Bristol Myers Just Crushed Earnings, and the Real Catalyst Hasn’t Even Hit Yet

By Joel South Published Feb 5, 10:50AM EST

Quick Read

Bristol Myers Squibb (BMY) guided 2026 revenue to $46.0-47.5B, down 3% at midpoint from 2025’s $48.2B.
Bristol Myers’ Growth Portfolio surged 16% to $7.4B in Q4 while Legacy Portfolio fell 15% on generic competition.
Breyanzi revenue grew 49% and Camzyos grew 59% while Revlimid declined 55% year-over-year.

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Bristol Myers Just Crushed Earnings, and the Real Catalyst Hasn’t Even Hit Yet — © a4-nieuwsnl / Flickr

Bristol Myers Squibb (NYSE:BMY | BMY Price Prediction) reported Q4 2025 revenue of $12.5 billion, essentially flat year-over-year, with full-year 2025 revenue reaching $48.2 billion. The pharmaceutical giant delivered non-GAAP EPS of $1.26 for the quarter, which included a $(0.60) impact from Orbital Therapeutics acquisition charges. The company announced results on Thursday, February 5, 2026, before market open.

Growth Portfolio Drives Performance

Bristol Myers’ Growth Portfolio surged 16% to $7.4 billion in Q4, demonstrating the company’s successful product diversification strategy. Key contributors included Opdivo at $2.69 billion (+9%), Eliquis at $3.45 billion (+8%), and standout performers Breyanzi at $392 million (+49%) and Camzyos at $353 million (+59%).

However, the Legacy Portfolio declined 15% to $5.1 billion as generic competition intensified. Revlimid plummeted 55%, while Sprycel dropped 60%, reflecting the patent cliff challenges facing the company.

Full-Year Results and Outlook

For full-year 2025, Bristol Myers achieved non-GAAP EPS of $6.15, a substantial improvement from prior year levels, with net income of $7.1 billion and gross profit of $34.3 billion.

The company provided 2026 guidance projecting revenue of $46.0 to $47.5 billion, representing a 3% decline at midpoint due to continued legacy portfolio erosion. Management expects non-GAAP EPS of $6.05 to $6.35 with gross margins of 69% to 70%.

CEO Boerner stated the company has “strong momentum in Growth Portfolio, potential for industry-leading sustainable growth into 2030s, data-rich 2026 with multiple pivotal readouts.”

Capital Allocation and Pipeline

Bristol Myers increased its quarterly dividend to $0.63, marking the 17th consecutive annual increase. The company achieved its $10 billion debt paydown ahead of schedule and maintains a $5 billion share repurchase authorization.

Pipeline highlights include Camzyos’ positive Phase 3 results in adolescent HCM, Opdivo’s priority review for treatment of adult and pediatric patients with classical Hodgkin lymphoma, and the launch of Cobenfy in neuroscience. The stock gained 7.7% over the past week and trades near $58.40.

About the Author Joel South →

Joel South covers large-cap stocks, dividend investing, and major market trends, with a focus on earnings analysis, valuation, and turning complex data into actionable insights for investors.

He brings more than 15 years of experience as an investor and financial journalist, including 12 years at The Motley Fool, where he served as an investment analyst, Bureau Chief, and later led the Fool.com investing news desk. He has also co-hosted an investing podcast and appeared across TV and radio discussing market trends.