Bristol-myers Squibb Company · NYSE:BMY
Bristol-myers Squibb — Q4 2025 Earnings Presentation
16 slides from Bristol-myers Squibb's earnings presentation, Feb 5, 2026
Slide 1: Q4 2025 Results
Q4 2025 Results February 5, 2026 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 the adjusted items or the effects of foreign currency translation, as applicable, and “Company”) future financial results, plans, business development strateg
Slide 3: Q4 2025 Results – Chris Boerner, CEO
Q4 2025 Results Chris Boerner, PhD Board Chair and Chief Executive Officer 3
Slide 4: Q4 & FY 2025 Performance
Q4 & FY 2025 Performance Growth Portfolio Revenues Key Milestones1 $ in billions Growth Portfolio products with annual revenue >$1B +16%; +15% Ex-FX* +17%; +17% Ex-FX* Executing on recent launch opportunities $26.4 $22.6 $7.4 $6.4 Achieved multiple clinical & regulatory milestones Pumitamig Zola-cel
Slide 5: Significant data expected in 2026…and beyond
Significant data expected in 2026…and beyond* NME registrational data LCM pivotal data Key next wave early-stage data 2026 2026 2026 • Admilparant IPF (ALOFT-IPF) • Cobenfy AD Psychosis (ADEPT-1, 2 & 4) • BCMAxGPRC5D dual-targeting CAR T RRMM • Arlo-cel 4L+ MM (QUINTESSENTIAL) • Sotyktu SLE (POETYK
Slide 6: 2026 Non-GAAP Revenue & EPS Guidance
2026 Non-GAAP Revenue & EPS Guidance* Continued Strong Total Revenues (Reported & Ex-FX)1 Growth Portfolio Performance ~$46.0 - $47.5B WW Eliquis Revenue2 growth 10% to 15% Continued LOE Impact for Non-GAAP EPS1 Legacy Portfolio $6.05 - $6.35 Lower OpEx YoY *See “Forward-Looking Statements and Non-G
Slide 7: Q4 2025 Results – David Elkins, CFO
Q4 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 $48.3 $48.2 Growth Portfolio $12.3 $12.5 $21.8 $25.7 $5.1 $6.0 Other Growth Brands1 +16% +17% YoY YoY $26.4 $7.4 $22.6 $6.4 +15% +17% Legacy Portfolio Ex-FX* Ex-FX* Q4 2024 Q4 2025 2024 2025 Other Mature Brands *See “Forward-Looki
Slide 9: Q4 2025 Oncology product summary
Q4 2025 Oncology product summary Global Net Sales1 Opdivo $M YoY % Ex-FX* % • Performance reflects recent launches in MSI-high CRC, HCC & 1L NSCLC strength $2,693 +9% +7% Qvantig $810 +20% +18% • Increasing adoption from patients & providers across indicated tumor types • Uptake progressing as expec
Slide 10: Q4 2025 Hematology product summary
Q4 2025 Hematology product summary Global Net Sales Reblozyl $M YoY % Ex-FX* % • U.S. strong continued demand across 1L MDS- 1 associated anemia $692 (16%) (16%) • Ex-U.S. growth driven by demand & new launches $666 +22% +21% across multiple markets 2 $602 (55%) (55%) Breyanzi $392 +49% +47% • Best-
Slide 11: Q4 2025 Cardiovascular & Immunology product summary
Q4 2025 Cardiovascular & Immunology product summary Global Net Sales (Cardiovascular) Camzyos $M YoY % Ex-FX* % • Continued strong U.S. demand in oHCM • Ex-U.S. continued launch momentum across markets $3,453 +8% +6% Eliquis $353 +59% +57% • U.S. sales reflect demand growth & market share gains • Re
Slide 12: Q4 2025 Neuroscience product summary
Q4 2025 Neuroscience product summary Global Net Sales Cobenfy $M YoY % Ex-FX* % • Continued steady growth 1 • Strong and consistent feedback highlighting strength of $160 +1% (1%) efficacy on positive/negative symptoms and cognition • Focused on driving breadth and depth of adoption $51 >200% >200%
Slide 13: Q4 & Full Year 2025 Financial Performance
Q4 & Full Year 2025 Financial Performance U.S. GAAP US GAAP Non-GAAP Non-GAAP * $ in billions, except EPS Q4 2025 FY 2025 Q4 2025 FY 2025 Total Revenues, net 12.5 48.2 12.5 48.2 Gross Margin % 67.2% 71.1% 71.9% 72.6% Operating Expenses1 4.8 17.2 4.6 16.6 Acquired IPR&D 1.4 3.7 1.4 3.7 Amortization o
Slide 14: 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 $6.3 • Strong balance sheet affords financial flexibility $4.4 Balance Sheet • Maintain strong investment-grade cre
Slide 15: 2026 Guidance
2026 Guidance* Non-GAAP1 Key Highlights February • FY revenue reflects: Total FY Revenues • Continued Growth Portfolio strength ~$46.0 - $47.5B (Reported & Ex-FX) • 12% to 16% decline in Legacy Portfolio Gross Margin % ~69-70% • 10% to 15% growth in WW Eliquis revenue2 Operating Expenses3 ~$16.3B •
Slide 16: Q4 2025 Results Q&A
Q4 2025 Results Q&A Chris Boerner, PhD David Elkins Adam Lenkowsky Cristian Massacesi, MD Board Chair, Executive VP, Executive VP, Executive VP, Chief Executive Officer Chief Financial Officer Chief Commercialization Chief Medical Officer, Officer Global Drug Development
Bristol-Myers Squibb Company — Q4 2025 Earnings Presentation on 6ix