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BRISTOL MYERS SQUIBB CO 8-K Report, Financial Results (Apr 24, 2025)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed April 24, 2025
Period End
April 24, 2025
Securities
BMYCELG-RIBMYMP
In the record · 2016–202610-K1110-Q328-K169

BMY filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 169 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Feb ’20Feb ’20
  2. Leadership change8-K · Jun ’22Jun ’22
  3. Leadership change8-K · Jun ’24Jun ’24

01—Abstract

Summary

Summary of the 8-K filed April 24, 2025. Cited figures are marked; the original filing is the authoritative source.

Bristol Myers Squibb reported first-quarter 2025 results on April 24, 2025, with total revenues of $11.2 billiona, down 6% year over year (down 4% excluding foreign exchange).

The headline decline reflects the steep erosion of the Legacy Portfolio, which fell 20% to $5.6 billionb, driven by generic competition to Revlimid, Pomalyst, Sprycel and Abraxane and the Medicare Part D redesign. The Growth Portfolio grew 16% (18% ex-FX) to $5.6 billion, led by Opdivo, Breyanzi, Reblozyl and Camzyos, with an early U.S. launch of Cobenfy also contributing. The Growth Portfolio now roughly equals the Legacy Portfolio in quarterly sales, which is the central transition the company is managing.

Profitability improved sharply versus the prior-year quarter, which included a $12.9 billionc Acquired IPRD charge tied to the Karuna acquisition. GAAP EPS was $1.20 and non-GAAP EPS was $1.80, compared with a GAAP loss of $5.89 and a non-GAAP loss of $4.40 a year earlier. Gross margin compressed modestly on product mix, while SG&A and R&D fell on the strategic productivity initiative.

Management raised full-year 2025 non-GAAP EPS guidance to $6.70 to $7.00d and revenue guidance to approximately $45.8 to $46.8 billion, citing about $500 million of favorable FX and better-than-expected Legacy sales. Investors should note that the guidance raise is largely FX-driven, and that setbacks in the quarter included the Phase 3 ARISE trial of Cobenfy and the ODYSSEY-HCM trial of Camzyos, both of which missed their primary endpoints.

Balance sheet progress was also noted, with net debt improving to $37.6 billion from $38.5 billion at year-end 2024 and management targeting about $10 billion of debt reduction by the end of the first half of 2026, of which roughly $6 billion had been achieved as of Q1 2025. The company is still exposed to tariff risk, since the guidance excludes potential pharmaceutical sector tariffs.

02—Key points

Key Highlights

  1. Total revenues of $11.2 billion declined 6% (4% ex-FX), but Growth Portfolio sales rose 16% (18% ex-FX) to $5.6 billion, matching the Legacy Portfolio's $5.6 billion.
  2. Legacy Portfolio revenues fell 20% to $5.6 billion, driven by generic erosion of Revlimid (-44%), Pomalyst (-24%), Sprycel (-53%) and Abraxane (-52%).
  3. GAAP EPS of $1.20 and non-GAAP EPS of $1.80 compare favorably with prior-year losses that included a $12.9 billion Acquired IPRD charge tied to Karuna.
  4. Full-year 2025 non-GAAP EPS guidance raised to $6.70–$7.00 (from $6.55–$6.85), and revenue guidance raised to ~$45.8–$46.8 billion (from ~$45.5 billion), largely reflecting ~$500 million of favorable FX.
  5. Gross margin fell to 72.9% GAAP (73.1% non-GAAP) from 75.3% (75.5%), primarily due to product mix.
  6. Pipeline setbacks included the Phase 3 ARISE trial of Cobenfy in adjunctive schizophrenia, which missed its primary endpoint, and the ODYSSEY-HCM trial of Camzyos in non-obstructive HCM, which missed its dual primary endpoints.
  7. Net debt declined to $37.6 billion from $38.5 billion at year-end 2024, with about $6 billion of the targeted ~$10 billion debt paydown through 1H 2026 already achieved.

03—Questions

Frequently Asked Questions

  1. Why did reported revenue decline if the Growth Portfolio grew 16%?

    The Legacy Portfolio fell 20% to $5.6 billion, offsetting the Growth Portfolio's gain. Generic competition to Revlimid, Pomalyst, Sprycel and Abraxane, along with the Medicare Part D redesign impact, drove the Legacy decline. Overall revenue was down 6% reported and 4% ex-FX.

  2. Why did GAAP EPS swing from a large loss to positive earnings?

    The prior-year first quarter included a $12.9 billion Acquired IPRD charge, mainly related to the Karuna acquisition and the SystImmune collaboration, and a $2.4 billion amortization charge. In Q1 2025, Acquired IPRD was only $188 million and amortization fell to $830 million, largely because of lower Revlimid-related amortization.

  3. How much of the raised 2025 guidance is due to currency rather than operations?

    The company attributed about $500 million of the revenue guidance increase to favorable foreign exchange rates. Operating expenses also carry about a $200 million FX headwind. The EPS raise of $0.15 at the midpoint is therefore partly currency-driven, and the guidance excludes potential pharmaceutical sector tariffs.

  4. What are the main risks to the Growth Portfolio story after this quarter?

    The Cobenfy ARISE trial and the Camzyos ODYSSEY-HCM trial both missed their primary endpoints in April 2025, which weakens near-term pipeline expansion. Management also noted that Opdivo Qvantig's EU launch depends on reimbursement timing, and the Growth Portfolio still needs to offset continued Legacy erosion.

  5. How is management reducing debt and returning capital?

    Management aims to pay down about $10 billion of debt by the end of the first half of 2026 and had achieved about $6 billion as of Q1 2025. Net debt fell to $37.6 billion. The company remains committed to its dividend and had about $5 billion of share repurchase authorization remaining as of March 31, 2025.

04—Continue

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