Bristol-Myers Squibb Q1 2025 – Revenues Down 6%, Growth Portfolio Up 16%

By Bobby Samwell • Thursday, April 24 10:10 • Permanent Link

Bristol Myers Squibb, a leading pharmaceutical company, has reported its first quarter financial results for 2025, with revenues reaching $11.2 billion, reflecting a 6% decrease from the same period in 2024. However, the growth portfolio revenues showed significant improvement, reaching $5.6 billion, a 16% increase from the previous year. The company's GAAP EPS was $1.20, while its non-GAAP EPS stood at $1.80.

The breakdown of product revenues in the first quarter of 2025 reveals that Opdivo, Breyanzi, Reblozyl, and Camzyos were key drivers of the growth portfolio, contributing to the overall revenue increase.

Additionally, the company's cost of products sold decreased slightly, resulting in a gross margin decrease from 75.3% to 72.9% on a GAAP basis. Selling, general and administrative expenses decreased by 33% on a GAAP basis, largely due to one-time acquisition-related expenses in 2024. Research and development expenses also decreased by 16% on a GAAP basis, primarily driven by one-time acquisition-related expenses in 2024.

Despite the decrease in total revenues, Bristol Myers Squibb raised its 2025 revenue guidance to a range of approximately $45.8 billion to $46.8 billion, representing a slight increase from the previous guidance. The company also adjusted its non-GAAP EPS range to $6.70 to $7.00.

The financial guidance also includes updates on the company's product and pipeline developments. Notably, the FDA approved Opdivo plus Yervoy as a first-line treatment for certain types of cancer, and the European Medicines Agency recommended the approval of the perioperative regimen of Opdivo for the treatment of non-small cell lung cancer.

The company's financial guidance excludes the impact of any potential future strategic acquisitions, divestitures, specified items that have not yet been identified and quantified, and the impact of future acquired IPRD charges and licensing income.

The market has reacted to these announcements by moving the company's shares -1.0% to a price of $48.06. For more information, read the company's full 8-K submission here.

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