By Fineline Cube 
Bristol-Myers Squibb (BMS, NYSE: BMY) reported fourth‑quarter 2025 revenue of USD 12.5 billion, up 1% year‑on‑year (YOY), while full‑year revenue reached USD 48.2 billion, relatively flat compared to 2024. The Growth Portfolio surged 17% to USD 26.4 billion, driven by immuno‑oncology, Breyanzi, Reblozyl, and Camzyos, offsetting a 15% decline in the Legacy Portfolio.
Financial Performance Summary
| Metric | Q4 2025 | Full‑Year 2025 | YOY Growth |
|---|---|---|---|
| Total Revenue | USD 12.5 B | USD 48.2 B | Flat |
| US Market | — | USD 33.3 B | — |
| International | — | USD 14.9 B | — |
| Growth Portfolio | USD 7.4 B | USD 26.4 B | +17% |
| Legacy Portfolio | USD 5.1 B | USD 21.8 B | -15% |
Growth Portfolio Performance
| Product | Indication | 2025 Sales (USD B) | YOY Growth |
|---|---|---|---|
| Opdivo (nivolumab) | Immuno‑oncology (PD‑1) | 10.049 | — |
| Opdivo Qvantig | Subcutaneous PD‑1 | 0.238 | New launch |
| Breyanzi (lisocabtagene maraleucel) | CD19 CAR‑T | 1.358 | +82% |
| Reblozyl (luspatercept) | Anemia | 2.327 | +31% |
| Camzyos (mavacamten) | Obstructive HCM | 1.068 | +77% |
Legacy Portfolio & Key Products
- Eliquis (apixaban): Generated USD 14.443 billion, up 8% YOY
- Generic Impact: Continued erosion across remainder of Legacy Portfolio and higher US government channel rebates offset Eliquis growth
Strategic Implications
- Portfolio Transformation: Growth Portfolio now represents 55% of total revenue, up from 47% in 2024, demonstrating successful transition from legacy assets
- Immuno‑Oncology Leadership: Opdivo franchise maintains $10 billion+ annual sales; subcutaneous Qvantig formulation addresses patient convenience and competitive positioning
- Cell Therapy Acceleration: Breyanzi’s 82% growth validates CAR‑T manufacturing scale‑up and expanded indications
- Cardiovascular Expansion: Camzyos’s 77% growth in HCM establishes new therapeutic category leadership
- Next Steps: Management expects Growth Portfolio to exceed 60% of revenue by 2026, driven by Reblozyl expansion and new immuno‑oncology combinations
Forward‑Looking Statements
This brief contains forward‑looking statements regarding revenue projections, portfolio transformation, and commercial prospects for Bristol Myers Squibb. Actual results may differ due to competitive dynamics, regulatory approvals, and market conditions.-Fineline Info & Tech