Bristol-Myers Squibb’s second quarter saw flat overall sales, but the company surpassed Wall Street expectations for both revenue and non-GAAP profit, with operating margin improving year on year. Despite these beats, the market responded negatively, reflecting concerns raised by management about continued macro and competitive pressures. CEO Chris Boerner pointed to strong demand across the company’s growth portfolio, especially in oncology and hematology, while also acknowledging regulatory wins and cost optimization initiatives. The quarter was further shaped by the launch of new therapies and an increased focus on reshaping the business for long-term growth.
Is now the time to buy BMY? Find out in our full research report (it’s free).
Bristol-Myers Squibb (BMY) Q2 CY2025 Highlights:
- Revenue: $12.27 billion vs analyst estimates of $11.38 billion (flat year on year, 7.8% beat)
- Adjusted EPS: $1.46 vs analyst estimates of $1.10 (32.6% beat)
- Adjusted EBITDA: $4.46 billion vs analyst estimates of $3.08 billion (36.4% margin, 44.9% beat)
- The company lifted its revenue guidance for the full year to $47 billion at the midpoint from $46.3 billion, a 1.5% increase
- Management lowered its full-year Adjusted EPS guidance to $6.50 at the midpoint, a 5.1% decrease
- Operating Margin: 18.5%, up from 12.8% in the same quarter last year
- Market Capitalization: $94.75 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Bristol-Myers Squibb’s Q2 Earnings Call
- Geoffrey Christopher Meacham (Citibank) asked how management views the impact of recent Phase III data on potential line extensions. CEO Chris Boerner and CMO Samit Hirawat responded that while some studies missed expectations, they do not see them affecting long-term growth or future opportunities.
- Courtney Breen (Bernstein) questioned the rationale for the new direct-to-consumer deal with Pfizer for Eliquis. CEO Chris Boerner and Chief Commercialization Officer Adam Lenkowsky explained this approach aims to cut out middlemen and lower patient costs, potentially serving as a template for other products.
- Chris Schott (JPMorgan) inquired about adoption hurdles for Cobenfy and expectations for Alzheimer’s trials. Lenkowsky said changing entrenched behaviors remains a challenge but physician feedback is positive, while Hirawat explained that two out of three planned Alzheimer’s trials need to succeed for regulatory engagement.
- David Amsellem (Piper Sandler) asked about Camzyos’ competitiveness as new myosin inhibitors enter the market. Lenkowsky maintained Camzyos’ position is strong due to clinical data and recent regulatory changes, and said the company is expanding prescriber reach beyond centers of excellence.
- James John Shin (Deutsche Bank) probed potential changes in business development and early pipeline strategy as new leadership transitions. Boerner emphasized execution, resource reallocation, and leveraging new CMO Cristian Massacesi’s experience to improve drug development and organizational performance.
Catalysts in Upcoming Quarters
Looking ahead, the StockStory team is monitoring (1) the pace and impact of major trial readouts, including for milvexian and Cobenfy Alzheimer’s indications, (2) the adoption rate of new launches like Qvantig and Cobenfy in both community and hospital settings, and (3) the realization of productivity savings and reinvestment into high-value brands. Evolving regulatory and competitive dynamics will also be important to track.
Bristol-Myers Squibb currently trades at $46.52, up from $46.01 just before the earnings. In the wake of this quarter, is it a buy or sell? The answer lies in our full research report (it’s free).
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