BMY: FY25 Deep Dive
FY25 revenue $48.19B (-0.2% nominal) — Growth Portfolio +17% offset $4B legacy decline. Eliquis grew +6% Q4; Camzyos +57% Q4; Breyanzi +47% Q4. Net income $7.05B (vs -$8.95B FY24 driven by $12.1B Karuna acquisition write-down). $2B cost savings program: $1B delivered FY25, $1B FY26-FY27. 10 analysts: 4 Buy / 6 Hold; consensus $64.70.
Key Takeaways
Bristol-Myers Squibb closed fiscal 2025 (calendar year ended December 31, 2025) at $48.19 billion of revenue, essentially flat YoY (-0.2%). The structural read in the income statement: the Growth Portfolio grew +17% for the full year (Q4 +15%) — fully offsetting the ~$4 billion revenue decline from the legacy portfolio, which is in active patent-cliff erosion. Multiple newer products each crossed $1 billion in FY25 — Opdualag, Breyanzi, Camzyos — while Reblozyl exceeded $2 billion. Net income reached $7.05 billion (vs -$8.95B FY24 loss, which included a $12.1B Karuna Therapeutics IPR&D charge). Diluted EPS $3.45 (vs -$4.41 FY24 loss). Operating income $12.70B. Free cash flow $12.85B (-8% vs $13.94B FY24). Capital allocation: $5.05B in dividends (+4%), $0 in buybacks (vs $0 FY24, $5.16B FY23). Total debt $47.14B (vs $51.20B FY24). The strategic move was the $2 billion cost savings program: $1B delivered in FY25, on track for the remaining $1B over FY26-FY27, with continued AI use to drive efficiency and reinvest in growth. The pipeline features 10 new medicines and over 30 launch opportunities by 2030, with top-line registrational data expected for 6 products in FY26 (Nilvexin, admilparant, iberdomide, etc.). Sell-side coverage is 10 analysts: 4 Buy / 6 Hold / 0 Sell, consensus PT $64.70, range $54-$75. Recent activity included two new initiations (RBC Sector Perform $60, Barclays OW $75) plus a wave of PT raises post-Feb earnings — Guggenheim $62→$72 (+$10), Wells $55→$60 (+$5), Citi $60→$64 (+$4), Piper $66→$75 (+$9).
Main business structure
Bristol-Myers reports a single integrated pharmaceutical operating segment. Revenue framed by Growth Portfolio vs Legacy Portfolio:
| Portfolio split | FY25 Approx Revenue | YoY |
|---|---|---|
| Growth Portfolio | ~$24-25B | +17% |
| Legacy Portfolio | ~$23-24B | -$4B decline |
| Total Revenue | $48.19B | -0.2% |
Growth Portfolio (~50% of revenue, +17%)
The portfolio of newer products driving structural revenue growth:
| Product | FY25 (~$M) | Q4 YoY | Therapeutic Area |
|---|---|---|---|
| Eliquis | ~14,000 | +6% Q4 (+23% Q3) | Anticoagulant — anchor product, Pfizer collaboration |
| Opdivo | ~10,000+ | +7% Q4 | Immuno-oncology checkpoint inhibitor |
| Reblozyl | >2,000 | — | Anemia / MDS (post-Celgene) |
| Camzyos | ~1,000+ | +57% Q4 | Cardiomyopathy (post-MyoKardia) |
| Breyanzi | ~1,000+ | +47% Q4 | CAR-T cell therapy |
| Opdualag | >1,000 | Double-digit | First-in-class LAG-3 + PD-1 combination |
| Sotyktu | — | +3% Q4 | Psoriasis TYK2 inhibitor |
| Cobenfy | — | $51M Q4 | Schizophrenia (post-Karuna) |
Eliquis is the largest single product. Q3 FY25 Eliquis +23% reflected Medicare Part D negotiation pricing dynamics; Q4 +6% normalized.
Camzyos +57% Q4 and Breyanzi +47% Q4 are the highest-growth lines. Camzyos in obstructive HCM continues to expand on label refresh + market education; Breyanzi (lisocabtagene maraleucel) FDA-approved for 5 cancer types in 2025.
Cobenfy (KarXT, post-Karuna acquisition): the schizophrenia M4-PAM that has commercial uptake in recent quarters. FY25 revenue $51M Q4. Phase 3 ongoing for additional indications (Alzheimer's psychosis).
Pipeline: 10 new medicines + 30+ launch opportunities by 2030. 6 products with top-line registrational data expected in FY26: Nilvexin, admilparant, iberdomide, plus other late-stage assets. Iberdomide Phase 3 EXCALIBER MRD negativity improvement disclosed in 2025.
Legacy Portfolio (~50% of revenue, declining $4B annually)
Revlimid + Pomalyst + other oncology / anti-inflammatory products in patent-cliff erosion. The legacy decline is the structural drag that the Growth Portfolio is offsetting at +17%.
$2 billion cost savings program
Announced earlier; $1B delivered in FY25; $1B planned over FY26-FY27. Uses AI for operational efficiency. Reinvested in growth + pipeline.
Recent business development
- Acquisition of Orbital Therapeutics in Q3 FY25
- Licensing agreement with PhiloChem (radiopharmaceuticals)
- Manufacturing hub: U.S. radiopharmaceutical facility opened (3-day delivery)
- Strategic partnership with BioNTech (immuno-oncology expansion)
- New company with Bain Capital: out-licensed 5 immunology assets
Geographic mix. US ~70%, International ~30%. US-skewed reflects high-value oncology / immunology drugs.
Customer concentration. Specialty distributors per industry standard.
Scale anchors. ~36,000 employees globally. R&D ~$10B annually (~21% of revenue).
Key core metrics (3-year trend)
1. Revenue and the offset arithmetic
| FY23 | FY24 | FY25 | |
|---|---|---|---|
| Total revenue ($B) | 45.01 | 48.30 | 48.19 |
| YoY | — | +7% | -0.2% |
| Growth Portfolio YoY | — | — | +17% |
| Legacy Portfolio | — | — | -~$4B |
The structural read: BMY needs +18-20% Growth Portfolio growth annually to fully offset the $4B legacy decline. FY25 +17% = approximately net flat top line.
2. Earnings — distorted by FY24 Karuna charge
| FY23 | FY24 | FY25 | |
|---|---|---|---|
| Operating income ($B) | 8.47 | 9.66 | 12.70 |
| Net income ($B) | 8.03 | -8.95 | 7.05 |
| Diluted EPS | $3.86 | -$4.41 | $3.45 |
The FY24 GAAP loss was driven by a ~$12.1B IPR&D charge from the Karuna acquisition (KarXT was preliminarily expensed under acquisition accounting). FY25 returned to normalized GAAP profitability.
3. Free cash flow
| FY23 | FY24 | FY25 | |
|---|---|---|---|
| OCF ($B) | 13.85 | 15.19 | 14.16 |
| Capex ($B) | 1.21 | 1.25 | 1.31 |
| FCF ($B) | 12.65 | 13.94 | 12.85 |
FCF held in $12.65-$13.94B range — ample relative to dividend and acquisition deployment.
4. Capital allocation
| FY23 | FY24 | FY25 | |
|---|---|---|---|
| Dividends ($B) | 4.74 | 4.86 | 5.05 |
| Buybacks ($B) | 5.16 | 0 | 0 |
| Total return ($B) | 9.90 | 4.86 | 5.05 |
| Total debt ($B) | 41.46 | 51.20 | 47.14 |
Buybacks paused since FY23 — reflecting Karuna acquisition + Mirati acquisition + ongoing pipeline reinvestment + deleveraging. Total debt declined ~$4B from peak. Dividend continued steady mid-single-digit growth.
Market evaluation
Sell-side coverage (as of April 27, 2026). 10 analysts cover the stock.
| Rating | Count |
|---|---|
| Buy / Outperform / Overweight | 4 |
| Hold / Neutral / Equal-Weight / Sector Perform | 6 |
| Sell | 0 |
Price targets. Consensus $64.70, range $54 (low: Cantor Fitzgerald, Neutral) to $75 (high: Piper Sandler, OW; Barclays, OW initiation).
Recent analyst activity (Feb-April 2026). 9 covered actions in window:
Notable raises (post-Feb earnings):
- Piper Sandler: $66 → $75 — +$9, OW maintained, Street-high
- Guggenheim: $62 → $72 on Feb 6 — +$10, Buy maintained
- Wells Fargo: $55 → $60 on Feb 6 — +$5, EW maintained
- Citi: $60 → $64 on Feb 6 — +$4, Neutral maintained
- HSBC: $53 → $60 on March 17 — +$7, Hold maintained
- B of A: $68 → $67 on April 9 — modest -$1 trim, Buy maintained
Initiations:
- RBC Capital: initiated Sector Perform at $60 on Feb 25
- Barclays: initiated Overweight at $75 on Feb 20
Cantor Fitzgerald: $45 → $54 on April 8 — +$9 (largest April raise), but Neutral maintained at the Street-low
The Hold-heavy distribution (6 of 10) reflects pipeline-execution risk + the legacy portfolio decline arithmetic. The 4 Buy ratings (Piper, Guggenheim, Barclays, B of A) lean on Growth Portfolio momentum + cost program execution.
Buy-side positioning. BMY is a core pharma holding with turnaround optionality. Trades at discount multiple to ABBV / LLY on legacy patent-cliff overhang. Short interest ~2% of float.
FY25 corporate structure: Growth Portfolio +17% offsetting Legacy decline; pipeline-rich FY26
FY25 was the year BMY's "Growth Portfolio offsetting Legacy decline" arithmetic printed unambiguously: +17% Growth ($24-25B) approximately offsetting -$4B Legacy decline, resulting in flat $48.19B total revenue. Growth Portfolio anchors include Eliquis ($14B+), Opdivo ($10B+), Reblozyl ($2B+), with high-growth contributors Camzyos (+57% Q4), Breyanzi (+47% Q4), Opdualag (double-digit), Cobenfy ($51M Q4 emerging). The $2B cost savings program delivered $1B in FY25. The FY26 setup is pipeline-rich: 6 registrational data readouts expected (Nilvexin, admilparant, iberdomide, etc.). The two structural watch items: (1) does the Growth Portfolio sustain ~+15-18% growth into FY26-FY27 to offset continued legacy decline; (2) does Cobenfy commercial uptake accelerate in Alzheimer's psychosis indication when Phase 3 reads out. The Q1 FY26 earnings print this week is the proximate event for measuring continued Growth Portfolio velocity + cost program progression + pipeline readout calendar.