Bristol-Myers Squibb (BMY) added ~2% in the premarket on Thursday after the New Jersey-based pharma giant reported better-than-expected Q4 2025 financials and set its 2026 outlook ahead of consensus as its growth portfolio offset a slump in demand for its legacy products.
The company recorded $12.5B in revenue with a ~2% YoY growth, while its adjusted earnings per share reached $1.26 with a ~25% YoY decline amid a $0.60 impact from acquired R&D and related charges.
“We made significant progress in 2025, with real momentum in our Growth Portfolio and a strengthened balance sheet that provides the strategic flexibility to continue investing in growth drivers,” CEO Christopher Boerner said.
BMY’s growth portfolio outperformed during the period as cancer therapy Opdivo and rheumatoid arthritis drug Orencia added $2.7B and $1.0B in revenue with ~9% YoY and ~1% YoY growth.
However, the legacy portfolio, dominated by its anticoagulant Eliquis marketed with Pfizer (PFE), contracted ~15% YoY, adding $5.1B to the topline amid higher rebates offered in the U.S. government channel.
Meanwhile, multiple myeloma therapy Revlimid generated $602M with a ~55% YoY drop, and higher demand drove Eliquis sales to reach $3.5B with ~8% YoY growth, still missing $3.7B in the consensus, according to Bloomberg data.
For the full year, the company recorded $6.15 of adjusted EPS on $48.2B in revenue, while its gross margin held steady at 71.1% on a reported basis.
Bristol-Myers projects $46.0B – $47.5B in revenue and $6.05 – $6.35 of adjusted EPS, which exceeded the consensus of $44.2B and $6.04, respectively, for 2026, while its gross margin of 69% – 70% was below the 71.9% projected by analysts.