Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, markets, distributes, and sells biopharmaceutical products worldwide. It offers products for oncology, hematology, immunology, cardiovascular, neuroscience, and other areas.
Bristol-Myers Squibb reported fourth quarter and full year 2025 results that highlight a company in transition, with newer drugs gaining momentum while older products face increasing competition from generics.
For the full year, total revenues came in at $48.2 billion, essentially flat compared to 2024. However, beneath that stable top line, two very different stories are playing out. The company’s Growth Portfolio, which includes newer treatments like the cancer drug Opdivo and the heart medication Camzyos, generated $26.4 billion in revenue, a 17% increase over the prior year. Meanwhile, the Legacy Portfolio, made up of older drugs losing patent protection, declined 15% to $21.8 billion. The blood thinner Eliquis remains a standout within the legacy group, growing 8% to $14.4 billion as patient demand continues to rise.
In the fourth quarter, total revenues reached $12.5 billion, up 1% year over year. Growth Portfolio revenues of $7.4 billion increased 16%, led by Yervoy (up 20%), Breyanzi (up 49%), and Camzyos (up 59%). The company reported adjusted earnings of $6.15 per share for the full year, a substantial recovery from just $1.15 per share in 2024, when large acquisition related charges weighed on results.
Looking ahead to 2026, Bristol-Myers expects revenues between $46.0 billion and $47.5 billion, with adjusted earnings per share of $6.05 to $6.35. The company anticipates Eliquis sales will grow 10% to 15%, benefiting from favorable U.S. pricing dynamics, which represents a meaningful upside versus analyst expectations. However, the broader Legacy Portfolio is projected to decline 12% to 16%, reflecting ongoing generic competition for drugs like Revlimid and Sprycel.
The pipeline could be a significant catalyst this year. Bristol-Myers expects data from four major late stage clinical trials in 2026, including results for Cobenfy in Alzheimer’s related psychosis, milvexian as a next generation blood thinner, and new cancer therapies. Positive outcomes from any of these programs could open substantial new revenue streams.
On shareholder returns, the company raised its quarterly dividend to $0.63 per share, marking 17 consecutive years of increases. Net debt also improved, declining from $38.5 billion to $34.0 billion over the year.
For retail investors, Bristol-Myers presents a managed transition story. The stock trades at roughly 9.5 times expected 2026 earnings, which is inexpensive relative to the broader pharma sector. The central question is whether pipeline successes and Growth Portfolio momentum can sufficiently offset the decline of aging blockbusters in the years ahead.
| Product | FY 2025 WW Revenue | YoY Change |
| Growth Portfolio | $26.4B | +17% |
| Opdivo | $10.0B | +8% |
| Orencia | $3.7B | +1% |
| Yervoy | $2.9B | +15% |
| Reblozyl | $2.3B | +31% |
| Breyanzi | $1.4B | +82% |
| Opdualag | $1.2B | +28% |
| Camzyos | $1.1B | +77% |
| Cobenfy | $155M | >200% |
| Legacy Portfolio | $21.8B | -15% |
| Eliquis | $14.4B | +8% |
| Revlimid | $3.0B | -49% |
| Pomalyst/Imnovid | $2.7B | -23% |
| Sprycel | $493M | -62% |
| Total Revenues | $48.2B | ~Flat |
