01—Abstract
Summary
Summary of the 8-K filed February 5, 2026. Cited figures are marked; the original filing is the authoritative source.
Bristol Myers Squibb reported fourth-quarter and full-year 2025 results on February 5, 2026.
Q4 total revenue rose 1% to $12.5 billiona (flat ex-FX), with the Growth Portfolio up 16% to $7.4 billion, offset by a 15% decline in the Legacy Portfolio to $5.1 billion as Revlimid and Pomalyst generic erosion continued. Full-year revenue was $48.2 billion, essentially flat reported and down 1% ex-FX, while the Growth Portfolio grew 17% to $26.4 billion, led by Breyanzi, Camzyos, Reblozyl, Opdivo, and the immuno-oncology franchise. Eliquis demand grew, but this was more than offset by Legacy erosion and higher U.S. government channel rebates.
Profitability was distorted by Acquired IPRD charges and licensing income. GAAP EPS was $0.53b for Q4 and $3.46 for the year, versus non-GAAP EPS of $1.26 and $6.15, respectively. Both measures include a net $(0.60) per-share hit in Q4 and $(1.40) for the year from IPRD charges, primarily the Orbital Therapeutics acquisition.
Non-GAAP operating expenses fell as the strategic productivity initiative took hold, and amortization of acquired intangibles dropped sharply as Revlimid amortization rolls off. Net debt improved to $34.0 billionc from $38.5 billion, and management says it achieved its targeted ~$10 billion debt paydown ahead of schedule. For 2026, BMS guided to revenue of approximately $46.0 to $47.5 billion, implying a Legacy decline of roughly 12% to 16%, and non-GAAP EPS of $6.05 to $6.35.
Worldwide Eliquis revenue is expected to grow 10% to 15%. The company also raised its quarterly dividend 1.6% to $0.63d per share, its 17th consecutive annual increase. Management emphasized that 2026 is data-heavy, with several pivotal readouts expected in the second half, including milvexian AF and stroke trials, Cobenfy Alzheimer's psychosis trials, and mezigdomide and iberdomide in multiple myeloma.
02—Key points
Key Highlights
- Q4 2025 revenue of $12.5B rose 1% (flat ex-FX). Growth Portfolio revenue grew 16% to $7.4B, while Legacy Portfolio revenue fell 15% to $5.1B.
- Full-year 2025 revenue was $48.2B, flat reported and down 1% ex-FX. Growth Portfolio revenue reached $26.4B (+17%), now at roughly 55% of total revenue.
- GAAP EPS of $3.46 and non-GAAP EPS of $6.15 for FY2025 both include a $(1.40) net hit from Acquired IPRD charges and licensing income, largely from the Orbital Therapeutics acquisition.
- 2026 guidance calls for revenue of ~$46.0B to $47.5B and non-GAAP diluted EPS of $6.05 to $6.35, with a Legacy Portfolio decline of 12% to 16% and WW Eliquis growth of 10% to 15%.
- Net debt declined to $34.0B from $38.5B, and the company reached its ~$10B debt paydown target ahead of schedule. About $5B remains on the share repurchase authorization.
- Quarterly dividend raised to $0.63 per share (annual rate $2.52), the 17th consecutive annual increase and the 94th consecutive year of dividend payments.
- Multiple pivotal readouts are expected in 2026, including milvexian (AF and stroke), iberdomide and mezigdomide in RRMM, arlo-cel, admilparant (IPF), and Cobenfy in Alzheimer's psychosis.
03—Questions
Frequently Asked Questions
Why did GAAP and non-GAAP EPS diverge so much from the prior year, and what drove the difference?
Q4 2025 GAAP EPS was $0.53 versus $0.04 a year earlier, and full-year GAAP EPS was $3.46 versus a $(4.41) loss in 2024. The 2024 comparison was depressed by large IPRD charges tied to the Karuna acquisition and IPRD impairments. In 2025, Acquired IPRD charges were $3.7 billion (vs. $13.4 billion in 2024), mainly from Orbital Therapeutics, and they reduced EPS by $1.40 on both a GAAP and non-GAAP basis. Non-GAAP EPS of $6.15 for the year was up from $1.15 in 2024, which itself was depressed by IPRD charges.
How much of the revenue decline is from Revlimid, Pomalyst, and other generic erosion, and when does it stop?
The Legacy Portfolio fell 17% reported to $15.9B on a product-level basis in 2025, with Revlimid down 49% and Pomalyst down 13%. Management is guiding to a Legacy decline of about 12% to 16% in 2026, and it noted that U.S. generic lenalidomide products are no longer volume-limited as of January 31, 2026, and that generic pomalidomide entry is expected in Q1 2026. Legacy erosion is therefore expected to continue through 2026, with the Growth Portfolio meant to offset it.
Is Eliquis still growing, and what does that mean for the outlook?
Yes. Worldwide Eliquis revenue grew 8% in Q4 and 7% for full-year 2025, reaching $14.4B. For 2026, the company expects a further 10% to 15% increase in WW Eliquis revenue. Management also said it does not intend to provide U.S.-specific Eliquis guidance for 2026 and 2027, so investors will need to track Eliquis through the consolidated figures.
What should investors watch in 2026?
Key catalysts include Phase 3 readouts for milvexian in atrial fibrillation and stroke (in collaboration with J&J), iberdomide and mezigdomide in relapsed/refractory multiple myeloma, arlo-cel, admilparant in IPF, and Cobenfy in Alzheimer's psychosis, most of which management expects in the back half of the year. The Opdivo cHL sBLA carries an FDA goal date of April 8, 2026. Investors should also watch Legacy erosion from generic pomalidomide, the pace of Growth Portfolio launches such as Camzyos and Breyanzi, and whether operating expense reductions from the productivity initiative hold.
Does the 2026 guidance include future acquisitions or IPRD charges?
No. The guidance excludes the impact of potential future strategic acquisitions and divestitures, specified items not yet identified or quantified, and future Acquired IPRD charges and licensing income. Because BMS has been an active licensor and acquirer, GAAP EPS in 2026 could differ materially from the non-GAAP guidance if it completes deals that carry large IPRD charges.
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