Bristol-myers Squibb Company · NYSE:BMY
Bristol-myers Squibb — Q3 2025 Earnings Presentation
16 slides from Bristol-myers Squibb's earnings presentation, Oct 30, 2025
Slide 1: Q3 2025 Results
Q3 2025 Results October 30, 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 the adjusted items or the effects of foreign currency translation, as applicable, and “Company”) future financial results, plans, business development strateg
Slide 3: Chris Boerner, PhD, Board Chair and CEO
Q3 2025 Results Chris Boerner, PhD Board Chair and Chief Executive Officer 3
Slide 4: Q3 2025 Performance
Q3 2025 Performance Commercial Execution Key Milestones Global Net Sales: ~$12.2B +3% YoY; 2% Ex-FX* Achieved multiple clinical & regulatory milestones1 Growth Portfolio Net Sales: +18%; +17% Ex-FX* $ in billions Iberdomide Pumitamig Iza-bren $6.9 Anti-MTBR-tau CD19 NEX-T $5.8 Executed strategic bus
Slide 5: 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 • • • CD19 NEX-T Autoimmune Diseases (Breakfree-1 & 2) • • Krazati 1L NSCLC (TPS <50%) (KRYSTAL-17)2 • • Iza-bren Advanced Solid Tumo
Slide 6: David Elkins
Q3 2025 Results David Elkins Executive Vice President and Chief Financial Officer 6
Slide 7: Revenue continues to transition to the Growth Portfolio
Revenue continues to transition to the Growth Portfolio $ in billions Growth Portfolio Legacy Portfolio $11.9 $12.2 $5.4 $6.1 +18% YoY $6.9 $5.8 +17% * Ex-FX Other Mature Brands Q3 2024 Q3 2025 Other Growth Brands1 Legacy Growth *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1
Slide 8: Q3 2025 Oncology product summary
Q3 2025 Oncology product summary Global Net Sales1 Opdivo $M YoY % Ex-FX* % • Global sales reflect demand growth • U.S. strong launch in MSI-high CRC & 1L NSCLC share $2,532 +7% +6% growth • Ex-U.S. expanded indications across markets $739 +15% +14% Opdualag • U.S. sales growth driven by demand as a
Slide 9: Q3 2025 Hematology product summary
Q3 2025 Hematology product summary Global Net Sales Reblozyl $M YoY % Ex-FX* % • U.S. strong continued demand across 1L MDS- associated anemia and increasing duration of therapy 1 $675 (25%) (25%) • Ex-U.S. growth driven by demand & new launches across multiple markets $615 +37% +37% • Annualizing >
Slide 10: Q3 2025 Cardiovascular product summary
Q3 2025 Cardiovascular product summary Global Net Sales Camzyos U.S. Quarterly TRx1 35,000 +11% Q3 2025 TRx: ~32.2K $M YoY % Ex-FX* % 30,000 $3,746 +25% +23% $296 +89% +88% 25,000 Camzyos 20,000 • Continued strong U.S. demand in oHCM 15,000 o ~14.1K patients on commercial drug (~1.6K added in Q3 202
Slide 11: Q3 2025 Immunology product summary
Q3 2025 Immunology product summary Global Net Sales Sotyktu $M YoY % Ex-FX* % • U.S. TRx growth offset by rebates associated with improved access $964 +3% +2% • ~80% of covered lives with zero step edits effective Jan. 1, 2025 $80 +21% +20% • Ex-U.S. continued sales momentum *See “Forward-Looking St
Slide 12: Q3 2025 Neuroscience product summary
Q3 2025 Neuroscience product summary Global Net Sales Cobenfy Weekly TRx2 3,000 $M YoY % Ex-FX* % 1 2,500 $161 +9% +7% 2,000 $43 --- --- 1,500 Cobenfy 1,000 • Strong and consistent feedback highlighting strength of efficacy on positive/negative symptoms and cognition 500 • Continued focus to change
Slide 13: Q3 2025 Financial Performance
Q3 2025 Financial Performance US US GAAP GAAP Non-GAAP Non-GAAP * $ in billions, except EPS Q3 2025 Q3 2024 Q3 2025 Q3 2024 Total Revenues, net 12.2 11.9 12.2 11.9 Gross Margin % 71.9% 75.1% 72.9% 76.0% Operating Expenses1 4.3 4.4 4.2 4.3 Acquired IPR&D 0.6 0.3 0.6 0.3 Amortization of Acquired Intan
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 $5.6 $4.4 • Maintain strong investment-grade credit rating $3.9 Balance Sheet • On track to pay down ~$10B of
Slide 15: Revised 2025 Guidance
Revised 2025 Guidance* Non-GAAP1 Key Highlights July (Prior) Oct (Updated) • FY revenue vs. prior guidance primarily reflects ~$750M favorability from: Total FY Revenues ~$46.5 - $47.5B ~$47.5 - $48.0B (Reported & Ex-FX) • Growth Portfolio strength Gross Margin % ~72% No change • Continue to expect:
Slide 16: Q3 2025 Results Q&A
Q3 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 Officer Chief Medical Officer, Global Drug Development 16
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