By Fineline Cube 
US major Bristol-Myers Squibb (BMS; NYSE: BMY) reported Q2 2025 financial results, revealing total revenues of USD 12.27 billion, flat at 0% year-on-year (YOY) excluding currency effects. Earnings per share (EPS GAAP) decreased by 22%, primarily due to a USD 1.5 billion upfront payment to BioNTech under their June partnership for the PD-L1xVEGF-A bispecific antibody BNT327. Despite this impact, BMS raised its full-year revenue guidance to USD 46.5-47.5 billion from USD 45.8-46.8 billion, driven by better-than-expected legacy portfolio sales. Non-GAAP EPS guidance was slightly revised downward to USD 6.35-6.65 from USD 6.70-7.00, reflecting investments in strategic partnerships.
Q2 Performance and Key Product Sales
The company’s growth portfolio, which includes its immuno-oncology (IO) portfolio, recorded a 17% YOY increase in revenue to USD 6.6 billion. Notable sales during the quarter included:
- Breyanzi (lisocabtagene maraleucel): A CD19-targeted CAR T cell therapy with a 122% increase to USD 344 million.
- Reblozyl (luspatercept): An anemia therapy with a 33% increase to USD 568 million.
- Camzyos (mavacamten): A treatment for symptomatic obstructive hypertrophic cardiomyopathy (obstructive HCM) with an 86% increase to USD 260 million.
- Opdivo (nivolumab): A PD-1 inhibitor with a 7% increase to USD 2.56 billion.
Additionally, the schizophrenia treatment Cobenfy (xanomeline/trospium chloride) launched strongly, generating USD 35 million in sales from the US market alone. The off-patent blood thinner Eliquis (apixaban), marketed in partnership with Pfizer, continued its growth with a 6% increase to USD 3.68 billion. A new addition to the portfolio was Qvantig, a subcutaneous injection version of the PD-1 nivolumab.
Strategic Initiatives and Partnerships
CEO Dr. Christopher Boerner emphasized that the company is entering a crucial period of accelerated growth, driven by strategic partnerships and pivotal data readouts. In addition to the BioNTech collaboration, BMS announced a joint venture with Bain Capital, forming “NewCo” and outlicensing five immunology assets, including afimetoran (TLR7/8), and products targeting TYK2, IL-2-CD25, IL-10, and IL-18. BMS holds approximately a 20% stake in NewCo.
Clinical Trials and Future Prospects
Boerner highlighted that the company is entering a data-rich period, with expectations of 7 registration assets and 7 meaningful life cycle management opportunities over the next 12 to 24 months. Key upcoming data readouts include pivotal trials for Cobenfy in treating Alzheimer’s disease psychosis. Additionally, the TYK2 inhibitor Sotyktu (deucravacitinib), approved for moderate-to-severe plaque psoriasis, has been filed for approval globally, including in China, for a new indication of active psoriatic arthritis. The US FDA has set a March 6, 2026, Prescription Drug User Fee Act goal date for this regulatory decision.-Fineline Info & Tech