Abstract
Bristol-Myers Squibb will report Q4 2025 results on February 05, 2026 Pre-Market, with investors watching how new launches offset legacy erosion.
Market Forecast
Consensus projections for Bristol-Myers Squibb point to current-quarter revenue of USD 12.26 billion, an adjusted EPS of USD 1.11, and EBIT of USD 2.74 billion, with year-over-year changes of 5.96%, -23.71%, and -26.00%, respectively; margin commentary implies gross profit margin normalization and pressure on net profitability. Based on its product mix, the main business is expected to be anchored by anticoagulant and oncology franchises, with traction from newer cell therapies improving the outlook. The most promising segment highlighted is cell therapy, led by Breyanzi and Opdualag, supported by adoption trends that continue to expand against a larger eligible patient base and broader geographic rollouts.
Last Quarter Review
Bristol-Myers Squibb’s last quarter delivered revenue of USD 12.22 billion, a gross profit margin of 72.90%, GAAP net profit attributable to the parent company of USD 2.20 billion, a net profit margin of 18.01%, and adjusted EPS of USD 1.63, with year-over-year changes of 2.78% for revenue and -9.44% for adjusted EPS. A notable highlight was quarter-on-quarter net income growth of 68.02%, reflecting operating expense discipline and product mix improvements. Main business highlights included revenue contributions of USD 3.75 billion from apixaban and USD 2.53 billion from nivolumab, while other oncology assets added breadth to the portfolio.
Current Quarter Outlook
Main business trajectory
Bristol-Myers Squibb’s main business remains concentrated in cardiovascular and oncology therapies, with apixaban and nivolumab continuing to represent substantial revenue anchors. The forecasted USD 12.26 billion revenue suggests demand stability in core indications with incremental pricing and volume support. Margin dynamics, however, indicate headwinds to earnings leverage, as the expected adjusted EPS of USD 1.11 and EBIT of USD 2.74 billion imply higher cost of sales and commercialization spend relative to the prior quarter. The gross profit margin is likely to normalize from an elevated 72.90% last quarter, as newer launches scale alongside an evolving mix, while net profit margins could be constrained by increased R&D investment to support pipeline assets.
Most promising growth segment
Cell therapy continues to be the company’s most promising growth area, with Breyanzi and the fixed-dose combination Opdualag positioned for increasing uptake. Last quarter, these newer assets contributed USD 0.36 billion and USD 0.30 billion, respectively, and showed momentum that provides a foundation for sequential progress. Commercial execution in hematologic malignancies and immuno-oncology settings is widening the eligible patient pool, and real-world effectiveness data reinforce the case for continued adoption. As manufacturing capacity improves and access expands, the segment could deliver steadier double-digit growth, mitigating the drag from legacy product erosion and creating operating scale that supports long-term margins, even if near-term profitability reflects investment intensity.
Key stock-price drivers this quarter
Investors will weigh how revenue mix shifts between legacy cardiovascular and oncology assets versus newer cell therapies impact margins and earnings resilience. The guidance on full-year trajectory and commentary on inventory, payer dynamics, and competitive intensity in anticoagulation will be closely parsed given patent timelines and generic entry risks across the portfolio. Execution on launches, including progress in label expansions and geographic rollouts for cell therapies, can shape sentiment, particularly if management points to manufacturing reliability and patient access improvements that underpin growth pacing. Any updates on pipeline milestones and regulatory review status may either support valuation through increased visibility or introduce event risk that tempers risk appetite.
Analyst Opinions
Cautiously bullish views appear to dominate, with most institutions emphasizing stable revenue near USD 12.26 billion and growing contribution from new assets despite margin pressure. Analysts highlight the constructive setup around cell therapy uptake and the potential for demand stability in apixaban and nivolumab, while acknowledging earnings headwinds implied by the lower adjusted EPS forecast of USD 1.11. Comments from large sell-side desks point to improving execution in launches and a supportive mix outlook for revenue, with focus on balancing investment needs against profitability. Overall, the prevailing perspective is that Bristol-Myers Squibb can meet revenue expectations and set a credible pathway for margin stabilization through 2026, contingent on disciplined cost management and continued progress in commercialization.Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
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