Analyst Conference Summary

biotechnology

Bristol-Myers Squibb
BMY

conference date: July 31, 2025 @ 5:00 AM Pacific Time
for quarter ending: June 30, 2025 (second quarter 2025, Q2)


Forward-looking statements

Overview: Revenue slightly above flat y/y, as growth portfolio revenue compensates for decline of older therapies.

Basic data (GAAP):

Revenue was $12.27 billion, up 10% sequentially from $11.2 billion and up 1% from $12.20 billion year-earlier.

Net income was $1.3 billion, down 47% sequentially from $2.46 billion and down 24% from $1.7 billion year-earlier.

EPS (earnings per share), diluted, were $0.64, down 47% sequentially from $1.20, and down 22% from $0.83 year-earlier.

Guidance:

Raised 2025 revenue guidance to between $46.5 and $47.5 billion. Reducing non-GAAP EPS to $6.35 to $6.65 due to negative $0.57 IPRD from BioNTech agreement.

Conference Highlights:

Chris Boerner, CEO, said "We are making good progress rewiring the company for long-term growth. In the second quarter, we delivered strong results across our Growth Portfolio, continued to optimize our cost structure, and added to our innovative pipeline with strategic partnerships. In the back half of the year, we are focused on advancing transformational medicines and delivering on our Growth Portfolio and important pipeline opportunities to shape our growth trajectory."

Acquired IPRD charges of $1.5 billion, from BioNTech partnership, were responsible for the GAAP and non-GAAP net income and EPS drops y/y.

Sotyktu sNDA for active psoriatic psoriasis has PDUFA March 6, 2026. Based on positive Phase 3 results. Accepted for reveiw Q3 2025.

In June 2025 agreed to partner with BioNTech for BNT327, a bispecific antibody for solid tumors.

In June 2025 agreed to license OncoACP3, a radiopharmaceutical, from Philochem for prostate cancer.

In July 2025 created a new pharmaceutical company with Bain Capital for autoimmune diseases, with five therapy assets from Bristol and $300 million financing led by Bain.

Camzyos coverage was increased by reduction of contraindications in April 2025. But the Phase 3 trial for non-obstructive hypertrophic cardiomyopathy did not meet its endpoints.

In Q3 2025 the Phase 3 Reblozyl tril combined with janus kinase inhibitor, for myelofibrosis associated anemia patients receiving transfusions, did not meet the primary endpoint, despite positive trends.

In Q2 2025 Breyanzi for marginal zone lymphoma had positive results in a Phase 2 trial.

In March 2025 the EU approved Breyanzi for third-line follicular lymphoma.

In March 2025 the Sotyktu (deucravacitinib) Phase 3 trial data was positive for psoriatic arthritis.

In Q2 the European Commission approved neoadjuvant Opdivo + chemotherapy followed by surgery for resectable non-small cell long cancer with PD-L1 expression >1%. Also approved for subcutaneous use and new strength across multiple solid tumor types.

Non-GAAP numbers: diluted EPS $1.46, down 19% sequentially from $1.80 and down 29% from $2.07 year-earlier. Net income $2.99 billion, down 19% sequentially from $3.67 billion, and down 29% from $4.19 billion year-earlier.

Cash and equivalents ended at $12.6 billion up sequentially from $12.1 billion. Cash flow from operations $3.9 billion. Long-term debt was $44.5 billion, short term $ billion. $0 billion used for stock repurchases, but $5 billion remains authorized. Plans to pay down $4 billion of debt in 2025/2026.

US revenue decreased 3% to $8.5 billion; international up 10% to $3.8 billion.

Therapy
sales in $ millions
Q2 2025
sales
Q1 2025
sales
Q2 2024
sales
y/y change
Revlimid $838 $936 $1,353 -38%
Opdivo 2,560 2,265 2,387 7%
Opdivo Qvantig 30 9 0 na%
Eliquis 3,680 3,565 3,416 8%
Orencia 963 770 948 2%
Pomalyst/Imnovid 708 658 959 -18%
Sprycel 120 175 424 -80%
Yervoy 728 624 630 12%
Abraxane 105 105 231 -79%
Reblozyl 568 478 425 30%
Zeposia 150 107 151 0%
Breyanzi 344 263 153 110%
Abecma 87 103 95 -14%
Opdualag 284 252 235 21%
Camzyos 260 159 139 87%
Sotyktu 70 55 53 31%
Krazati 48 na 32 51%
Cobenfy 35 na 0 na%
Other Growth Products 470 403 348 35%
Other Legacy Products 223 199 222 0%
Total 12,269 11,201 12,201 1%

The mid to late stage pipeline includes repotrectinib, farletuzumab exteribulin, AR-LDD, iberomide, mezigdomide, alnuctamab BCMA TCE, CC-99282, cendakimab, LPA1, and milvexian.

Cost of products sold was $3.37 billion. SG&A $1.71 billion. R&D $2.58 billion. Amortization of acquired intangible assets $830 million. Acquired IRPD $1.51 billion. Other expense $494 million. Total expenses $10.5 billion. Operating profit $1.77 billion. Tax $460 million.

Q&A selective summary:

Particular Phase 3 results this year to call out? The failed studies this year have limited impact on our long-term growth. See growth from studies to read out in next 12 to 24 months.

Direct to consumer offering, industry pressures? Administration has highlighted markups by middlemen. Reduces out-of-pockets costs for consumers. We are committed to increasing patient access to our medicines. Eliquis will be available at about half list price to patients without insurance. Will look to do this more broadly with our portfolio.

Cobenfy launch? In line with expectations. Expect to see steady growth. In early stage of launch, but physician feedback has been positive. Seeing strong intent to prescribe. Increasing our field force. Most common question is how to switch. We have a Phase 4 switch study with data due this year.

BioNTech reasoning? This could be a first or second drug in category. Should enhance growth profile to end of decade. We have a sales for for IO agents in place. Being tested in lung and breast cancers.

We are excited about the possiblity of resetting the immune system using cell therapies.

Camzyos competitive dynamics? We are pleased with Camzyos new patient starts. Feedback on label change has been positive. We see no real differentiation by the competition. We believe we will remain the leader in this space.

Milvexian? Dosing studies led to different doses for different indications. We look forward to more data. Readouts next year. Three indications each have a significant commercial opportunity. AF remains undertreated due to safety considerations. ACS similar. SSP, Milvexian has a differentiated profile with less risk of bleeding.

Getting very positive feedback from physicans about their patients who switch to Cobenfy.

We have been able to reallocate resources from older drugs to newer drugs and will continue to do that, with positive financial impacts.

We are excited by the potential for Cobenfy in Alzheimers disease psychosis.

Shift in Bristol's trough? We are doing what we can to shorted the trough. We want the strongest growth profile possible as we exit the decade. We need to be disciplined and execute at scale.

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Disclaimer: My analyst call summaries may include both condensations of statements made by company representatives and my own analysis. They are not covered by any warranty. I cannot guarantee anything said by company representatives is true. I try not to make errors, but it is possible. These are my personal notes which I share with other investors and which I use as the basis of my blog and Seeking Alpha articles.

Copyright 2025 William P. Meyers