The earnings call reflects a strong performance in the growth portfolio and successful strategic initiatives, with increased revenue and earnings guidance. Despite challenges in the legacy portfolio and some study outcomes not meeting expectations, the company is well-positioned for long-term growth with a robust pipeline and strategic partnerships.

Company Guidance -

Q3 2025

During the Bristol-Myers Squibb second quarter 2025 earnings call, the company reported strong financial performance, with total revenues reaching approximately $12.3 billion, driven by a 17% year-over-year sales increase in their growth portfolio. The oncology portfolio, including Opdivo, contributed significantly with $2.6 billion in sales, while the hematology portfolio, highlighted by Reblozyl and Breyanzi, also showed robust growth. The cardiovascular segment, led by Camzyos, marked a notable 86% increase in sales. The company raised its full-year revenue guidance to a range of $46.5 billion to $47.5 billion and adjusted its non-GAAP EPS guidance to $6.35 to $6.65. Bristol-Myers Squibb announced strategic partnerships, including with BioNTech for a PD-L1 VEGF bispecific, and continued to invest in its pipeline with several Phase III trials and life cycle management opportunities on the horizon. The company emphasized its focus on long-term sustainable growth and strategic capital deployment, including a plan to pay down $10 billion of debt by the first half of 2026.

Strong Growth Portfolio Performance

The growth portfolio delivered a 17% year-over-year increase, driven by demand across key brands like Opdivo, Breyanzi, Reblozyl, and Camzyos. Global sales of growth portfolio increased significantly, contributing to a total company revenue of approximately $12.3 billion.

Regulatory Approvals and Strategic Partnerships

Secured approval for Opdivo in neoadjuvant lung cancer and for Qvantig across multiple solid tumor indications in Europe. Announced partnerships with BioNTech to co-develop a PD-L1 VEGF bispecific and Philochem for rights to OncoACP3, enhancing the company's position in oncology and radiopharmaceuticals.

Increased Revenue and Earnings Guidance

Raised full year reported revenue guidance by $700 million at the midpoint to a range of $46.5 billion to $47.5 billion. Also improved non-GAAP EPS guidance after considering strong performance year-to-date.

Successful New Launches

Cobenfy and Qvantig launched successfully, with Cobenfy delivering strong performance and positive physician feedback. Qvantig saw strong uptake in the U.S., optimizing treatment efficiency.

Financial Position and Capital Allocation

Strong financial position with $13.9 billion in cash and equivalents. Generated $3.9 billion in operating cash flow in Q2, with priorities on growth portfolio investments and strategic capital allocation.

Bristol-Myers Squibb (BMY) Earnings, Revenues Date & History

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BMY Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 30, 2025	2025 (Q3)	1.69 / -	1.8	―	―	―
Aug 01, 2025	2025 (Q2)	1.09 / 1.46	2.07	-29.47% (-0.61)
Apr 24, 2025	2025 (Q1)	1.50 / 1.80	-4.4	140.91% (+6.20)
Feb 06, 2025	2024 (Q4)	1.46 / 1.67	1.7	-1.76% (-0.03)
Oct 31, 2024	2024 (Q3)	1.49 / 1.80	2	-10.00% (-0.20)
Jul 26, 2024	2024 (Q2)	1.62 / 2.07	1.75	18.29% (+0.32)
Apr 25, 2024	2024 (Q1)	-4.41 / -4.40	2.05	-314.63% (-6.45)
Feb 02, 2024	2023 (Q4)	1.55 / 1.70	1.82	-6.59% (-0.12)
Oct 26, 2023	2023 (Q3)	1.76 / 2.00	1.99	0.50% (+0.01)
Jul 27, 2023	2023 (Q2)	1.96 / 1.75	1.93	-9.33% (-0.18)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

BMY Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 01, 2025	$43.31	$44.23	+2.12%
Apr 24, 2025	$47.90	$48.06	+0.33%
Feb 06, 2025	$58.30	$56.06	-3.84%
Oct 31, 2024	$50.86	$53.86	+5.90%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.