Bristol-Myers Squibb Company (BMS) reported its financial results for the third quarter of 2025, revealing total revenues of $12.2 billion, a 3% increase from $11.9 billion in the same period last year. For the nine months ending September 30, 2025, revenues decreased slightly to $35.7 billion from $36.0 billion in 2024. The company attributed the quarterly revenue growth to increased demand for its Growth Portfolio, particularly for products like Opdivo and Eliquis, which offset declines in its Legacy Portfolio due to generic competition.
Net earnings for the third quarter were $2.2 billion, or $1.08 per diluted share, compared to $1.2 billion, or $0.60 per diluted share, in the prior year. Year-to-date, BMS reported a net income of $6.0 billion, a significant recovery from a loss of $9.0 billion in the same period of 2024. The improved profitability was driven by lower amortization of acquired intangible assets and cost savings from ongoing strategic initiatives, despite higher one-time charges related to acquired in-process research and development (IPRD).
Strategically, BMS has been active in expanding its portfolio through acquisitions and collaborations. In October 2025, the company announced its agreement to acquire Orbital Therapeutics for $1.5 billion, which will enhance its capabilities in RNA medicines. Additionally, BMS entered a collaboration with BioNTech for the co-development of a bispecific antibody targeting solid tumors. The company also reported significant product approvals in 2025, including new indications for Opdivo and the launch of Opdivo Qvantig.
Operationally, BMS has seen a rise in its cash and cash equivalents, which increased to $15.7 billion as of September 30, 2025, up from $10.3 billion at the end of 2024. The company’s total assets reached $96.9 billion, with total liabilities at $78.3 billion. BMS continues to focus on its restructuring plan aimed at achieving $2 billion in annual cost savings by 2027, which has already resulted in a reduction of selling, general, and administrative expenses by 10% in the third quarter.
Looking ahead, BMS anticipates continued revenue growth driven by its Growth Portfolio and ongoing product launches. However, the company remains cautious about potential impacts from government pricing regulations and competitive pressures in the pharmaceutical market. The effective tax rate for the third quarter was 29.5%, reflecting changes in jurisdictional earnings mix and tax reserves. BMS is committed to navigating these challenges while focusing on delivering innovative therapies to patients.
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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