Guidance
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FY2025 Q4
예상 부합
Bristol-Myers Squibb Company 실적 발표
Buzzberg 분석
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 분석 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. 전체 분석 보기분석 접기
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.
매출$12.503B보고값
주당순이익(EPS)$1.26보고값
매출총이익률67.23%보고값
영업이익률22.5%보고값
근거 있는 핵심 내용 6개
지금 중요한 점
이번 발표에서 가장 의미 있는 변화를 정리했습니다.
Demand
Growth portfolio grew 17% in 2025
Pipeline
Six potential new product readouts expected in 2026
핵심 내용 3개 더 보기
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
보고 기간
보고 실적
| 지표 | 보고값 | 변화 |
|---|---|---|
| 매출 | $12.503B | 보고값 |
| 주당순이익(EPS) | $1.26 | 보고값 |
| 매출총이익률 | 67.23% | 보고값 |
| 영업이익률 | 22.5% | 보고값 |
| 잉여현금흐름 | $1.604B | 보고값 |
| 자본지출 | $0.37B | 보고값 |
향후 전망
향후 가이던스
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| 주당순이익(EPS) | FY2026 | $6.05–$6.35 | $6.20 | 제시 |
| 매출총이익률 | FY2026 | 69%–70% | 69.5% | 제시 |
| 매출 | FY2026 | $46B–$47.5B | $46.75B | 제시 |
AI, 자본지출 및 수요 분석
경영진 분석
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.
경영진의 AI 분석
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.
아래에 언급된 기업 1개 모두 표시
기업발표 이후 수익률
파트너
파트너
Chris Boerner
Bristol Myers is expanding its partnership with BioNTech on the Pumitibnig program, strengthening the relationship and potential future royalty streams.
근거
“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.”
외부 신호
공급망 알파 · 3발표 이후 수익률
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.
근거
“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.
근거
“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.
근거
“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.”
방법론 및 범위
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