Bristol Myers Squibb Co. (NYSE:BMY) reported third-quarter 2025 revenues of $12.22 billion on Thursday, beating the consensus of $11.81 billion, a 3% increase year over year.

Growth Portfolio revenues of $6.9 billion increased 18%, or 17% Ex-FX. Revenue growth was primarily driven by the immuno-oncology portfolio, Reblozyl, Camzyos, and Breyanzi.

Also Read: Bristol Myers Expands Cell Therapy Portfolio With Orbital Therapeutics Acquisition

Legacy Portfolio revenues of $5.4 billion decreased 12%, or 13% Ex-FX. Demand for Eliquis increased, which was more than offset by the expected continued generic impact across the remainder of the Legacy Portfolio.

Eliquis sales reached $3.75 billion, up 25%.

Sales of the cancer drug Opdivo increased 7% to $2.53 billion. The arthritis drug Orencia generated sales of $964 million, up 3%. Sales of another cancer drug, Yervoy, increased 15% to $739 million.

The anemia drug Reblozyl generated $615 million in quarter sales, up 37% from a year ago.

Bristol-Myers reported adjusted earnings of $1.63 per share, beating the consensus of $1.51.

Gross margin on a GAAP and non-GAAP basis was 71.9% and 72.9% in 2025 compared to 75.1% and 76.0% a year ago, respectively, reflecting the change in product mix.

Outlook

Bristol-Myers Squibb narrowed fiscal 2025 earnings guidance from $6.35-$6.65 to $6.40-$6.60 compared to the consensus of $6.38.

The company raised its 2025 sales guidance from $46.5 billion-$47.5 billion to $47.5 billion-$48 billion compared to the consensus of $47.33 billion, primarily reflecting the continued strong performance of the Growth Portfolio.

BMY Price Action: Bristol-Myers Squibb shares were up 4.40% at $44.47 at the time of publication on Thursday, according to Benzinga Pro data.

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