Bristol-Myers Squibb reported total revenues of $48.194 billion for the year ended December 31, 2025, a slight decrease compared to $48.300 billion in 2024. The company's performance was driven by increased demand for products within its Growth Portfolio and Eliquis, which was offset by the impact of generic erosion across the Legacy Portfolio and higher U.S. government channel rebates. Revenues in the United States decreased by 2% to $33.279 billion, while international revenues increased by 5% to $13.828 billion.
The company's GAAP diluted earnings per share (EPS) was $3.46, a significant increase from a loss of $(4.41) per share in the previous year. Non-GAAP EPS was $6.15, compared to $1.15 in 2024. The increase in GAAP EPS was primarily due to lower Acquired IPRD charges, the impact of certain specified items, including lower amortization of acquired intangible assets and lower intangible asset impairment charges, and cost savings from the company's ongoing strategic productivity initiative in 2025.
Strategic developments in 2025 included the acquisition of Orbital Therapeutics, the execution of a global strategic collaboration agreement with BioNTech, and the execution of a global exclusive licensing agreement with Philochem. These moves are aimed at focusing resources on growth opportunities and expanding the company's pipeline. The company also opened a new radiopharmaceutical manufacturing facility in Indianapolis, Indiana, to support the development and manufacturing of radiopharmaceutical therapeutics.
Bristol-Myers Squibb continues to focus on operational excellence and strategic capital allocation. The company's ongoing strategic productivity initiative, which includes streamlining operations in R&D, manufacturing, commercial, and other functions, is expected to yield approximately $2.0 billion in cost savings by the end of 2027. The company is also managing its R&D programs on a product portfolio basis, investing resources in each stage of R&D from early discovery through late-stage development.
About BRISTOL MYERS SQUIBB CO
Bristol-Myers Squibb Company is a global biopharmaceutical firm focused on discovering, developing, manufacturing, and marketing innovative medicines. Its core therapeutic areas include oncology, hematology, immunology, cardiovascular, and neuroscience. The company offers a portfolio of biologics, small molecules, and cell therapies, serving healthcare providers, wholesalers, specialty pharmacies, and hospitals worldwide. Its competitive advantage lies in combining pharmaceutical scale with biotech innovation to deliver transformational treatments for serious diseases.
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