Bristol-myers Squibb Company · NYSE:BMY
Bristol-myers Squibb — Q4 2025 Earnings Presentation
58 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
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
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
Slide 17: Clinical Development Portfolio — Phase I and II
Clinical Development Portfolio — Phase I and II Data as of Feb 5th, 2026 Phase I Anti-CCR8 Solid Tumors RYZ401 Solid Tumors BMS-986460^ Prostate Cancer RYZ801 Hepatocellular Carcinoma BMS-986482+ Solid Tumors WEE1 CELMoD Solid Tumors BMS-986488+ Solid Tumors BCL6 LDD Lymphoma BMS-986
Slide 18: Clinical Development Portfolio — Phase III
Clinical Development Portfolio — Phase III Data as of Feb 5th, 2026 Phase III AR LDD Metastatic Castration-Resistant Prostate Cancer Atrial Fibrillation* milvexian atigotatug + nivolumab 1L Extensive-Stage Small Cell Lung Cancer Secondary Stroke Prevention* 1L Non-Small Cell Lung Cancer Idiopa
Slide 19: Q4 2025 Changes to the Development Pipeline
Data as of Feb 5th, 2026 Q4 2025 Changes to the Development Pipeline Phase I Phase II Phase III Registrational Submissions New or ◼ BMS-986525 in R/R SCLC ◼ pumitamig in 2L NSCLC* ◼ pumitamig in 1L NSCLC ◼ OPDIVO in 1L cHL (US, EU) PD-L1≥50% Phase ◼ pumitamig in 1L HCC Transition ◼ pumitamig in St
Slide 20: Q4 2025 Opdivo Sales Mix
Q4 2025 Opdivo Sales Mix U.S. Sales Mix Ex-U.S. Sales Mix 23% 11% 21% 32% 19% 26% 21% 7% 20% 20% Note: percentages are approximate Q4 2025 Results Not for Product Promotional Use 20
Slide 21: Q4 2025 Eliquis NBRx/TRx Share
Q4 2025 Eliquis NBRx/TRx Share NBRx Share – U.S. TRx Share – U.S. 19.7% 17.8% 21.9% 20.3% 6.4% 6.1% 10.8% 9.5% 73.9% 76.1% 70.3% 67.3% Q4 2024 Q4 2025 Q4 2024 Q4 2025 Eliquis Warfarin Other NOACs Data Source: IQVIA Xponent data thru 12/19/2025; Q4’25 average calculated with currently available data
Slide 22: Composition of Other Growth & Other Legacy Products
Composition of Other Growth & Other Legacy Products Other Growth Products Other Legacy Products • Augtyro • Idhifa • Empliciti • Istodax • Inrebic • Thalomid • Nulojix • Glucophage • Onureg • Kenalog • 3rd Party Royalty Revenue1 • Vidaza • Baraclude • Reyataz • Other Mature Brands 1. Includes royalt
Slide 23: Q4 2025 key clinical trials update
Q4 2025 key clinical trials update Oncology Hematology Immunology Cardiovascular Oncology Hematology Immunology Cardiovascular Neuroscience • Krazati • Reblozyl • Sotyktu • milvexian • Cobenfy • Opdivo • arlo-cel • admilparant • MYK-224 • anti-MTBR-Tau • Nivo+Rela HD • iberdomide • obexelimab • FAAH
Slide 24: Krazati (KRAS G12C inhibitor)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated Krazati (KRASG12C inhibitor) 2L CRC 1L NSCLC PD-L1≥50% 1L NSCLC Indication (with KRASG12C mutation) (with KRASG12C mutation) (with KRASG12C mutation) Phas
Slide 25: Opdivo (anti-PD1)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated Opdivo (anti-PD1) Indication Peri-Adjuvant MIUC Adjuvant HCC 1L NSCLC SC + IV Phase/Study Phase III – CA017-078 Phase III – CheckMate -9DX Phase II – Chec
Slide 26: Nivolumab + Relatlimab HD (anti-PD1 + anti-LAG3 FDC)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated Nivolumab + Relatlimab HD (anti-PD1 + anti-LAG3 FDC) Indication 1L NSCLC PD-L1≥1% Phase/Study Phase III – RELATIVITY-1093 # of Patients N = 1,000 • Nivolu
Slide 27: AR LDD (dual androgen receptor degrader & antagonist)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated AR LDD (dual androgen receptor degrader & antagonist) Indication Metastatic CRPC Phase/Study Phase III - rechARge # of Patients N = 960 Part I Part II • B
Slide 28: atigotatug (anti-fucosyl-GM1) + nivolumab (anti-PD1)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated atigotatug (anti-fucosyl-GM1) + nivolumab (anti-PD1) Indication 1L ES-SCLC Phase/Study Phase III - TIGOS # of Patients N = 530 • BMS-986489 (atigotatug +
Slide 29: iza-bren (izalontamab brengitecan, EGFR x HER3 ADC)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated iza-bren (izalontamab brengitecan, EGFR x HER3 ADC) Indication Advanced Solid Tumors Phase/Study Phase I/II - CA244-0001 # of Patients N = 416 • Group A:
Slide 30: iza-bren (izalontamab brengitecan, EGFR x HER3 ADC)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated iza-bren (izalontamab brengitecan, EGFR x HER3 ADC) Indication 1L TNBC EGFR-mutated Post-TKI NSCLC Post-IO Metastatic Urothelial Cancer Phase/Study Phase
Slide 31: navlimetostat (PRMT5 inhibitor)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated navlimetostat (PRMT5 inhibitor) Indication 1L Metastatic NSCLC (with Homozygous MTAP deletion) 1L Metastatic PDAC (with Homozygous MTAP deletion) Phase/St
Slide 32: pumitamig (BNT327, PD-L1 x VEGF-A)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated pumitamig (BNT327, PD-L1 x VEGF-A) Indication 1L MSS CRC 1L Gastric Cancer 1L TNBC Phase/Study Phase II/III – ROSETTA CRC-203 Phase II/III – ROSETTA Gastr
Slide 33: pumitamig (BNT327, PD-L1 x VEGF-A)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated pumitamig (BNT327, PD-L1 x VEGF-A) Indication 1L NSCLC 1L ES-SCLC Phase/Study Phase II/III – ROSETTA LUNG-02* Phase III – ROSETTA LUNG-01* # of Patients N
Slide 34: pumitamig (BNT327, PD-L1 x VEGF-A)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated pumitamig (BNT327, PD-L1 x VEGF-A) Indication Stage III NSCLC 1L NSCLC PD-L1≥50% Phase/Study Phase III – ROSETTA Lung-201 Phase III – ROSETTA Lung-202 # o
Slide 35: pumitamig (BNT327, PD-L1 x VEGF-A)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated pumitamig (BNT327, PD-L1 x VEGF-A) 2L NSCLC Indication 1L HCC 1L RCC (post-chemoimmunotherapy) Phase/Study Phase I/II – ROSETTA HCC-206 Phase I/II – ROSET
Slide 36: RYZ101 225Ac-DOTATATE (SSTR2 binder)
Oncology Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated RYZ101 225Ac-DOTATATE (SSTR2 binder) Indication 2L+ SSTR2+ GEP-NETs* 1L ES-SCLC HR+/HER2- Metastatic Breast Cancer Phase/Study Phase III – ACTION-1 Phase Ib Phase Ib/II – TRACY-1 # of Patient
Slide 37: Reblozyl (Erythroid Maturation Agent)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated Reblozyl (Erythroid Maturation Agent) 1L+ TD MF 1L NTD Low or Intermediate Risk TD & NTD Alpha-Thalassemia Indication Associated Anemia MDS Associated Ane
Slide 38: arlo-cel (arlocabtagene autoleucel, GPRC5D CAR T)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated arlo-cel (arlocabtagene autoleucel, GPRC5D CAR T) Indication 4L+ MM1 2-4L MM2 Phase/Study Phase II – QUINTESSENTIAL Phase III – QUINTESSENTIAL-2 # of Pati
Slide 39: iberdomide (CELMoD)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated iberdomide (CELMoD) Indication 2L+ MM Post-Transplant Maintenance NDMM Phase/Study Phase III – EXCALIBER-RRMM Phase III – EXCALIBER-Maintenance # of Patie
Slide 40: mezigdomide (CELMoD)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated mezigdomide (CELMoD) Indication 2L+ MM 2L+ MM Phase/Study Phase III – SUCCESSOR-1 Phase III – SUCCESSOR-2 # of Patients N = 810 N = 575 • Mezigdomide 1.0
Slide 41: mezigdomide (CELMoD)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated mezigdomide (CELMoD) Indication 2-4L MM Phase/Study Phase I/II – CA057-1040 # of Patients N = 62 • Phase 1 (Dose escalation) • Phase 2 (Dose expansion) •
Slide 42: golcadomide (CELMoD)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated golcadomide (CELMoD) Indication High-Risk 1L LBCL 2L+ FL Newly Diagnosed Advanced Stage 1L FL Phase/Study Phase III – GOLSEEK-1 Phase III – GOLSEEK-4 Phas
Slide 43: Sotyktu (TYK-2 inhibitor)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated Sotyktu (TYK-2 inhibitor) Indication Psoriatic Arthritis (PsA) Phase/Study Phase III – POETYK-PsA-1 Phase III – POETYK-PsA-2 # of Patients N = 670 N = 729
Slide 44: Sotyktu (TYK-2 inhibitor)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated Sotyktu (TYK-2 inhibitor) Indication Systemic Lupus Erythematosus (SLE) Sjogren’s Disease (SjD) Phase/Study Phase III – POETYK SLE-1 Phase III – POETYK SL
Slide 45: admilparant (LPA1 antagonist)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated admilparant (LPA1 antagonist) Indication Idiopathic Pulmonary Fibrosis (IPF) Progressive Pulmonary Fibrosis (PPF) Phase/Study Phase III – ALOFT-IPF Phase
Slide 46: obexelimab (CD19 x FcγRIIB bifunctional mAb)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated obexelimab (CD19 x FcγRIIB bifunctional mAb) Indication IgG4-Related Disease Phase/Study Phase III – INDIGO # of Patients N = 194 • Obexelimab SC • Placeb
Slide 47: zola-cel (CD19 NEX-T CAR T)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated zola-cel (CD19 NEX-T CAR T) Active Systemic Lupus Erythematosus (SLE) Indication Active Systemic Sclerosis (SSc) including Lupus Nephritis (LN) 1 Phase/St
Slide 48: milvexian (FXIa inhibitor)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated milvexian (FXIa inhibitor) Indication Secondary Stroke Prevention Non-Valvular Atrial Fibrillation Phase III – LIBREXIA-STROKE Phase III – LIBREXIA-AF Pha
Slide 49: MYK-224 (myosin inhibitor)
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated MYK-224 (myosin inhibitor) Indication Heart Failure with Preserved Ejection Fraction (HFpEF) Phase/Study Phase IIa – AURORA-HFpEF # of Patients N = 208 •
Slide 50: Cobenfy (M1/M4 muscarinic agonist)
Neuroscience Oncology Hematology Immunology Cardiovascular Neuroscience Cobenfy (M1/M4 muscarinic agonist) Indication Psychosis in Alzheimer’s Disease (ADP) Phase/Study Phase III – ADEPT-1 Phase III – ADEPT-2 # of Patients N = 380 N = 400 • Cobenfy 20 mg/2 mg TID, 30 mg/3 mg TID, 40 mg/4 mg TID, 50
Slide 51: Cobenfy (M1/M4 muscarinic agonist)
Neuroscience Oncology Hematology Immunology Cardiovascular Neuroscience Cobenfy (M1/M4 muscarinic agonist) Indication Psychosis in Alzheimer’s Disease (ADP) Phase/Study Phase III – ADEPT-4 Phase III – ADEPT-5 # of Patients N = 406 N = 292 • Cobenfy 20 mg/2 mg TID, 30 mg/3 mg TID, 40 mg/4 mg TID, 50
Slide 52: Cobenfy (M1/M4 muscarinic agonist)
Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated Cobenfy (M1/M4 muscarinic agonist) Indication Manic Episodes in Bipolar-I Disease Adjunctive Bipolar Mania Phase/Study Phase III – BALSAM-1 Phase III – BALSAM-2 Phase III-BALSAM-4 # of Patients N = 27
Slide 53: Cobenfy (M1/M4 muscarinic agonist)
Oncology Oncology Hematology Immunology Cardiovascular Neuroscience Cobenfy (M1/M4 muscarinic agonist) Indication Agitation Associated with Alzheimer’s Disease (AAD) Phase/Study Phase III – ADAGIO-1 Phase III – ADAGIO-2 # of Patients N = 352 N = 352 • KarXT + KarX-EC • KarXT + KarX-EC • Placebo • Pl
Slide 54: Cobenfy (M1/M4 muscarinic agonist)
Oncology Hematology Immunology Cardiovascular Neuroscience Cobenfy (M1/M4 muscarinic agonist) Indication Alzheimer’s Disease Cognition (ADC) Phase/Study Phase III – MINDSET 1 Phase III – MINDSET 2 # of Patients N = 586 N = 586 • KarXT + KarX-EC • KarXT + KarX-EC • Placebo • Placebo Design Co-Primary
Slide 55: Cobenfy (M1/M4 muscarinic agonist)
Oncology Hematology Immunology Cardiovascular Neuroscience Cobenfy (M1/M4 muscarinic agonist) Indication Pediatric Autism Irritability Phase/Study Phase III – CN012-0044 Phase III – CN012-0045 # of Patients N = 176 N = 176 • KarXT + KarX-EC • KarXT + KarX-EC Design • Placebo • Placebo Primary: Prima
Slide 56: BMS-986446 (anti-MTBR-tau)
Oncology Hematology Immunology Cardiovascular Neuroscience BMS-986446 (anti-MTBR-tau) Indication Alzheimer's Disease Phase/Study Phase II – TargetTau-1 # of Patients N = 310 • BMS-986446 Dose 1 • BMS-986446 Dose 2 Design • Placebo Primary: • Mean change from baseline in brain tau deposition as measu
Slide 57: BMS-986368 (FAAH/MAGL inhibitor)
Oncology Hematology Immunology Cardiovascular Neuroscience BMS-986368 (FAAH/MAGL inhibitor) Indication Multiple Sclerosis Spasticity (MSS) Alzheimer’s Disease Agitation (AAD) Phase/Study Phase II – BALANCE-MSS-1 Phase II – BALANCE-AAD-1 # of Patients N = 200 N = 120 • BMS-986368 Dose 1 • BMS-986368
Slide 58: Abbreviations
Oncology Hematology Immunology Cardiovascular Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated Abbreviations AAD American Academy of Dermatologists DPd Daratumumab, Pomalidomide, and LPA1 Lysophosphatidic Acid Receptor 1 Q3W Every Three Weeks Dexame
Bristol-Myers Squibb Company — Q4 2025 Earnings Presentation on 6ix