Bristol Myers Raises 2025 Revenue Guidance $700M Amid Growth Portfolio Expansion

Bristol Myers Squibb (BMY) reported second-quarter 2025 revenues of $12.3 billion, slightly up from the previous year and surpassing estimates, driven by strong growth in its immuno-oncology and growth portfolios, including drugs like Opdivo, Breyanzi, and Camzyos. Despite these gains, shares fell 4% due to investor concerns over the schizophrenia drug Cobenfy, especially following mixed trial results and anticipation of late-stage data later this year, which adds uncertainty to its growth outlook. The company raised its 2025 revenue guidance by $700 million to between $46.5 billion and $47.5 billion but lowered adjusted earnings per share guidance to $6.35-$6.65, reflecting challenges from declining legacy portfolio sales and the impact of a BioNTech partnership charge. BMY's strategic shift focuses on expanding its growth portfolio, now 60% of total revenue, and advancing a robust pipeline with over 40 compounds in development, including key Phase III trials and collaborations such as the $11 billion partnership with BioNTech. Management remains cautiously optimistic, emphasizing steady growth in Cobenfy prescriptions while balancing the legacy portfolio's decline amid ongoing operational realignment. Overall, Bristol Myers Squibb is navigating a complex transition with solid execution but faces critical upcoming trial data that will influence its future trajectory.