Bristol Myers Squibb (BMY) reported adjusted earnings per share of $1.46 for the second quarter of 2025, significantly surpassing the Zacks Consensus Estimate of $1.07. This was, however, lower than the $2.07 reported in the same quarter last year. Total revenues for the quarter reached $12.3 billion, exceeding the Zacks Consensus Estimate of $11.4 billion and showing a 1% increase from the prior year. The company's shares have faced a decline of 18.7% year-to-date, contrasting with the industry's 1.5% growth.
The company raised its annual revenue guidance for 2025 to a range of $46.5 billion to $47.5 billion, up from the previous forecast of $45.8 billion to $46.8 billion. This revised outlook is attributed to the strong performance of its Growth Portfolio, better-than-expected sales from its Legacy Portfolio in Q2, and a favorable foreign exchange impact of approximately $200 million. Comparatively, the Zacks Consensus Estimate for 2025 revenues was $46.32 billion.
Despite the positive revenue outlook, Bristol Myers adjusted its annual earnings guidance downwards to $6.35-$6.65 per share, from an earlier projection of $6.70-$7.00. This revision reflects an unfavorable impact of 57 cents per share due to an acquired In-Process Research and Development (IPRD) charge related to the BioNTech strategic partnership. The Zacks Consensus Estimate for 2025 EPS was $6.28. In pre-market trading, Bristol-Myers shares rose by about 3.5% to $47.65.
The company's Growth Portfolio generated $6.6 billion in revenues, an 18% increase year-over-year (17% adjusted for foreign exchange), primarily driven by strong demand for drugs like Opdivo and Reblozyl. Opdivo sales alone surged 7% to $2.6 billion, beating analyst estimates of $2.4 billion. Eliquis sales also increased by 8% to $3.7 billion, surpassing estimates of $3.5 billion. However, the Legacy Portfolio saw a 14% decline in revenues, totaling $5.67 billion, mainly due to generic competition for drugs such as Revlimid, Pomalyst, Sprycel, and Abraxane, as well as the impact of the U.S. Medicare Part D redesign. U.S. revenues decreased by 3% to $8.5 billion, while international revenues saw a 10% increase to $3.8 billion.
