Q3 25 EPS
$1.63
BEAT +7.56%
Est. $1.52
Q3 25 Revenue
$12.22B
BEAT +3.58%
Est. $11.80B
vs S&P Since Q3 25
+26.3%
BEATING MARKET
BMY +32.3% vs S&P +6.0%
Market Reaction
Did BMY Beat Earnings? Q3 2025 Results
Bristol-Myers Squibb posted a stronger-than-expected third quarter, with non-GAAP EPS of $1.63 beating the $1.52 consensus by 7.56% and revenue of $12.22 billion topping estimates by 3.58% on 2.8% year-over-year growth, as the company's strategic piv… Read more Bristol-Myers Squibb posted a stronger-than-expected third quarter, with non-GAAP EPS of $1.63 beating the $1.52 consensus by 7.56% and revenue of $12.22 billion topping estimates by 3.58% on 2.8% year-over-year growth, as the company's strategic pivot away from aging blockbusters continued to bear fruit. The central driver was a resurgent Growth Portfolio, which climbed 18% year-over-year to $6.86 billion and now accounts for more than half of total revenue, powered by standout performances from Eliquis at $3.75 billion, up 25%, and Breyanzi surging 60% to $359 million. That momentum more than offset a 12% decline in the Legacy Portfolio, where Revlimid fell 59% to $575 million as generic erosion deepened. Management raised full-year 2025 revenue guidance to approximately $47.50 billion to $48.00 billion and narrowed non-GAAP EPS guidance to $6.40 to $6.60, reflecting continued confidence in pipeline execution; the company also announced plans to acquire Orbital Therapeutics, adding a next-generation in vivo CAR T-cell therapy candidate targeting autoimmune diseases to its roster.
Key Takeaways
- • Growth Portfolio revenues increased 18% YoY to $6.9 billion, driven by IO portfolio, Reblozyl, Camzyos and Breyanzi
- • Eliquis U.S. sales benefited from demand growth and favorable Medicare Part D Redesign (elimination of donut hole)
- • Camzyos continued strong U.S. demand in oHCM with ~14.1K patients on commercial drug, ~1.6K added in Q3
- • Reblozyl strong demand across 1L MDS-associated anemia and increasing duration of therapy, annualizing >$2B
- • Breyanzi strong demand across all indications driven by LBCL and recently approved indications, annualizing >$1B
- • SG&A expenses decreased 10% driven by ongoing strategic productivity initiative
- • Gross margin declined to 72.9% non-GAAP from 76.0% reflecting change in product mix
BMY YoY Financials
Q3 2025 vs Q3 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 delivered strong results this quarter as a result of continued execution across the business and ongoing Growth Portfolio momentum.”
— Christopher Boerner, Q3 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% |