Bristol Myers Beats Q2 Forecasts, Lowers Earnings Outlook

Bristol Myers Squibb reported strong second-quarter results, with adjusted earnings per share of $1.46 and revenue of $12.3 billion, both exceeding analyst expectations. The performance was driven by solid sales from key products like Eliquis, Opdivo, and Revlimid, even as Revlimid continued to face declines from generic competition but still surpassed forecasts. The company raised its full-year revenue guidance to $46.5–$47.5 billion but trimmed its adjusted earnings outlook due to a charge stemming from its partnership with BioNTech. Despite these financial successes, the company's share price fell and has underperformed the broader market in 2025, reflecting investor concerns over future growth from its newer product pipeline. Analysts remain cautiously optimistic but point to uncertainty about long-term growth. The company continues to emphasize its strength in immuno-oncology and its legacy drug portfolio.