Bristol Myers Squibb (BMY) Q2 2025 Financial Results Summary

# Bristol Myers Squibb (BMY) Q2 2025 Financial Results Summary

**Release Date:** July 31, 2025

Bristol Myers Squibb (NYSE: BMY) announced its financial results for the second quarter of 2025, showcasing a variety of performance metrics. Below is a summary of the key highlights from the report:

### Revenues
– **Total Revenues:** $12.3 billion, an increase of **1%** compared to Q2 2024.
– **Growth Portfolio Revenues:** $6.6 billion, representing an **18%** increase year-over-year (+17% excluding foreign exchange impacts).
– **Legacy Portfolio Revenues:** $5.7 billion, a decrease of **14%** (-15% excluding foreign exchange impacts).
– **U.S. Revenues:** $8.5 billion, decreased by **3%**.
– **International Revenues:** $3.8 billion, increased by **10%** (+8% excluding foreign exchange impacts).

### Earnings
– **GAAP EPS:** $0.64, a decrease of **22%** from $0.83 in Q2 2024.
– **Non-GAAP EPS:** $1.46, a decrease of **29%** from $2.07 in Q2 2024.
– **Net Impact of Acquired IPRD Charge (BioNTech Strategic Partnership):** $(0.57) per share.

### Cost & Expenses
– **Cost of Products Sold:** $3.4 billion, an increase from $3.3 billion in Q2 2024.
– **Gross Margin:**
– **GAAP:** 72.5%, down from 73.2% in Q2 2024
– **Non-GAAP:** 72.6%, down from 75.6%.
– **Selling, General and Administrative (SG&A) Expenses:** Decreased by **11%** to $1.7 billion.
– **Research and Development (R&D) Expenses:** Decreased by **11%** to $2.6 billion.
– **Acquired IPRD Charges:** Increased substantially to $1.5 billion from $132 million in Q2 2024.

### Pipeline and Product Updates
– FDA accepted the supplemental New Drug Application (sNDA) for **Sotyktu** for psoriatic arthritis. The goal date is March 6, 2026.
– Phase 3 trial of **Reblozyl** for myelofibrosis-associated anemia did not meet primary endpoint but showed promise.
– Updates approved for **Breyanzi** and **Abecma** reducing monitoring requirements.

### Business Development Highlights
– Strategic partnerships and transactions including BioNTech for bispecific antibodies and a new independent biopharmaceutical company focused on autoimmune diseases were formed.

### Financial Guidance
– **2025 Revenue Guidance:** Updated to $46.5 billion – $47.5 billion, up from prior expectations of $45.8 billion – $46.8 billion.
– **Non-GAAP EPS Guidance:** Revised to a range of $6.35 – $6.65, considering the impact from Acquired IPRD charges.

### Shareholder Actions
– The company did not declare a quarterly dividend.
– No share repurchase activity was mentioned.

### Summary of Year-over-Year Changes (in percentages)
– **Total Revenues:** +1%
– **Growth Portfolio Revenues:** +18%
– **Legacy Portfolio Revenues:** -14%
– **GAAP EPS:** -22%
– **Non-GAAP EPS:** -29%
– **SG&A Expenses:** -11%
– **R&D Expenses:** -11%
– **Gross Margin (GAAP):** -0.7%
– **Gross Margin (Non-GAAP):** -3%

This summary encapsulates the essential data from Bristol Myers Squibb’s Q2 2025 earnings report, providing a clear view of the company’s financial health and strategic direction moving forward.

### CONSOLIDATED STATEMENTS OF EARNINGS
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