Q4 2025 Bristol-Myers Squibb Co Earnings Call Transcript
Key Points
- Bristol-Myers Squibb Co (BMY) reported a strong fourth-quarter performance with a 15% year-over-year growth in their growth portfolio.
- The company achieved significant sales milestones with newer products like Optulag, Brianzi, and Camzaios each contributing over $1 billion in sales for the full year.
- Brianzi received FDA approval as the first and only CAR T cell therapy for adults with relapsed or refractory marginal zone lymphoma, strengthening its leadership position.
- The company anticipates reporting top-line registrational data for six potential new products in 2026, indicating a robust pipeline.
- Bristol-Myers Squibb Co (BMY) successfully delivered on its cost savings initiative in 2025, achieving approximately $1 billion in savings and plans to realize an additional billion over 2026 and 2027.
- Despite strong growth in the new product portfolio, there was a decline of roughly $4 billion in revenue from the legacy portfolio.
- The company projects a revenue decline for its legacy portfolio of between 12 and 16% in 2026 due to ongoing loss of exclusivity impacts.
- Gross margin declined by 210 basis points in the fourth quarter to 71.9%, driven primarily by product mix, notably Eliquis and Revlimid.
- The effective tax rate increased to 22.1% in the fourth quarter compared to 19.9% in the prior year, reflecting a one-time non-tax deductible charge.
- Bristol-Myers Squibb Co (BMY) anticipates a step down in Eliquis sales by $1.5 to $2 billion in 2027 due to expected generic entries and patent expirations.
Welcome to Bristol-Myers Squibb fourth-quarter 2025 earnings conference call. (Operator Instructions) Please note today's event is being recorded.
I would now like to turn the conference over to Chuck Triano, Senior Vice President and Head of Investor Relations. Please go ahead.
Thank you and good morning, everyone. We appreciate you joining our fourth-quarter 2025 earnings call. With me this morning with prepared remarks are Chris Boerner, our Board Chair and Chief Executive Officer; and David Elkins, our Chief Financial Officer. Also participating in today's call is Adam Lenkowsky, our Chief Commercialization Officer; and Cristian Massacesi, our Chief Medical Officer and Head of Global Drug Development.
Earlier this morning, we posted our quarterly slide presentation to bms.com that you can use to follow along with Chris and David's remarks. Before we get started, I'll remind everybody that during this call, we will make statements
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