By Fineline Cube 
US-based multinational Bristol-Myers Squibb (BMS, NYSE: BMY) released its Q1 2025 financial results, showing a -4% year-on-year (YOY) decrease in constant currency terms to USD 11.2 billion.
Market Performance
US market revenues declined by 7% to USD 7.9 billion, while international markets saw a 2% YOY increase to USD 3.3 billion. The overall decline in sales was attributed to a 20% drop in revenues from off-patent legacy products such as Revlimid (lenalidomide), Pomalyst (pomalidomide), Sprycel (dasatinib), and Abraxane (paclitaxel albumin bound).
Growth Drivers
On a positive note, the programmed death-1 (PD-1) inhibitor Opdivo (nivolumab) achieved 12% growth, reaching USD 2.27 billion in sales. Other standout performers included CD-19 chimeric antigen receptor (CAR) T cell therapy Breyanzi (lisocabtagene maraleucel), which saw a remarkable 148% YOY increase to USD 204 million, anemia therapy Reblozyl (luspatercept) with a 36% rise to USD 390 million, and hypertrophic cardiomyopathy (HCM) therapy Camzyos (mavacamten), which grew by 90% YOY to USD 126 million.
Cobenfy Launch and Setback
BMS reported a strong US launch for Cobenfy (xanomeline/trospium chloride), which was approved as an oral treatment for schizophrenia in September 2024. However, the company recently announced disappointing Phase III trial results, indicating that Cobenfy failed to meet primary endpoints when used as an adjunctive treatment with atypical antipsychotics in schizophrenia patients. This may impact future growth prospects for the drug.
Revised Guidance
BMS has issued an improved outlook for full-year performance, with revenues now expected to reach USD 45.8 billion to USD 46.8 billion, compared to the previous forecast of USD 45.5 billion. This adjustment partly reflects a favorable foreign exchange impact of approximately USD 500 million. Additionally, the company raised its non-GAAP earnings per share (EPS) by USD 0.15 to an expected range of USD 6.70 to USD 7.00. It should be noted that the current guidance does not factor in any potential impacts from tariffs.-Fineline Info & Tech