Bristol-Myers Squibb Reports $11.2 Billion Revenue in Q1 2025, Net Earnings Recovery

Bristol-Myers Squibb Company (BMS) reported a total revenue of $11.2 billion for the first quarter of 2025, a decrease of 6% compared to $11.9 billion in the same period of 2024. The decline was primarily attributed to the impact of generic competition on key products such as Revlimid, Sprycel, and Pomalyst, alongside the redesign of the U.S. Medicare Part D program affecting Eliquis. Net product sales fell to $10.9 billion from $11.6 billion year-over-year, while the company recorded net earnings of $2.5 billion, a significant recovery from a loss of $11.9 billion in the prior year, resulting in earnings per share of $1.20 compared to a loss of $5.89.

BMS experienced notable changes in its expense structure, with total expenses dropping to $8.2 billion from $23.4 billion in the previous year. This reduction was largely due to a significant decrease in amortization of acquired intangible assets, which fell to $830 million from $2.4 billion, and a reduction in selling, general, and administrative expenses, which decreased by 33% to $1.6 billion. The company also reported a $2.3 billion decrease in research and development expenses, reflecting strategic productivity initiatives and the cash settlement of unvested stock awards related to acquisitions.

Strategically, BMS has been active in expanding its product portfolio and pipeline. The company achieved multiple regulatory approvals in early 2025, including for Opdivo + Yervoy in the EU for advanced hepatocellular carcinoma and for Breyanzi in the EU for relapsed or refractory follicular lymphoma. Additionally, BMS announced plans to acquire 2seventy bio for approximately $286 million, which will enhance its capabilities in cell therapy for multiple myeloma. The company is also focused on streamlining its operations through a restructuring plan aimed at achieving annual cost savings of approximately $2 billion by the end of 2027.

Operationally, BMS reported a cash position of $10.9 billion at the end of March 2025, up from $9.3 billion a year earlier. The company generated $2 billion in cash from operations during the quarter, although cash used in investing activities was significantly lower than the previous year due to reduced acquisition-related payments. The company’s employee headcount remained stable, with no significant changes reported. Looking ahead, BMS anticipates continued challenges from market conditions and pricing pressures, particularly due to ongoing legislative changes affecting drug pricing and reimbursement. The company remains committed to its strategic focus on innovation and operational excellence to drive long-term growth.