First quarter revenues were $11.2 billion, -6% (-4% Ex-FX)
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Growth Portfolio revenues were $5.6 billion, +16% (+18% Ex-FX)
GAAP EPS was $1.20 and non-GAAP EPS was $1.80
Raising 2025 revenue guidance to a range of ~$45.8 billion to $46.8 billion; Increasing non-GAAP EPS range to $6.70 to $7.00
PRINCETON, N.J.--(BUSINESS WIRE)-- Bristol Myers Squibb (NYSE: BMY) today reports results for the first quarter of 2025.
“Our strong execution in the first quarter drove continued momentum across our Growth Portfolio and meaningful progress in the pipeline,” said Christopher Boerner, Ph.D., board chair and chief executive officer, Bristol Myers Squibb. “We are advancing our multi-year plan to become a more agile and efficient company, while strengthening the foundation for top-tier, long-term growth. Our strategy is clear, and our actions are accelerating the delivery of transformational medicines to patients."
FIRST QUARTER RESULTS
All comparisons are made versus the same period in 2024 unless otherwise stated.
Total revenues of $11.2 billion decreased 6%, or 4% Ex-FX.
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U.S. revenues of $7.9 billion decreased 7%.
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International revenues of $3.3 billion decreased 2%, or increased 2% Ex-FX.
Growth Portfolio revenues of $5.6 billion increased 16% on a reported basis, or 18% Ex-FX. Revenue growth was primarily driven byOpdivo, Breyanzi, Reblozyl andCamzyos and reflects the strong early U.S. launch ofCobenfy.
Legacy Portfolio revenues of $5.6 billion declined 20% on a reported basis and Ex-FX. The decline was driven by continued generic impact on Revlimid, Pomalyst, Sprycel andAbraxane, as well as the impacts from U.S. Medicare Part D redesign.
Financial Guidance
Bristol Myers Squibb is raising key 2025 non-GAAP line-item guidance assumptions as outlined below.
The company is increasing its full-year revenue guidance from approximately $45.5 billion to a range of approximately $45.8 billion to $46.8 billion, reflecting the strong performance of the Growth Portfolio, better-than-expected Legacy Portfolio sales in the first quarter of 2025, and a favorable impact of approximately $500 million related to foreign exchange rates.
In addition, full-year operating expense expectations remain approximately $16 billion, with an additional $200 million foreign exchange impact. The company now anticipates other income and expense in 2025 to be approximately $100 million of income due to higher-than-expected royalties and favorable interest income.
As a result of these changes, the company is raising the midpoint of its 2025 non-GAAP EPS guidance by $0.15 per share to an expected range of $6.70 to $7.00.
The stated guidance revisions include the estimated impact of current tariffs on U.S. products shipped to China, but do not account for any potential pharmaceutical sector tariffs.
The 2025 financial guidance excludes the impact of any potential future strategic acquisitions, divestitures, specified items that have not yet been identified and quantified, and the impact of future Acquired IPRD charges and licensing income. To the extent we have quantified the impact of significant R&D charges or other income resulting from upfront or contingent milestone payments in connection with asset acquisitions or licensing of third-party intellectual property rights, we may update this information from time to time on our website www.bms.com, in the "Investors" section. Non-GAAP guidance assumes exchange rates as of the date noted. The financial guidance is subject to risks and uncertainties applicable to all forward-looking statements as described elsewhere in this press release.
A reconciliation of forward-looking non-GAAP measures, including non-GAAP EPS, to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Namely, we are not, without unreasonable effort, able to reliably predict the impact of accelerated depreciation and impairment charges, legal and other settlements, gains and losses from equity investments and other adjustments. In addition, the company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results. See "Cautionary Statement Regarding Forward-Looking Statements" and "Use of Non-GAAP Financial Information."
About Bristol Myers Squibb: Transforming Patients' Lives Through Science
At Bristol Myers Squibb, our mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. We are pursuing bold science to define what's possible for the future of medicine and the patients we serve.