Bristol Myers Squibb

4Q Revenues: $12.5 billion +1% 

4Q Earnings: $1.1 billion (earnings were $72 million 4Q24)

FY Revenues: $48.2 billion (flat)

FY Earnings: $7.1 billion (loss of $8.9 billion FY24) 

Comments:  Growth Portfolio revenues were $7.4 billion in the quarter, up 16% primarily driven by the immuno-oncology portfolio, Camzyos, Breyanzi and Reblozyl. Camzyos sales were $353 million, up 59%. Breyanzi sales were $392 million, up 49%. Reblozyl sales were $666 million, up 22%.

Opdivo sales were $2.7 billion in the quarter, up 9%. Orencia sales were $1.0 billion, up 1%. Yervoy sales were up 20% to $810 million. Opdualog sales were up 38% to $350 million. 

Cobenfy sales were $51 million in the quarter and $155 million for the year, up over 200% respectively. Cobenfy, a muscarinic agonist to treat schizophrenia launched in September 2024. It’s the first new treatment option for schizophrenia in 35 years.

Legacy Portfolio revenues were $5.1 billion, down 15%. Eliquis sales were up 8% to $3.5 billion, which helped offset continued generic impact across the remainder of the Legacy Portfolio. Revlimid sales were $602 million, down 55%. Pomalyst/Imnovid sales were $692 million, down 16%. Sprycel sales were down 60% to $79 million. Abraxane sales were down 52% to $84 million.

Earnings for the quarter and year reflect the impact of Acquired IPRD charges of $1.4 billion and $3.7 billion, respectively, primarily driven by the acquisition of Orbital Therapeutics. Licensing income increased from $48 million to $222 million in the quarter and from $122 million to $430 million for the year.