February 5, 2026 — Bristol Myers Squibb (BMS) announced its fourth-quarter and full-year 2025 financial results, demonstrating notable financial resilience during a year marked by challenges and strategic transformation. Full-year revenue reached $48.194 billion, essentially flat compared with $48.300 billion in 2024. However, a more telling indicator of operating performance—non-GAAP net income—surged dramatically from $2.34 billion ($1.15 per share) to $12.545 billion ($6.15 per share), representing year-over-year growth of more than 430%.
These results paint a clear picture: while core legacy products continue to face pressure from patent expirations, a fast-growing portfolio of newer products is emerging as the primary driver of future growth. At the same time, a series of financial normalization and cost-control measures provided critical support for the sharp improvement in profitability.
From a top-line perspective, BMS maintained relative stability in 2025. Total revenue of $48.194 billion would have declined slightly (-1%) on a constant-currency basis, reflecting the company’s ongoing transition between legacy and next-generation products.
Further down the income statement, however, profitability underwent a fundamental shift. Under GAAP standards, BMS reported net income of $7.054 billion ($3.46 per share) in 2025, a sharp reversal from a net loss of $8.948 billion ($-4.41 per share) in 2024. This turnaround was largely driven by the normalization of acquisition-related expenses. In 2024, BMS recorded a massive $13.373 billion charge related to acquired in-process R&D (IPRD) from the Karuna Therapeutics acquisition, while comparable expenses in 2025 declined significantly to $3.721 billion.
Non-GAAP results, which exclude amortization of acquired intangibles, restructuring costs, and other one-time items, provide a clearer view of ongoing operational strength. In 2025, non-GAAP net income reached $12.545 billion ($6.15 per share), up several-fold from $2.34 billion ($1.15 per share) in 2024. This surge was supported not only by lower IPRD charges, but also by effective cost management. Non-GAAP R&D expenses decreased from $9.782 billion to $9.492 billion, while non-GAAP SG&A expenses fell from $7.992 billion to $7.149 billion.
Quarterly results reinforced this trend. In Q4, total revenue reached $12.502 billion, up 1% year over year. Non-GAAP EPS was $1.26, down from $1.67 in the prior-year quarter, primarily due to IPRD expenses related to the Orbital Therapeutics acquisition. Excluding the net impact of IPRD and licensing income (-$0.60 per share), underlying earnings power remained solid.
BMS clearly categorizes its portfolio into a “Growth Portfolio” and a “Legacy Portfolio,” with sharply contrasting performance underscoring both the company’s strategic pivot and its near-term challenges.
The Growth Portfolio delivered a standout performance in 2025, generating $26.409 billion in revenue, up 17% year over year, and becoming the company’s largest source of revenue. Several products emerged as powerful growth drivers, reinforcing confidence in BMS’s long-term trajectory.
In contrast, the Legacy Portfolio recorded revenue of $21.785 billion, down 15% year over year. The decline was driven primarily by sharp sales erosion of multiple myeloma therapies Revlimid (lenalidomide) and Pomalyst/Imnovid, due to intensified generic competition. Revlimid revenue plunged 49% to $2.951 billion, while Pomalyst/Imnovid declined 23% to $2.733 billion.
One notable exception was the anticoagulant Eliquis (apixaban), which remains the cornerstone of the legacy portfolio. Eliquis continued to grow, with revenue increasing 8% to $14.443 billion, highlighting its strong clinical value, sustained market demand, and enduring brand strength.
While the contraction of legacy products was expected, the resilience of Eliquis and the rapid expansion of growth products effectively offset much of the revenue pressure.
Based on its current business outlook, BMS issued conservative guidance for 2026. The company expects total revenue to range between $46.0 billion and $47.5 billion, implying a modest year-over-year decline. This outlook primarily reflects an anticipated acceleration in revenue erosion from legacy products—particularly Revlimid—with expected declines of 12–16%.
Non-GAAP EPS is projected to be $6.05–$6.35, broadly in line with 2025 levels.
In terms of shareholder returns, BMS reaffirmed its long-term commitment to investors. The board approved a 1.6% increase in the quarterly dividend to $0.63 per share, marking the company’s 17th consecutive year of annual dividend increases and its 94th consecutive year of dividend payments, underscoring strong cash-flow generation and capital-return discipline.
The earnings release also highlighted meaningful progress across BMS’s pipeline and strategic partnerships, reinforcing visibility into future growth.
