Bristol-myers Squibb Company · NYSE:BMY
Bristol-myers Squibb — Q2 2025 Earnings Presentation
17 slides from Bristol-myers Squibb's earnings presentation, Jul 31, 2025
Slide 1: Q2 2025 Results
Q2 2025 Results July 31, 2025 Not for Product Promotional Use
Slide 2: Forward Looking Statements and Non-GAAP Financial Information
Forward Looking Statements and Non-GAAP Financial Information This presentation contains statements about Bristol-Myers Squibb Company’s (the believes that the non-GAAP financial measures presented portray the results of the “Company”) future financial results, plans, business development strategy,
Slide 3: Chris Boerner, PhD, Board Chair and Chief Executive Officer
Q2 2025 Results Chris Boerner, PhD Board Chair and Chief Executive Officer 3
Slide 4: Q2 2025 Performance
Q2 2025 Performance Commercial Execution Key Milestones Global Net Sales: Q2:~$12.3B +1% YoY; 0% Ex-FX* Achieved multiple clinical & regulatory milestones1 Growth Portfolio Net Sales: +18%; +17% Ex-FX* $ in billions $5.6 $6.6 Executed strategic business development 2 3 Immunology NewCo Q2 2024 Q2 20
Slide 5: Enhancing & augmenting our pipeline through strategic BD
Enhancing & augmenting our pipeline through strategic BD 1 • License agreement for exclusive worldwide rights to • Global alliance to co-develop and co- OncoACP3 commercialize BNT327 (PD-L1/VEGF bispecific) • Adds best-in-class targeting agent for prostate cancer • Further strengthens our position i
Slide 6: Entering data-rich period with multiple catalysts
Entering data-rich period with multiple catalysts * 2025–2027 key milestones LCM pivotal data NME registrational data* Key next wave of early-stage data 2025 2025 2025 • • Iberdomide RRMM (EXCALIBER-RRMM)1 • CD19 NEX-T Autoimmune Diseases (Breakfree-1 & 2) • • Krazati 1L NSCLC (TPS <50%) (KRYSTAL-17
Slide 7: David Elkins, Executive Vice President and Chief Financial Officer
Q2 2025 Results David Elkins Executive Vice President and Chief Financial Officer 7
Slide 8: Revenue continues to transition to the Growth Portfolio
Revenue continues to transition to the Growth Portfolio $ in billions Growth Portfolio Legacy Portfolio 1 $12.2 $12.3 $5.7 $6.6 +18% YoY $6.6 $5.6 +17% * Ex-FX Other Mature Brands Q2 2024 Q2 2025 Other Growth Brands2 Legacy Growth *See “Forward-Looking Statements and Non-GAAP Financial Information”;
Slide 9: Q2 2025 Oncology product summary
Q2 2025 Oncology product summary Global Net Sales1 Opdivo $M YoY % Ex-FX* % • Global sales reflect demand growth 2 • Strong launch in 1L MSI-high colorectal cancer $2,560 +7% +7% Opdualag $728 +16% +15% • U.S. sales growth driven by strong demand as a SOC in 1L melanoma with consistent ~30% market s
Slide 10: Q2 2025 Hematology product summary
Q2 2025 Hematology product summary Global Net Sales Reblozyl $M YoY % Ex-FX* % • Strong continued demand across 1L MDS-associated anemia $838 (38%) (38%) • Ex-U.S. growth driven by demand & new launches across Europe & Japan 1 $708 (26%) (27%) 2 $568 +34% +33% Breyanzi • #1 CAR T in the U.S.4 with t
Slide 11: Q2 2025 Cardiovascular product summary
Q2 2025 Cardiovascular product summary Global Net Sales Camzyos U.S. Quarterly TRx1 35,000 +13% Q2 2025 TRx: ~29K $M YoY % Ex-FX* % 2 30,000 $3,680 +8% +6% 3 $260 +87% +86% 25,000 Camzyos 20,000 • Continued strong U.S. demand in oHCM 15,000 o ~12.5K patients on commercial drug (~1.6K added in Q2 202
Slide 12: Q2 2025 Immunology product summary
Q2 2025 Immunology product summary Global Net Sales Sotyktu U.S. Quarterly TRx1 25,000 +21% Q2 2025 TRx: ~20K $M YoY % Ex-FX* % 2 $963 +2% +1% 20,000 3 $70 +31% +29% 15,000 Sotyktu 10,000 • U.S. access improvements effective January 1, 2025 (~80% of covered lives with zero step edits) 5,000 • Ex-U.S
Slide 13: Q2 2025 Neuroscience product summary
Q2 2025 Neuroscience product summary Global Net Sales Cobenfy Weekly TRx2 2,500 $M YoY % Ex-FX* % 1 $150 0% (2%) 2,000 $35 --- --- 1,500 Cobenfy 1,000 • Strong and consistent feedback highlighting strength of efficacy on positive/negative symptoms and cognition 500 • Continued focus on expanding pre
Slide 14: Q2 2025 Financial Performance
Q2 2025 Financial Performance US US GAAP GAAP Non-GAAP Non-GAAP * $ in billions, except EPS Q2 2025 Q2 2024 Q2 2025 Q2 2024 Total Revenues, net 12.3 12.2 12.3 12.2 Gross Margin % 72.5% 73.2% 72.6% 75.6% Operating Expenses1 4.3 4.8 4.0 4.2 Acquired IPR&D 1.5 0.1 1.5 0.1 Amortization of Acquired Intan
Slide 15: Strategic approach to Capital Allocation
Strategic approach to Capital Allocation Cash flow from Operations $B Business • Pursue opportunities and partnerships to diversify Development portfolio & strengthen long-term outlook $5.6 $4.4 $3.9 • Maintain strong investment-grade credit rating Balance Sheet $2.3 • On track to pay down ~$10B of
Slide 16: Revised 2025 Guidance
Revised 2025 Guidance* Non-GAAP1 Key Highlights April (Prior) July (Updated) • FY revenue vs. prior guidance primarily reflects ~$700M favorability from: Total FY Revenues ~$45.8 - $46.8B ~$46.5 - $47.5B (Reported & Ex-FX) • Growth Portfolio strength Gross Margin % ~72% No change • Legacy Portfolio
Slide 17: Results Q&A
Q2 2025 Results Q&A Chris Boerner, PhD David Elkins Samit Hirawat, MD Adam Lenkowsky Board Chair, Executive VP, Executive VP, Executive VP, Chief Executive Officer Chief Financial Officer Chief Medical Officer, Chief Commercialization Officer Global Drug Development 17
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