Bristol-Myers Squibb Co (BMY) Q3 2025 Earnings Call Highlights: Strong Growth and Strategic ...

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Total Revenue: Approximately $12.2 billion for Q3 2025. Growth Portfolio Sales Increase: 17% year over year. Opdivo Global Sales: Approximately $2.5 billion, up 6%. Reblozyl Global Sales: $615 million, annualizing over $2 billion. Breyanzi Global Sales: $359 million, annualizing over $1 billion. Camzyos Global Sales: $296 million, annualizing over $1 billion. Eliquis Global Sales: $3.7 billion, growing 23%. Gross Margin: Approximately 73%. Operating Expenses: Approximately $4.2 billion, decreased by $100 million. Effective Tax Rate: 22.3%. Diluted EPS: $1.63. Cash Flow from Operations: About $6.3 billion in Q3 2025. Cash and Equivalents: Nearly $17 billion as of September 30, 2025. Full Year Revenue Guidance: Increased to $47.5 billion to $48 billion. Full Year EPS Guidance: Narrowed to $6.40 to $6.60.

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Release Date: October 30, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Bristol-Myers Squibb Co (NYSE:BMY) reported a strong third quarter with a 17% year-over-year increase in sales from its Growth Portfolio, driven by multiple products including the IO portfolio, Reblozyl, Camzyos, and Breyanzi. The company raised its top-line guidance due to strong performance and maintained the midpoint of its bottom-line guidance. Recent product launches, Cobenfy and Qvantig, are performing well, with Cobenfy receiving positive feedback from physicians. Bristol-Myers Squibb Co (NYSE:BMY) achieved several clinical and regulatory milestones, including a Breakthrough Therapy Designation for iza-bren and a Fast Track Designation for an anti-tau antibody for Alzheimer's disease. The company is actively pursuing business development opportunities, including the acquisition of Orbital Therapeutics to strengthen its cell therapy franchise.

Negative Points

Despite strong sales growth, the company faces challenges in the entrenched market for Cobenfy, requiring ongoing efforts to increase prescribing breadth and depth. There is heightened investor nervousness around the ADEPT-2 study for Cobenfy, with concerns about potential site irregularities and data readout timelines. The company is navigating a dynamic policy environment, including potential impacts from the Inflation Reduction Act and other regulatory changes. Bristol-Myers Squibb Co (NYSE:BMY) continues to face competition in the PD-1/PD-L1 space, requiring strategic positioning and rapid development to maintain market share. The company is managing cost pressures while balancing investments in its pipeline and growth portfolio, which could impact future financial flexibility.

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Q & A Highlights

Q: Can you provide updates on the ADEPT-2 study and your confidence in the broader ADEPT program? A: Christopher Boerner, CEO: We expect results by the end of the year and remain confident in the Cobenfy development program. Our confidence is based on compelling external data, real-world experiences, and internal data from ADEPT-1 and ADEPT-3. We are focused on executing these studies with the highest probability of success. Cristian Massacesi, Chief Medical Officer, added that ADEPT-4 is similar to ADEPT-2, while ADEPT-1 has a different design focusing on relapse prevention.

Q: How would you characterize the commercial progress of Cobenfy in the US? A: Adam Lenkowsky, Chief Commercialization Officer: We are pleased with Cobenfy's progress in its first year, surpassing 2,400 total prescriptions weekly. We have nearly 100% access across Medicare/Medicaid and are focused on increasing prescribing breadth and depth. We expect steady growth in schizophrenia and additional indications will fuel long-term growth.

Q: What are your thoughts on the competitive landscape for PD-L1 VEGF bispecifics and your partnership with BioNTech? A: Christopher Boerner, CEO: Our partnership with BioNTech is strong, and we believe pumitamig has the potential to become a new standard of care. Adam Lenkowsky added that the data from BioNTech and competitors strengthen our conviction in pumitamig's development program. We are focused on speed to market and combining pumitamig with novel treatments.

Q: Can you discuss your strategic productivity initiatives and cost management? A: David Elkins, CFO: We are on track for $1 billion in savings this year and have a clear line of sight to $2 billion by 2027. We are balancing investments in growth and R&D with disciplined financial management. We have flexibility in our P&L and are confident in managing our cost base while driving growth.

Q: What are your thoughts on the potential for iberdomide's regulatory approval based on MRD negativity rates? A: Cristian Massacesi, Chief Medical Officer: We are pleased with iberdomide's positive outcome in MRD negativity rates and will discuss the data with regulatory agencies to explore the potential for accelerated or conditional approval.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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