Analyst Conference Summary

biotechnology

conference date: October 30, 2025 @ 5:00 AM Pacific Time
for quarter ending: September 30, 2025 (third quarter 2025, Q3)

Forward-looking statements

Overview: Revenue grew 3% y/y as newer drugs showed strong growth. Raised guidance.

Basic data (GAAP):

Revenue was $12.22 billion, down less than 1% sequentially from $12.27 billion and up 3% from $11.89 billion year-earlier.

Net income was $2.2 billion, up 69% sequentially from $1.3 billion and up 83% from $1.2 billion year-earlier.

EPS (earnings per share), diluted, were $1.08, up 69% sequentially from $0.64, and up 81% from $0.60 year-earlier.

Guidance:

Increased 2025 guidance to: revenue $47.5 to $48.0 billion; non-GAAP EPS, diluted, to $6.40 to $6.60. Acquired IPRD included in EPS negative $0.80.

Conference Highlights:

Chris Boerner, CEO, said "We delivered strong results this quarter as a result of continued execution across the business and ongoing Growth Portfolio momentum." Positioning for strong long-term growth. Growth portfolio sales were up 18% y/y. Optimistic about potential for protein degredation platform.

n October 2025, Bristol announced a definitive agreement to acquire Orbital Therapeutics. The acquisition includes OTX-201, Orbital's lead RNA immunotherapy preclinical candidate currently in IND-enabling studies.

Sotyktu sNDA for active psoriatic psoriasis has PDUFA March 6, 2026. Based on positive Phase 3 results detailed in October 2025. Phase 2 results for moderate-to-severe systemic lupus erythematosus were positive for up to four years of treatment.

In October 2025 BMS-986353, a CD19 NEX-T cell therapy, reported positive Phase 1 data for systemic sclerosis, SLE, and idiopathic inflamatory myopathies.

In Q4 2025 iza-bren (izalontamab brengitecan) reported initial promising antitumore activity in multiple late line tumor types. It is a EGFRxHER3 bispecific ADC.

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.

In September 2025 the iberdomise Phase 3 trial for multiple myeloma demonstrated a statistically significant improvement in MRD rtes. It is a cereblon E3 ligase modulator. Was combined with standard therapies.

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 August 2025 the FDA accepted a supplemental BLA for Breyanzi for relapsed or refractory marginal zone lymphoma, 3rd line. PDUFA December 5, 2025.

Anti-MTBR-tau (BMS-986446), in Phase 2, for Alzheimer's, granted FDA Fast Track in Q4 2025.

Non-GAAP numbers: diluted EPS $1.63, up 23% sequentially from $1.46 and down 9% from $1.80 year-earlier. Net income $3.3 billion, up 10% sequentially from $2.99 billion, and down 11% from $3.7 billion year-earlier. Note Acquired IPRD charges of $633 million increased y/y from $262 million on a GAAP and non-GAAP basis.

Cash and equivalents ended at $16.9 billion up sequentially from $12.6 billion. Cash flow from operations $ 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 increased 1% to $8.33 billion; international up 6% to $3.89 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 $3.44 billion. SG&A $1.79 billion. R&D $2.53 billion. Amortization of acquired intangible assets $831 million. Acquired IRPD $633 million. Other expense $108 million. Total expenses $9.11 billion. Operating profit $3.11 billion. Tax $919 million.

Q&A selective summary:

Adept2 color? Ongoing study, readout in next 2 months. We remain blinded, but we are confident in the Cobenfy program. Real world stories are very positive. Cobenfy program progressing rapidly with 14 studies currently. Expanding potential indications.

Speed of reimbursement for Cobenfy? Pleased so far. But it is a highly entrenched market. We expect steady growth, physician feedback is positive. Mainly Medicare/Medicaid patients.

PDL-1 + VEGF bispecific, competition? BioNTech partnership going well. We believe pumitamig has the potential to become a new standard of care for several solid tumors, taking into account competition data.

Blocks to Cobenfy presciptions? Once physicians start, feedback is strong. This is a new mechanism in an entrenched market. Number one question is about how to switch from a prior drug. We have real world data on that and a real world switch study that should read out next year.

Targetted protein degradation is one of our favored platforms for long-term growth. Another is CAR-T therapy for immune diseases.

Pumitamig has shown strong and consistent PFS data, so we expect good OS data over time. We are planning to initiate more studies.

Trough of earnings? We have not given long-term guidance. Our focus is to make the trough shallow and short. We expect to exit the decade on the upswing, with robust growth.

Trump administration? Policy environment remains dynamic. We are actively engaged with the administration. There are also ex-U.S. issues. We agree that ex-US prices need to go up so US prices can come down.

Iberdomide FDA on MRD? We are pleased with the FDA discussion on the MRD endpoint.

We believe we can compete and win in a highly competitive market. We believe pumitamig will be competitive. We hope to transform the standard of care in solid cancers.

Pomalyst IRA negotiations should conclude tomorrow, but it is due to lose exclusivity anyway, so we do not think the new price will have an effect on revenue.

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