Bristol Myers Squibb reported a slight increase in Q4 revenue driven by its Growth Portfolio, while full-year revenue remained flat. The company saw a significant improvement in GAAP EPS due to lower charges compared to the prior year, though non-GAAP EPS declined. Guidance for 2026 indicates an anticipated revenue decrease, primarily due to the Legacy Portfolio, with a focus on continued Growth Portfolio strength and pipeline advancement.
Fourth quarter revenues increased 1% to $12.5 billion, with the Growth Portfolio revenues increasing 16% to $7.4 billion.
positiveFull-year revenues were $48.2 billion, with the Growth Portfolio revenues increasing 17% to $26.4 billion.
positiveGAAP EPS improved significantly to $0.53 in Q4 and $3.46 for the full year, compared to $0.04 and $(4.41) respectively in the prior year, largely due to lower specified items.
positiveThe company increased its quarterly dividend by 1.6% to $0.63 per share, marking the 17th consecutive annual increase.
positiveCamzyos, Breyanzi, and Reblozyl showed strong revenue growth in Q4 and full year.
positiveFull-year revenues were flat at $48.2 billion, decreasing 1% excluding FX, indicating a lack of overall top-line growth.
attentionNon-GAAP EPS decreased 25% in Q4 to $1.26 and increased significantly for the full year to $6.15 from $1.15, but this increase was heavily influenced by prior year specified items.
attentionLegacy Portfolio revenues decreased 15% in Q4 and 17% for the full year, driven by expected continued generic impact and higher U.S. government channel rebates.
negative2026 guidance projects total revenues of approximately $46.0 billion to $47.5 billion, reflecting an anticipated revenue decline for the Legacy Portfolio of approximately 12-16%.
negativeNon-GAAP gross margin decreased from 74.0% to 71.9% in Q4 and from 75.3% to 72.6% for the full year, reflecting a change in product mix.
attentionResearch and development expenses decreased 19% on a GAAP basis and 8% on a non-GAAP basis in Q4, and 11% on a GAAP basis for the full year, primarily driven by productivity initiatives.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total | CC |
|---|---|---|---|---|---|
Growth Portfolio | N/A | — | — | — | +15.0% |
Legacy Portfolio | N/A | — | — | — | -16.0% |
| Total Revenue | $0.00M | — | — | 100.0% | — |
Segment performance shows business unit health and growth drivers. Constant currency (CC) removes FX impact for like-for-like comparison.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
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.
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Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.