies that address unmet medical needs. The company also appointed Cristian Massacesi, M.D., as Executive Vice President, Chief Medical Officer, and Head of Development following the departure of Hirawat. On June 17,