Analyst Conference Summary

biotechnology

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

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ billion, down % sequentially from $11.2 billion and down % from $ billion year-earlier.

Net income was $ billion, up % sequentially from $2.46 billion and up % from $ billion year-earlier.

EPS (earnings per share), diluted, were $, up % sequentially from $1.20, and up % from $ year-earlier.

Guidance:

Conference Highlights:

Chris Boerner, CEO, said ""

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 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.

Non-GAAP numbers: diluted EPS $, up % sequentially from $1.80 and up % from $ year-earlier. Net income $ billion, up % sequentially from $3.67 billion, and up % from $ billion year-earlier.

Cash and equivalents ended at $ billion up sequentially from $12.1 billion. Cash flow from operations $ billion. Long-term debt was $ 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 % to $ billion; international down 2% to $ billion.

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 $ billion. SG&A $ billion. R&D $ billion. Amortization of acquired intangible assets $ million. Acquired IRPD $ million. Other expense $ million. Total expenses $3 billion. Operating profit $ million. Tax $ million.

Q&A selective summary:

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