Analyst Conference Summary

biotechnology

conference date: February 5, 2026 @ 5:00 AM Pacific Time
for quarter ending: December 31, 2025 (fourth quarter 2025, Q4)

Forward-looking statements

Overview: Slow growth as newer drugs compensate for loss of exclusivity on older drugs.

Basic data (GAAP):

Revenue was $12.50 billion, up 2% sequentially from $12.22 billion and up 1% from $12.34 billion year-earlier.

Net income was $1.09 billion, down 50% sequentially from $2.2 billion and way up from $76 million year-earlier.

EPS (earnings per share), diluted, were $0.53, down 51% sequentially from $1.08, and well up from $0.04 year-earlier.

Guidance:

Expects 2026 revenue to decrease to $46.0 to $47.5 billion. Non-GAAP EPS 6.05-6.35. Expects usual Q1 sequentially down revenue.

Conference Highlights:

Chris Boerner, CEO, said "We made significant progress in 2025, with real momentum in our Growth Portfolio and a strengthened balance sheet that provides the strategic flexibility to continue investing in growth drivers. 2026 is data-rich, and we are advancing a truly differentiated pipeline with multiple pivotal readouts expected in the back half of the year. Our core business is strong and growing, and we have the potential to achieve industry-leading, sustainable growth into the 2030s and beyond." 2026 to 2028 will be a data-rich period. Diluted EPS negative impact from aquired IRPRD was $0.60, both GAAP and non-GAAP.

In January 2026 Camzyos Phase 3 trial for adolescents with symptomatic obstructive hypertrophic cardiomyopathy reported positive results across endpoints.

In Q4 2025 Opdivo was granted priority review by the FDA, in combination with chemo, for previously untreated classical Hodgkin Lymphoma, with PDUFA date of April 8, 2026. EMA also reviewing.

In Q4 2025 the FDA approved Breyanzi as the first and CART treatment for adult patients with relapsed or refractory marginal zone lymphoma, after receiving at least two prior lines of systemic therapy.

In Q4 2025, along with J&J, stopped Phase 3 milvexian trial for recent coronary event syndrome. But stroke and AF studies continue.

Pumitamig showed good Phase 2 results for triple negative breast cancer in December 2025.

In 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.

On December 5, 2025 FDA had approved a supplemental BLA for Breyanzi for relapsed or refractory marginal zone lymphoma, 3rd line.

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

Non-GAAP numbers: diluted EPS $1.26, down 23% sequentially from $1.63 and down 25% from $1.67 year-earlier. Net income $2.6 billion, down 21% sequentially from $3.3 billion, and down 24% from $3.4 billion year-earlier.

Cash and equivalents ended at $11.1 billion down sequentially from $16.9 billion. Cash flow from operations $2.0 billion. Long-term debt was $43 billion, short term $2.3 billion. $0 billion used for stock repurchases, but $5 billion remains authorized. Completed $10 billion paydown of debt.

US revenue increased 0% to $8.56 billion; international up 5% to $3.94 billion.

Bristol-Myers has an extensive clinical and preclinial pipeline. See BMY Pipeline.

Cost of products sold was $4.10 billion. SG&A $2.18 billion. R&D $2.59 billion. Amortization of acquired intangible assets $826 million. Acquired IRPD $1.39 billion. Other income $51 million. Total expenses $11.0 billion. Operating profit $1.47 billion. Tax $384 million.

For Full Year 2025, revenue was $48.2 billion, down slightly from $48.3 billion in 2024. GAAP EPS was $3.46, up from negative $4.41. Non-GAAP EPS was $6.15, up from $1.15.

Q&A selective summary:

Phase 3 catalysts in 2026, impacts? We already have good growth from products already on the market. We could have 10 Phase 3 readouts in 2026, certainly 6. Listed them. Then detailed.

Eliquis in 2026? See strong performance through 2026. We did change pricing, given IRA pricing change. Finalized agreement with U.S. government.

Business development priorities? It is a top priority. We do not need to chase deals, given our own late-stage pipeline. Looking to build depth across our current areas.

Milvexian for Afib? We studied more than 20,000 patients. But we remain blinded, but the DMC tells us we remain on target. Study should complete this year.

Cost savings? We made great progress this year. We have a solid line of site to an additional $1 billion by end of 2027. This allows us to reinvest in growth drivers.

Eliquis dynamics in 2026-2027? No guidance for 2027. But expect a step-down 2026 to 2027. EU patents expire in late 2026.

LPA1? Admilparant potential first in class. Could halt progression of the diseases, IPF and PPF.

Milvexian trial goal is to show non-inferiority on efficacy, with superiority on bleeding issue. In AFIB it would have a large potential market, with current therapies posting a bleeding risk. Payers see the possible benefit.

Still believe physicians will convert 30% to 40% of Opdivo patients to Opdivo Qvantig before the Opdivo loss of exclusivity (in 2028).

Orencia loss of exclusivity? Hard to manufacture, Dr Reddy says they are ready with a generic, believe we will have cash flow from it even as generics are introduced.

Cobenfy sales structure, does that set you up for more neurology drugs or BD? We are seeing good results for Cobenfy patients in the field. We believe it could be a significant drug for secondary Alzheimer's effects. There are still unknowns in the potential of M4 agonists. We have a rich pipeline in neurological diseases.

Opdualag growth drivers? It has become a standard of care in first line metastatic melanoma. We are launching in more ex-US nations, so that should drive growth as well.

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