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FY2025 Q4
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Bristol-Myers Squibb Company earnings call
Buzzberg read
2026 revenue guided to $46-$47.5 billion
Bristol-Myers Squibb capped a year of strong performance from its growth portfolio, which grew 15% in Q4, offsetting declines in the legacy portfolio. Management provided 2026 guidance that expects continued growth from new products but highlights a mid-single-digit growth slowdown, with a focus on upcoming pivotal phase 3 data readouts across multiple therapeutic areas. Q4 2025 revenue was flat year-over-year at $12.5B, as a 15% growth in the growth portfolio offset declines in legacy products.
Buzzberg read 2026 revenue guided to $46-$47.5 billion Bristol-Myers Squibb capped a year of strong performance from its growth portfolio, which grew 15% in Q4, offsetting declines in the legacy portfolio. Management provided 2026 guidance that expects continued growth from new products but highlights a mid-single-digit growth slowdown, with a focus on upcoming pivotal phase 3 data readouts across multiple therapeutic areas. Q4 2025 revenue was flat year-over-year at $12.5B, as a 15% growth in the growth portfolio offset declines in legacy products. Read full analysisCollapse analysis
Bristol-Myers Squibb capped a year of strong performance from its growth portfolio, which grew 15% in Q4, offsetting declines in the legacy portfolio. Management provided 2026 guidance that expects continued growth from new products but highlights a mid-single-digit growth slowdown, with a focus on upcoming pivotal phase 3 data readouts across multiple therapeutic areas. Q4 2025 revenue was flat year-over-year at $12.5B, as a 15% growth in the growth portfolio offset declines in legacy products.
- 2026 revenue guidance of $46-47.5B implies a slowdown, with the growth portfolio expected to grow at mid-single-digit percentages.
- Eliquis is guided to grow 10-15% in 2026, but a step-down of $1.5-2B is expected in 2027 due to European patent expirations.
- Six registrational data readouts are expected in 2026, including Milvexian, Ibertamide, and Admilperant.
Revenue$12.503BReported
EPS$1.26Reported
Gross margin67.23%Reported
Operating margin22.5%Reported
6 grounded callouts
What matters now
The highest-signal changes from the call.
Demand
Growth portfolio grew 17% in 2025
Pipeline
Six potential new product readouts expected in 2026
Show 3 more callouts
Guidance
Eliquis 2027 step-down guided at $1.5-$2 billion
Margins
BMS on track for $2 billion cost savings program
Capital Allocation
Business development remains a top priority
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| Revenue | $12.503B | Reported |
| EPS | $1.26 | Reported |
| Gross margin | 67.23% | Reported |
| Operating margin | 22.5% | Reported |
| Free cash flow | $1.604B | Reported |
| Capex | $0.37B | Reported |
Forward-looking
Forward guidance
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| EPS | FY2026 | $6.05–$6.35 | $6.20 | Guided |
| Gross margin | FY2026 | 69%–70% | 69.5% | Guided |
| Revenue | FY2026 | $46B–$47.5B | $46.75B | Guided |
AI, capex & demand read
Management read
Confident
Management struck a consistently confident tone, citing strong execution, a data-rich pipeline, and multiple upcoming catalysts that they believe position BMS for durable long-term growth.
Management AI read
Management said it will continue expanding its use of AI to operate leaner and move faster, framed as part of its cost-savings program and strategic reinvestment in growth.
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Companiesreturns since call
Partners
Partners
Chris Boerner
Bristol Myers is expanding its partnership with BioNTech on the Pumitibnig program, strengthening the relationship and potential future royalty streams.
Evidence
“in December, with our partners at BioNTech, we also shared the first global Phase II data for Pumitibnig in locally advanced or metastatic triple-negative breast cancer.”
External signals
Supply-chain alpha · 3returns since call
Eliquis guidance for 2027 implies a step-down of $1.5-2 billion due to European LOE and U.S. IRA price adjustments, despite strong 2026 growth from U.S. market share gains and the 40% WAC reduction that eliminates CPI penalties.
Evidence
“we currently expect 2027 Eloquus sales compared to 2026 to show a step down in the range of $1.5 to $2 billion, which is broadly consistent with analysts' existing estimates.”
Management believes the growth portfolio will only achieve mid-single-digit growth in 2026, a slowdown from 15% in Q4 2025, partly because a new generic to Revlimid (lenalidomide) will pressure that brand's sales.
Evidence
“We feel really good about the growth portfolio, mid-single-digit growth, but also we have the risk of a rentier generics coming this year, which would impact that growth portfolio.”
The company's decision not to enrich its Milvexian ASTER trial in stroke prevention for large-artery atherosclerosis, until a recent protocol update, was a key methodological difference versus Bayer's OCEANIC-2 trial; while similar overall, the BMS trial capped lacunar strokes.
Evidence
“we control the number of events coming from lacuna. So we will not have a disproportion of that because it's capped in terms of event.”
Methodology & coverage
Management-only analysis. All 1 validated company mentions are shown. Reported actuals and forward guidance are kept separate. Public evidence is limited to eight short attributed quotes. AI-generated analysis can be incomplete or wrong; verify important claims against the original source.