Bristol-Myers Squibb (NYSE:BMY) posted second-quarter earnings that surpassed analyst expectations, largely thanks to robust performance in its Growth Portfolio, leading the pharmaceutical giant to raise its full-year outlook. Following the announcement, the stock rose 2.2%.
The company reported adjusted earnings of $1.46 per share for Q2, significantly above the $1.06 analysts had forecast. Revenue totaled $12.27 billion, beating the consensus estimate of $11.34 billion and marking a 1% year-over-year increase. These figures include a $0.57 per share charge related to an acquired in-process research and development expense tied to the BioNTech (NASDAQ:BNTX) strategic partnership.
Bristol-Myers Squibb’s Growth Portfolio, featuring key products such as Opdivo, Reblozyl, and Breyanzi, generated $6.6 billion in revenue—an 18% rise compared to the previous year (17% excluding currency effects). This robust growth helped offset a 14% decline in the Legacy Portfolio, which faced challenges from generic competition and changes in U.S. Medicare Part D.
“We are making good progress rewiring the company for long-term growth. In the second quarter, we delivered strong results across our Growth Portfolio, continued to optimize our cost structure, and added to our innovative pipeline with strategic partnerships,” said Christopher Boerner, board chair and CEO.
Following the strong quarterly performance, Bristol-Myers Squibb raised its 2025 revenue guidance to a range of approximately $46.5 billion to $47.5 billion, up from the prior range of $45.8 billion to $46.8 billion. The company also lowered its adjusted earnings forecast to $6.35–$6.65 per share from $6.70–$7.00, factoring in the unfavorable $0.57 per share impact from the BioNTech charge.
Among the highlights in the Growth Portfolio, Breyanzi sales surged 125% year-over-year to $344 million, while Camzyos grew 87% to $260 million. Opdivo, the company’s flagship cancer drug, generated $2.56 billion in revenue, up 7% year-over-year.
U.S. revenues declined 3% to $8.5 billion, while international sales increased 10% to $3.8 billion (8% excluding currency effects).
Bristol-Myers Squibb stock price
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