Bristol-Myers Squibb Q3 Earnings Preview: Pharma giant looks to reinvent growth amid patent pressure

[Bristol Myers Squibb (BMS)]
hapabapa/iStock Editorial via Getty Images

Bristol-Myers Squibb Company (NYSE: BMY [https://seekingalpha.com/symbol/BMY]) is set to report its third-quarter 2025 earnings on Thursday, October 30, before the market opens.

Wall Street expects earnings per share of $1.52 [https://seekingalpha.com/symbol/BMY/earnings/estimates?period=quarterly], down 15.6% year over year, and revenue of $11.8 billion, a slight 0.8% decline from the prior year period.

Despite soft expectations, BMY has maintained a strong track record, beating both EPS and revenue estimates 100% of the time [https://seekingalpha.com/symbol/BMY/earnings/eps-surprise-summary?period=quarterly]over the past two years. The pharma giant beat Street forecasts with its second-quarter results and updated its forecast for the year, expecting non-GAAP revenue in the range of ~$46.5 billion to $47.5 billion. Adjusted EPS was, however, lowered to $6.35 to $6.65 from $6.7-$7 previously.

However, sentiment ahead of Q3 appears cautious—in the past three months, EPS estimates have seen 17 downward revisions [https://seekingalpha.com/symbol/BMY/earnings/revisions?period=quarterly] versus just one upward, while revenue estimates show 15 upward and one downward adjustment.

Investors will be watching for progress within its immunology and oncology pipeline as the company works to offset patent expirations and reignite growth.

Bristol-Myers (BMY [https://seekingalpha.com/symbol/BMY]) shares have declined by 23.8% over the last twelve months, substantially lagging the broader U.S. market, amid concerns over looming patent expirations. The drugmaker is working to offset the impact through acquisitions, pipeline growth, and strategic product extensions.

Investors will be watching performance trends for Eliquis, its blood thinner co-marketed with Pfizer (PFE [https://seekingalpha.com/symbol/PFE]), and multiple myeloma therapy Revlimid, which has faced generic competition since 2022. On the growth front, attention will turn to Opdivo, the company’s key cancer therapy, which faces significant headwinds as its patents expire in Europe in 2026 and the U.S. in 2028.

“Bristol-Myers Squibb Company has a strong track record of beating analyst estimates, yet trades at a deeply pessimistic valuation. Q3 earnings are highly likely to beat consensus, reinforcing confidence in its dividend and management's execution track record. Recent M&A, strong R&D investment, and a healthy balance sheet position BMY for future growth beyond current revenue concentration risks,” said Seeking Alpha analyst Dair Sansyzbayev [https://seekingalpha.com/article/4833624-bristol-myers-squibb-earnings-champion-valued-like-a-loser].

MORE ON BRISTOL-MYERS SQUIBB COMPANY

* Bristol-Myers Squibb: Earnings Champion Valued Like A Loser [https://seekingalpha.com/article/4833624-bristol-myers-squibb-earnings-champion-valued-like-a-loser]
* Bristol-Myers Squibb: This High FCF Yield Is The Best Value In Healthcare [https://seekingalpha.com/article/4832767-bristol-myers-squibb-this-16-percent-fcf-yield-is-the-best-value-in-healthcare]
* The Play On Bristol-Myers Squibb [https://seekingalpha.com/article/4831466-the-play-on-bristol-myers-squibb]
* Bristol Myers Squibb reports positive trial results for Sotyktu [https://seekingalpha.com/news/4508616-bristol-myers-squibb-reports-positive-trial-results-for-sotyktu]
* Earnings week ahead: AAPL, MSFT, AMZN, META, GOOG, BA, XOM, CVX, MA, V, PYPL, SOFI, and more [https://seekingalpha.com/news/4508307-earnings-week-ahead-aapl-msft-amzn-meta-goog-ba-xom-cvx-pfe-ma-v-pypl-sofi-and-more]