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Introduction & Market Context
Bristol-Myers Squibb (NYSE:BMY) reported its second quarter 2025 financial results on July 31, highlighting continued momentum in its growth portfolio and raising its full-year guidance. The pharmaceutical giant posted $12.3 billion in global net sales, a 1% year-over-year increase, while its shares rose 1.89% in premarket trading following the announcement.
The company’s presentation, led by CEO Chris Boerner and CFO David Elkins, emphasized the ongoing transition from legacy products to its growth portfolio, which now represents a larger portion of total revenue. This strategic shift comes as BMY continues to navigate patent expirations for older blockbuster drugs while accelerating development of newer therapies.
Quarterly Performance Highlights
Bristol-Myers Squibb reported Q2 2025 global net sales of $12.3 billion, up 1% year-over-year (flat excluding foreign exchange impacts). The company posted GAAP earnings per share of $0.64 and non-GAAP EPS of $1.46, which included a $0.57 per share net impact from acquired IPR&D charges.
As shown in the following comprehensive performance overview:
The quarter featured several key clinical and regulatory achievements, including milestones for OPDIVO Qvantig, Breyanzi, and other products. The company also highlighted strategic business development activities with BIONTECH and Philochem, reinforcing its commitment to pipeline expansion.
Growth Portfolio Transition
The most significant story in BMY’s Q2 results is the accelerating transition from legacy to growth portfolio products. The growth portfolio generated $6.6 billion in Q2 2025, an 18% increase year-over-year, while the legacy portfolio declined to $5.7 billion from $6.6 billion in the same period last year.
This transition is clearly illustrated in the following chart:
Within the growth portfolio, oncology products continued to perform well. Opdivo generated $2.56 billion in sales (+7% YoY), while Yervoy reached $728 million (+16%). Opdualag, which is gaining traction as a standard of care in first-line melanoma, saw sales increase 21% to $284 million.
The following slide details the oncology portfolio performance:
In hematology, newer products like Reblozyl ($568 million, +34%) and Breyanzi ($344 million, +125%) showed strong growth, helping to offset declines in legacy products Revlimid ($838 million, -38%) and Pomalyst ($708 million, -26%).
The cardiovascular franchise also delivered solid results, with Eliquis sales reaching $3.68 billion (+8%) despite Medicare Part D redesign impacts. Camzyos continued its strong growth trajectory with $260 million in sales, an 87% increase year-over-year.
Strategic Initiatives
Bristol-Myers Squibb highlighted several strategic business development initiatives during the quarter that aim to enhance its pipeline and future growth prospects. The company formed a global alliance with BIONTECH to co-develop and co-commercialize BNT327, a PD-L1/VEGF bispecific antibody. Additionally, BMY secured a license agreement with Philochem for exclusive worldwide rights to OncoACP3.
A notable strategic move was the formation of an immunology-focused company with Bain Capital to optimize five promising immunology assets, including afimetoran (TLR7/8), TYK2, IL-2-CD25, IL-10, and IL-18.
The company also emphasized its robust pipeline with multiple catalysts expected between 2025-2027. These include pivotal data readouts for life cycle management programs and new molecular entities across various therapeutic areas.
Financial Performance & Capital Allocation
A detailed breakdown of BMY’s Q2 2025 financial performance shows solid gross margins of 72.5% (GAAP) and 72.6% (non-GAAP). Operating expenses were $4.3 billion on a GAAP basis and $4.0 billion on a non-GAAP basis.
The company generated $3.9 billion in cash flow from operations during Q2 2025, bringing its total cash position to approximately $13.9 billion against total debt of $49.2 billion. Bristol-Myers Squibb continues to prioritize business development, balance sheet strength, and returning cash to shareholders through its capital allocation strategy.
Revised Guidance & Outlook
Based on strong performance in the first half of 2025, Bristol-Myers Squibb raised its full-year revenue guidance to $46.5-$47.5 billion, up from the previous guidance of $45.8-$46.8 billion provided after Q1 results. This $700 million increase primarily reflects better-than-expected performance across the portfolio.
The company adjusted its non-GAAP EPS guidance to $6.35-$6.65 and noted that legacy portfolio sales are now expected to decline 15-17%. The revised outlook maintains gross margin projections at approximately 72%.
This marks the second consecutive quarter that Bristol-Myers Squibb has raised its revenue guidance for 2025, indicating growing confidence in its product portfolio performance and strategic execution. The company’s focus on transitioning from legacy to growth products appears to be gaining momentum, positioning BMY for sustainable long-term growth despite ongoing challenges from patent expirations.
As Bristol-Myers Squibb enters what it describes as a "data-rich period" with multiple pipeline catalysts expected in the coming years, investors will be closely watching the company’s ability to continue executing on its strategic priorities while delivering on its financial commitments.
Full presentation:
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