Q1 25 EPS
$1.80
BEAT +19.88%
Est. $1.50
Q1 25 Revenue
$11.20B
BEAT +4.62%
Est. $10.71B
vs S&P Since Q1 25
-5.8%
TRAILING MARKET
BMY +26.1% vs S&P +31.8%
Market Reaction
Did BMY Beat Earnings? Q1 2025 Results
Bristol Myers Squibb delivered a stronger-than-expected first quarter in 2025, with non-GAAP EPS of $1.80 beating the $1.50 consensus estimate by 19.88% and revenue of $11.20 billion topping expectations of $10.71 billion by 4.62%, even as total sale… Read more Bristol Myers Squibb delivered a stronger-than-expected first quarter in 2025, with non-GAAP EPS of $1.80 beating the $1.50 consensus estimate by 19.88% and revenue of $11.20 billion topping expectations of $10.71 billion by 4.62%, even as total sales declined 5.6% year over year amid accelerating generic erosion in its Legacy Portfolio. The real story was the Growth Portfolio, which matched Legacy revenues at $5.56 billion and surged 16%, powered by standout performances from Breyanzi, up 146%, Camzyos, up 89%, and Reblozyl, up 35%, collectively offsetting steep declines in Revlimid, down 44%, and Sprycel, down 53%. Non-GAAP operating margin held nearly flat at 39.0% as aggressive cost actions, including a 20% reduction in SG&A, absorbed product mix headwinds. The company's commitment to domestic investment adds broader strategic context as it simultaneously pursues $3.50 billion in savings by 2027. Looking ahead, BMS raised its full-year revenue guidance to $45.80 billion to $46.80 billion and lifted non-GAAP EPS guidance to $6.70 to $7.00, reflecting continued Growth Portfolio momentum.
Key Takeaways
- • Growth Portfolio revenues grew 16% (+18% Ex-FX), driven by Opdivo, Breyanzi, Reblozyl and Camzyos and strong early U.S. launch of Cobenfy
- • Reblozyl first-line MDS-associated anemia now accounts for majority of new patient starts
- • Breyanzi is #1 CAR T in the U.S. with continued strong demand across indications driven by LBCL
- • Camzyos U.S. demand remains strong with ~11K patients on commercial drug (~1.4K added in Q1)
- • Strategic productivity initiative driving significant reduction in non-GAAP SG&A (-20%) and R&D (-5%)
- • Legacy Portfolio declined 20% due to continued generic erosion on Revlimid, Pomalyst, Sprycel, Abraxane and U.S. Medicare Part D redesign impact on Eliquis
BMY YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
BMY Revenue by Segment
With YoY comparisons, source: SEC Filings
BMY Revenue by Geography
With YoY comparisons, source: SEC Filings
“Our strong execution in the first quarter drove continued momentum across our Growth Portfolio and meaningful progress in the pipeline. 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.”
— Christopher Boerner, Q1 2025 Earnings Press Release
BMY Earnings Trends
BMY vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
BMY EPS Trend
Earnings per share: estimate vs actual
BMY Revenue Trend
Quarterly revenue: estimate vs actual
BMY Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $1.58 | — | $11.49B | — |
| Q4 25 MISS FY | $1.63 | $1.26 | -22.70% | $12.50B | +1.68% |
| FY Full Year | $6.11 | $6.15 | +0.58% | $48.19B | +0.43% |
| Q3 25 BEAT | $1.52 | $1.63 | +7.56% | $12.22B | +3.58% |
| Q2 25 BEAT | $1.10 | $1.46 | +32.59% | $12.27B | +7.77% |
| Q1 25 BEAT | $1.50 | $1.80 | +19.88% | $11.20B | +4.62% |