Bristol Myers Raises 2025 Guidance After Q1 Earnings

Bristol Myers Squibb reported Q1 2025 revenues of $11.2 billion, surpassing analyst expectations despite a 6% year-over-year decrease. Growth portfolio revenues rose 16% to match legacy products at $5.6 billion each, driven by strong results from drugs such as Opdivo, Reblozyl, and an early U.S. launch of Cobenfy, though Cobenfy did not meet the main endpoint in a key schizophrenia trial. Adjusted earnings per share rebounded to $1.80 from a prior-year loss, beating consensus. The company raised its full-year revenue guidance to $45.8-$46.8 billion and adjusted EPS guidance to $6.70-$7.00, reflecting robust sales and a $500 million foreign exchange gain. The outlook incorporates tariffs on U.S. products shipped to China but excludes potential future pharmaceutical tariffs. CEO Chris Boerner emphasized the company's continued transformation toward a diversified, innovation-driven portfolio.