Bristol Myers Squibb & Co. (BMY) reported fourth-quarter 2025 revenues of $12.50 billion on Thursday, beating analyst expectations of $12.281 billion and marking a 1% increase from the prior year. It's the kind of quarter that shows a portfolio in transition—newer drugs gaining momentum while older blockbusters face the inevitable pricing headwinds.
"We made significant progress in 2025, with real momentum in our Growth Portfolio and a strengthened balance sheet that provides the strategic flexibility to continue investing in growth drivers," said Christopher Boerner, board chair and CEO of Bristol Myers Squibb.
Boerner highlighted what's shaping up to be a defining year: "2026 is data-rich, and we are advancing a truly differentiated pipeline with multiple pivotal readouts expected in the back half of the year. Our core business is strong and growing, and we have the potential to achieve industry-leading, sustainable growth into the 2030s and beyond."
The company posted adjusted earnings of $1.26 per share, crushing the consensus estimate of $1.11, though that figure was down 25% due to acquired in-process R&D charges and licensing income impacts.
The Portfolio Split: New Versus Old
Bristol Myers' Growth Portfolio brought in $7.4 billion in revenue, jumping 16% year over year (15% at constant currency). The gains came from its immuno-oncology franchise, along with standout performers like Camzyos, Breyanzi, and Reblozyl. This is where the company's future lives.
Meanwhile, the Legacy Portfolio generated $5.1 billion but declined 15% (16% excluding foreign exchange). It's a familiar story in pharma—demand for blood thinner Eliquis actually increased, but that growth was swamped by generic erosion across other legacy drugs and higher U.S. government rebates taking a bite out of revenue.
Breaking down some key drug performances: Eliquis sales hit $3.45 billion, up 8%. The cancer drug Opdivo posted a solid 9% increase to $2.69 billion. Arthritis treatment Orencia generated $1.01 billion, edging up 1%. Another cancer therapy, Yervoy, surged 20% to $810 million.
The anemia drug Reblozyl delivered $666 million in quarterly sales, jumping 22% from a year earlier—a strong signal for the Growth Portfolio's trajectory.
Adjusted gross margin compressed from 74.0% to 71.9%, reflecting shifts in the company's product mix as newer drugs take up more space.
Looking Ahead: Aggressive 2026 Targets
Bristol Myers Squibb expects fiscal 2026 adjusted earnings between $6.05 and $6.35 per share, compared to the analyst consensus of $6.02. But the real headline is the revenue guidance: the company projects 2026 sales of approximately $46 billion to $47.50 billion, crushing analyst expectations of $44.16 billion.
That guidance acknowledges reality—the Legacy Portfolio is expected to decline roughly 12-16%, but the Growth Portfolio's strength should more than compensate. The company specifically forecasts global Eliquis revenues to grow 10%-15% in 2026, continuing its run as a reliable cash generator.
Bristol Myers expects gross margin around 69-70% next year, reflecting the ongoing shift in product mix with higher Eliquis revenue and declining contributions from Revlimid and Pomalyst.
BMY shares climbed 3.77% to $58.21 following the earnings release.
