Bristol Myers Delivers Upbeat 2025 Forecast Despite China Tariffs Impact

Bristol Myers Squibb & Co BMY reported first-quarter 2025 revenues of $11.20 billion, beating the consensus of $10.70 billion.

Sales decreased 6% year-over-year, or 4% when adjusted for foreign exchange impacts.

U.S. revenues of $7.9 billion decreased by 7%, and International revenues of $3.3 billion decreased by 2% or increased by 2% Ex-FX.

Growth Portfolio revenues reached $5.6 billion, up 16% on a reported basis (18% Ex-FX), primarily driven by Opdivo, Breyanzi, Reblozyl, and Camzyos and reflected the strong early U.S. launch of Cobenfy.

Also Read: Bristol Myers’ Cobenfy Falls Short On Primary Endpoint In Phase 3 Schizophrenia Trial, Stock Slides

Sales of the cancer drug Opdivo increased 9% to $2.265 billion. The arthritis drug Orencia generated sales of $770 million, down 4%. Sales of another cancer drug, Yervoy, increased 7% to $624 million.

The anemia drug Reblozyl generated $478 million in quarter sales, up 35% from a year ago.

Legacy Portfolio revenues of $5.6 billion declined 20% on a reported basis and Ex-FX due to the generic impact on Revlimid, Pomalyst, Sprycel, and Abraxane and the impacts from the U.S. Medicare Part D redesign.

The company reported an adjusted EPS of $1.80, a turnaround from a loss of $4.40 a year ago, beating the consensus of $1.49.

Gross margin decreased from 75.3% to 72.9% on a GAAP basis and from 75.5% to 73.1% on a non-GAAP basis, primarily due to product mix.

Guidance: Bristol Myers Squibb has raised its fiscal year 2025 adjusted EPS from $6.55-$6.85 to $6.70-$7.00 compared to consensus of $6.74.

On Thursday, the company stated that guidance revisions include the estimated impact of current tariffs on U.S. products shipped to China but do not account for potential pharmaceutical sector tariffs.

The U.S. drug giant also raised the 2025 sales guidance from $45.50 billion to $45.80 billion—$46.80 billion, compared to the consensus of $45.76 billion.

The increased guidance reflects the strong performance of the Growth Portfolio, better-than-expected Legacy Portfolio sales in the first quarter of 2025, and a favorable impact of approximately $500 million related to foreign exchange rates.

Price Action: BMY stock is down 0.54% at $48.27 at the last check Thursday.

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