Q2 25 EPS
$1.46
BEAT +32.59%
Est. $1.10
Q2 25 Revenue
$12.27B
BEAT +7.77%
Est. $11.38B
vs S&P Since Q2 25
+21.7%
BEATING MARKET
BMY +35.8% vs S&P +14.0%
Market Reaction
Did BMY Beat Earnings? Q2 2025 Results
Bristol Myers Squibb delivered a strong second quarter, with non-GAAP EPS of $1.46 beating the $1.10 consensus by 32.59% and revenue of $12.27 billion topping estimates by 7.77%, even as sales rose just 0.6% year-over-year against a challenging compa… Read more Bristol Myers Squibb delivered a strong second quarter, with non-GAAP EPS of $1.46 beating the $1.10 consensus by 32.59% and revenue of $12.27 billion topping estimates by 7.77%, even as sales rose just 0.6% year-over-year against a challenging comparable. The headline driver was the Growth Portfolio, which generated $6.60 billion, up 18%, with standout contributions from Eliquis at $3.68 billion, Opdivo at $2.56 billion, and Breyanzi more than doubling to $344 million. A $1.51 billion Acquired IPRD charge tied to BMS's co-development partnership with BioNTech for bispecific antibody BNT327 weighed on reported figures, reducing EPS by $0.57, but the underlying business clearly outperformed. Broader market momentum accompanied the results as BMS raised full-year 2025 revenue guidance to $46.50 billion to $47.50 billion, citing Growth Portfolio strength and a $200 million favorable foreign exchange tailwind, with non-GAAP EPS now guided to $6.35 to $6.65 inclusive of the BioNTech charge.
Key Takeaways
- • Growth Portfolio revenue growth of 18% driven by immuno-oncology portfolio, Breyanzi, Reblozyl, and Camzyos
- • Eliquis demand growth with U.S. sales partially offset by Medicare Part D Redesign impact
- • Breyanzi became #1 CAR T in the U.S. with strong demand across all indications
- • Camzyos continued strong U.S. demand with approximately 12,500 patients on commercial drug
- • Strategic productivity initiative driving SG&A down 12% and R&D down 1% on non-GAAP basis
- • International revenues increased 10% (8% Ex-FX)
BMY YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
BMY Revenue by Segment
With YoY comparisons, source: SEC Filings
BMY Revenue by Geography
With YoY comparisons, source: SEC Filings
“We are making good progress rewiring the company for long-term growth. In the second quarter, we delivered strong results across our Growth Portfolio, continued to optimize our cost structure, and added to our innovative pipeline with strategic partnerships.”
— Christopher Boerner, Q2 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% |