Bristol-Myers Squibb 8-K
EarningsNew guidanceImpairment / charge
Camzyos, Breyanzi and Reblozyl fueled Growth Portfolio gains, offsetting Legacy declines from generics and higher U.S. government rebates.
Filed 2026-02-05 07:07 ET
- 2.02 Results of Operations
- 7.01 Regulation FD Disclosure
- 9.01 Financial Statements and Exhibits
Summary
Q4 and FY2025 results with FY2026 guidance. Growth Portfolio gains offset continued Legacy Portfolio declines; BMS expects Legacy revenue to keep falling in 2026, partly offset by Growth Portfolio strength and higher worldwide Eliquis revenue. The company also expects multiple pivotal pipeline readouts in 2H 2026 and stopped the Phase 3 milvexian Librexia ACS trial; Librexia STROKE and AF continue.
Key Figures
| Metric | Q4 2025 | Q4 2024 | Y/Y |
|---|---|---|---|
| Revenue | $12.5B | $12.3B | 1% |
| Net income attributable to BMS | $1.09B | $72M | >200% |
| Net income attributable to BMS, non-GAAP | $2.57B | $3.41B | -24% |
| Diluted EPS, GAAP | $0.53 | $0.04 | >200% |
| Diluted EPS, non-GAAP | $1.26 | $1.67 | -25% |
| Metric | FY2025 | FY2024 | Y/Y |
|---|---|---|---|
| Revenue | $48.2B | $48.3B | -0.2% |
| Net income attributable to BMS | $7.05B | $(8.95)B | n/m |
| Net income attributable to BMS, non-GAAP | $12.5B | $2.34B | 436% |
| Diluted EPS, GAAP | $3.46 | $(4.41) | n/m |
| Diluted EPS, non-GAAP | $6.15 | $1.15 | >200% |
- Growth Portfolio revenue rose 16% to $7.39B in Q4 and 17% to $26.4B for FY, driven mainly by immuno-oncology products, Camzyos, Breyanzi and Reblozyl. Legacy Portfolio revenue fell 15% in both periods, reflecting generic competition and higher U.S. government channel rebates, partly offset by Eliquis demand.
- GAAP and non-GAAP EPS included a net acquired IPRD charges and licensing income impact of $(0.60) in Q4 and $(1.40) for FY.
- Cash, cash equivalents and marketable debt securities totaled $11.1B; debt obligations were $45.1B and net debt was $34.0B at year-end. The quarterly dividend rose 1.6% to $0.63 per share ($2.52 annual rate for FY2026); about $5B remained under the share repurchase authorization.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Total revenue, reported and Ex-FX | FY2026 | ≈$46B-$47.5B | — | — |
| Gross margin, non-GAAP | FY2026 | ≈69%-70% | — | — |
| Operating expenses, non-GAAP | FY2026 | ≈$16.3B | — | — |
| Other income/(expense), non-GAAP | FY2026 | ≈$(700)M | — | — |
| Effective tax rate, non-GAAP | FY2026 | ≈18% | — | — |
| Diluted EPS, non-GAAP | FY2026 | $6.05-$6.35 | — | — |
| Worldwide Eliquis revenue growth | FY2026 | 10%-15% Y/Y | — | — |
BMS will no longer provide U.S.-specific Eliquis revenue guidance for 2026 and 2027 and is not reaffirming prior U.S. Eliquis guidance.
Investor Takeaways
- FY2026 revenue versus the guided range will show whether Growth Portfolio and worldwide Eliquis growth can offset the expected 12%-16% Legacy Portfolio decline.
- Watch the Sotyktu PsA FDA decision expected 3/6/2026, the Opdivo FDA action due 4/8/2026, and the company’s anticipated 2H 2026 pivotal readouts.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3