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news.Bristol Myers Squibb (BMS) has reported full-year 2025 revenues of $48.2bn, essentially flat compared with $48.3bn in 2024.
BMS achieved non-GAAP EPS of $6.15 for the full year, a substantial improvement from $1.15 in 2024. Credit: Piotr Swat / Shutterstock.com.
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The company’s fourth quarter revenues increased 1% to $12.5bn, and its growth portfolio surged 16% to $7.4bn.
BMS reported non-GAAP earnings per share (EPS) of $6.15 for the full year, a substantial improvement from $1.15 in 2024.
Fourth quarter non-GAAP EPS reached $1.26, though this included a net impact of $(0.60) from acquired in-process research and development (IPRD) charges and licensing income.
The growth portfolio generated $26.4bn in 2025, a 17% increase year-over-year.
Key drivers included the immuno-oncology portfolio, notably Breyanzi, Camzyos and Reblozyl. Breyanzi revenues surged 82% while Camzyos jumped 77%.
Conversely, the legacy portfolio revenues declined 15% to $21.8bn, primarily impacted by generic competition across multiple products despite increased demand for Eliquis.
The company projects 2026 revenues between $46.0bn and $47.5bn, with non-GAAP EPS ranging from $6.05 to $6.35.
The company increased its quarterly dividend to $0.63 per share, marking the 17th consecutive annual increase.
BMS board chair and CEO Christopher Boerner said: “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.
“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.”
Last month, BMS expanded its oncology pipeline by entering an exclusive global licensing agreement with Janux Therapeutics.
Under this arrangement, the two companies agreed to co-develop a new therapy targeting solid tumours.
