The companies on the Global 500 employ 70.2 million people, and their revenue represents more than one-third of the world’s GDP.

Fortune Global 500

With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

The 300 companies on this year’s list brought in over $12.5 trillion in revenue for the latest 12 months, with the median revenue figure at $24 billion.

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2025 Best Workplaces Europe_Bristol-Myers-Squibb-photo-2

Bristol-Myers Squibb ranks 34 on this year’s Fortune 100 Best Companies to Work For – Europe list.

Fortune 100 Best Companies To Work For – Europe

The corporations on our annual list of the world's 500 largest companies combined to generate $41.7 trillion in revenue over the past year.

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

U.S. business Bristol Myers Squibb was founded in the early 1800s and aims to combine the reach and resources of a global pharma company with the entrepreneurial spirit and agility of a biotech firm. European sites in Germany, Ireland, Switzerland, Belgium, France and the U.K. host employees. Global flexibility guidelines aim to optimize working patterns for each individual around their role, family responsibilities, health needs and personal preferences. A sense of purpose runs through the company, from influencing EU policies to philanthropy; an employee giving program, administered by the BMS Foundation, doubles staff's financial contributions to eligible charitable organizations. In 2022 the organization donated £2 million to NHS cancer services, charities and patient groups.

The corporations on our annual list posted aggregate revenues of $41 trillion for the second year in a row.

Industries included in the sector are insurance and managed care, medical products and facilities, pharmacy services, and pharmaceutical companies.

Fortune Sector Leaders: Health Care

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

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The corporations on our annual list of the world’s largest companies delivered a record $41 trillion in aggregate revenues.

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Modern Board 2023-Bristol Myers Squibb

Last year, the New York–based Bristol-Myers Squibb tied ESG initiatives to executive compensation in a first for the pharmaceutical company. That effort came after a 2022 initiative to have 25% of clinical trials in diverse communities. CEO Giovanni Caforio chairs the 11-member board, of whom 10 are independent directors. Other directors include Peter Arduini, president and CEO of GE Healthcare, and Paula Price, who most recently served as Macy’s chief financial officer. Deepak Bhatt, director of Mount Sinai Heart, is the latest board appointment, tapped for his extensive cardiovascular research and clinical trial expertise. In June, the board <a href="https://www.fiercebiotech.com/biotech/bms-strikes-roche-rivalry-41b-acquisition-turning-point">approved the acquisition</a> of cancer drug company Turning Point Therapeutics for $76 a share in a deal totaling $4.1 billion. The firm is still scouting for new M&amp;A deals, Caforio said in its latest earnings call, as the pharma giant tries to offset a sales loss from two drugs that lost patent exclusivity last year. Also in 2022, the company laid off roughly 170 employees due to redundancies from its 2019 acquisition of Celgene. Women and minorities separately make up 36% of the board. Current chief operating officer Christopher Boerner will succeed Caforio when he steps down in November.

Fortune Modern Board 25

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

F500-2023-095-Bristol Myers Squibb

The New York City–based pharmaceutical giant had a lackluster 2022, dropping 13 spots on the Fortune 500 as its revenue decreased by 0.5% and profits dropped 9.5% from the prior year. 
<ul> 
 	<li>In 2022, Revlimid, a cancer drug, lost exclusivity in the U.S., which allowed generics to eat into its market share. Once a company blockbuster, the drug saw a 22% decrease in revenue from $12.8 billion in 2021 to approximately $10 billion in 2022.</li> 
 	<li>Bristol-Myers Squibb’s other top drugs, Eliquis, an anticoagulant, and Opdivo, used for chemotherapy, brought in 21% and 15% more revenue, respectively, for 2022.</li> 
 	<li>The company faces a steep patent cliff ahead as exclusivity for Eliquis and Opdivo is set to expire in 2028, and BMS is actively investing to find another drug to add to its portfolio, spending $9.5 billion in 2022 on research and development.</li> 
</ul>

Just as it dominates our economy, Big Tech now dominates Fortune’s annual ranking of corporate reputation.

Aggregate sales hit $37.8 trillion last year—an increase of 19%, the highest annual growth rate in the list’s history.

Modern Boards 2022 Bristol Myers Squibb

The board at pharmaceutical company Bristol-Myers Squibb scored high on age dispersion, and for having a high number of senior independent nonexecutive directors. Bristol-Myers Squibb’s board has three current CEOs, including its own, Giovanni Caforio, and Peter Arduini, CEO of GE Healthcare. Also on the board is Derica Rice, former CVS Health EVP and president of CVS Caremark, the pharmacy benefits management (PBM) business. 
 
Though the company is facing a patent cliff, <a href="https://seekingalpha.com/article/4496603-bristol-myers-squibb-on-track">analysts are optimistic</a> that BMS’s strong pipeline and cash flow will help carry the company in the long run. In 2021 BMS brought in <a href="https://news.bms.com/news/corporate-financial/2022/Bristol-Myers-Squibb-Reports-Fourth-Quarter-and-Full-Year-Financial-Results-for-2021/default.aspx">$46.4 billion</a> in revenue, exceeding its annual target and registering 9% year-on-year growth. The company also <a href="https://www.fiercepharma.com/pharma/bristol-myers-ceo-caforio-takes-pay-cut-employee-metric-drags-down-bonus">reported strong</a> performance on supply-chain reliability and COVID-19 response, with a 99% vaccination rate among its employees in the U.S. and Puerto Rico. BMS published its first <a href="https://www.bms.com/about-us/global-diversity-and-inclusion/diversity-and-inclusion-report.html">global diversity and inclusion report</a> in 2021, setting goals to achieve gender parity at the executive level globally and to double the number of Black and Latinx/Hispanic executives in the U.S. by the end of 2022. 
 
BMS <a href="https://news.bms.com/news/details/2022/Bristol-Myers-Squibb-to-Highlight-Long-Term-Growth-Strategy-at-J.P.-Morgans-40th-Annual-Healthcare-Conference/default.aspx#:~:text=Bristol%20Myers%20Squibb%20plans%20to,dividend%20and%20share%20repurchase%20program.">plans to leverage</a> up to $45 billion in free cash flow in the next two years to execute a capital allocation strategy prioritizing business development and returns to shareholders. The company <a href="https://www.marketwatch.com/story/bristol-myers-squibb-sets-5-bln-accelerated-stock-buyback-bmy-271644409304">recently executed</a> a $5 billion accelerated share repurchase agreement during the first quarter, part of a multiyear $15 billion buyback program.

Organizations on this annual list positively impact people and communities across multiple countries.

World's-Best-Workplaces-2022-BMS

World’s 25 Best Workplaces

This year’s Fortune 500 marks the 68th running of the list.

The New York City–based pharmaceutical company delivered strong financial results in 2021, with total revenue growing 9% year over year to $46.4 billion. Bristol-Myers Squibb enjoyed strong sales for drugs like Revlimid and Opdivo, used in the treatment of certain cancers; and Eliquis, an anticoagulant. Its product-development pipeline also looks healthy: In 2021, the company obtained more than 20 regulatory approvals for new medicines.

After a year in which humanity leaned more heavily than ever on tech giants, see which companies topped Fortune's ranking of corporate reputation.

Total revenue for the world’s biggest companies fell 4.8% to $31.7 trillion this year—the first decline in half a decade.

<span data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;The New Jersey–based drugmaker jumped up 40 places on this year’s list—with 62.6% revenue growth—because of the additional sales that came with its $74 billion acquisition of Celgene in 2019. Sales of BMS’s anticoagulant Eliquis and its immuno-oncology drug Yervoy also showed strong growth in 2020. The company won 13 additional drug or formulation approvals in the U.S., European Union, and Japan last year; it also acquired MyoKardia, a biotech focused on cardiovascular diseases, for $13.1 billion in November 2020.&quot;}" data-sheets-userformat="{&quot;2&quot;:12673,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:2,&quot;11&quot;:4,&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:11}">The New Jersey–based drugmaker jumped up 209 places on this year’s Global 500 list—with 62.6% revenue growth—because of the additional sales that came with its $74 billion acquisition of Celgene in 2019. Sales of BMS’s anticoagulant Eliquis and its immuno-oncology drug Yervoy also showed strong growth in 2020. The company won 13 additional drug or formulation approvals in the U.S., European Union, and Japan last year; it also acquired MyoKardia, a biotech focused on cardiovascular diseases, for $13.1 billion in November 2020.

This year’s Fortune 500 marks the 67th running of the list.

F500-2021-75-Bristol-Myers Squibb

<span data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;The New Jersey–based drugmaker jumped up 40 places on this year’s list—with 62.6% revenue growth—because of the additional sales that came with its $74 billion acquisition of Celgene in 2019. Sales of BMS’s anticoagulant Eliquis and its immuno-oncology drug Yervoy also showed strong growth in 2020. The company won 13 additional drug or formulation approvals in the U.S., European Union, and Japan last year; it also acquired MyoKardia, a biotech focused on cardiovascular diseases, for $13.1 billion in November 2020.&quot;}" data-sheets-userformat="{&quot;2&quot;:12673,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:2,&quot;11&quot;:4,&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:11}">The New Jersey–based drugmaker jumped up 40 places on this year’s list—with 62.6% revenue growth—because of the additional sales that came with its $74 billion acquisition of Celgene in 2019. Sales of BMS’s anticoagulant Eliquis and its immuno-oncology drug Yervoy also showed strong growth in 2020. The company won 13 additional drug or formulation approvals in the U.S., European Union, and Japan last year; it also acquired MyoKardia, a biotech focused on cardiovascular diseases, for $13.1 billion in November 2020.

For an astounding 13th straight year, Apple claims the top spot in Fortune’s annual ranking of corporate reputation, based on a survey of almost 3,800 executives, directors, and analysts.

This year's Fortune Global 500 generated $33.3 trillion in revenues and $2.1 trillion in profits.

G500-2020-487-Bristol-Myers Squibb

The biopharmaceutical company manufactures medicines for diseases including cancer, diabetes, and psychiatric disorders.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-115-Bristol-Myers-Squibb

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Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

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Bristol-Myers Co. and Squibb Corp. merged in 1989 to form what’s now one of the world’s largest pharmaceutical companies. Bristol-Myers Squibb develops, licenses, manufactures, and delivers biopharmaceutical products for the treatment and management of diseases including HIV/AIDS, cancer, blood disorders, and cardiovascular and fibrotic conditions.

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Bristol-Myers Squibb (BMY): Company Profile, Stock Price, News, Rankings

legacy

Bristol-Myers Squibb

bristol-myers squibb

Welcome to the Bristol Myers Squibb third quarter 2025 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Chuck Triano, Senior Vice President and Head of Investor Relations. Please go ahead.

Thank you and good morning everyone. We appreciate you joining our third quarter 2025 earnings call. With me this morning with prepared remarks are Chris Boerner, our Board Chair and Chief Executive Officer, and David Elkins, our Chief Financial Officer. Also participating in today's call is Adam Lenkowsky, our Chief Commercialization Officer. We welcome Christian Massacesi, our recently appointed Chief Medical Officer and Head of Global Drug Development. Earlier this morning we posted our quarterly slide presentation to BMS.com that you can use to follow along with Chris and David's remarks. Before we get started, I'll remind everybody that during this call we will make statements about the Company's future plans and prospects that constitute forward-looking statements. Actual results may differ materially from those indicated by those forward-looking statements as a result of various important factors including those discussed in the Company's SEC filings.

These forward-looking statements represent our estimates as of today and should not be relied upon as representing our estimates as of any future date. We specifically disclaim any obligation to update forward-looking statements even if our estimates change. We'll also focus our comments on our non-GAAP financial measures which are adjusted to exclude certain specified items. Reconciliations of certain non-GAAP financial measures to the most comparable GAAP measures are available at BMS.com. Finally, unless otherwise stated, all comparisons are made from the same period in 2024 and sales grow`th rates will be discussed on an underlying basis which excludes the impact of foreign exchange. All references to our P&L are on a non-GAAP basis and with that I'll hand it over to Chris.

Thanks Chuck. Welcome and thank you for joining our third quarter earnings call.Q3 was another strong quarter reflecting focused execution across the business as we continue to make progress on our plan to position Bristol Myers Squibb for long-term sustainable growth. Building on the momentum from the first half of the year, we saw continued strong demand across our growth portfolio, achieved positive clinical and regulatory milestones, and further aligned our cost structure with the needs of our business. Let me start with a high-level review of our quarterly performance on Slide 4. Our growth portfolio delivered another strong quarter with sales increasing 17% year-over-year, strengthening the foundation we're building with assets that are early in their life cycle. Growth was driven by multiple products including our IO portfolio, REBLOZYL, CAMZYOS, and BREYANZI. Due to our strong performance to date, we are again raising our top line guidance and maintaining the midpoint of our bottom line guidance.

David will provide more detail shortly. Our two recent launches performed well in Q3. Cabenfi is delivering steady growth as we continue to receive positive feedback from physicians on key indicators, supporting our expectation that this is a meaningful first indication for  COBENFY. Qvantig's launch is also tracking well from a clinical and regulatory standpoint. I want to highlight a few recent updates on the clinical data side in our protein degradation platform. the phase III Excalibur study for Iberdomide in patients with relapsed or refractory Multiple myeloma demonstrated a statistically significant improvement in MRD negativity rates. Now that we have these results in hand, we will be discussing these compelling data and potential paths forward with health authorities. The trial will continue to evaluate PFS, which is expected in 2026. CELMoDs have the promise to be a new foundation in the treatment of Hematological malignancies.

More broadly, our multi-pronged protein degradation platform has the opportunity to also address Solid tumors, initially with our Oral androgen receptor ligand directed degrader among others. At the World Lung Conference last month, we presented phase II data for pumitomig with our partners at BioNTech. The clinical development program is both advancing and broadening for this important asset. Last month we initiated the pivotal triple negative breast cancer study and plan to share early data at the San Antonio Breast Cancer Symposium in December. Additionally, pivotal studies for Pumitamig and chemotherapy combinations are now initiating in first line microsatellite stable Colorectal cancer and first line gastric cancer. This week we announced encouraging data at the American College of Rheumatology Convergence Conference which continued to strengthen our conviction behind CD19 next T in Autoimmune diseases and SOTIC2 in rheumatology.

We presented additional follow up data for CD19 next T in both lupus and scleroderma and presented the first disclosure of data in Myositis for SOTIC2. The long-term extension data from the phase II PAISLEY study continues to validate its potential in lupus as we look forward phase III results. On the regulatory side, we achieved several milestones, which include our potential first-in-class bispecific ADC Isobren receiving breakthrough therapy designation for previously treated advanced EGFR-mutated non-small cell lung cancer, and earlier this month the FDA granted fast track designation to our anti-tau antibody for the treatment of Alzheimer's disease, currently in a phase II study with data expected to read out in 2027. Together, these milestones highlight the potential of our pipeline to both enhance and sustain growth in the outer years by addressing critical areas of unmet need and the importance of advancing these programs quickly and efficiently.

On the business development front, we recently announced we are acquiring Orbital Therapeutics to strengthen our cell therapy franchise where we have industry-leading expertise. This acquisition will add a potential off-the-shelf best-in-class asset OTX-201, which can be administered in the community setting. This in vivo CAR T represents a novel treatment approach that could redefine how we treat autoimmune diseases. We will also gain access to Orbital's differentiated RNA technology platform, which combines various RNA engineering and advanced delivery methods. In addition, we saw progress with our partner SystemicMune as we announced that the first patient was treated in the global phase II/3 trial of Isobren in previously untreated Triple-negative breast cancer ineligible for anti-PD-L1 drugs.

In August, we closed the previously announced licensing agreement with Phylochem for exclusive worldwide rights to Onco ACP 3, a potential best-in-class Radiopharmaceutical therapeutic and diagnostic agent with the opportunity to become a breakthrough treatment for prostate cancer. We continue to be excited about the overall opportunity with Radiopharmaceuticals and believe Phylochem added to RAISE offer a transformational platform for cancer treatment. In terms of progress, we opened a U.S. manufacturing hub with the ability to deliver RAISE's next-generation Radiopharmaceutical therapies directly to patients within just three days of production, a critical advantage due to the short shelf life of RPTs. The facility is currently manufacturing clinical doses of RAISE101, which is phase III clinical trials for GEPNETs. Moving on to key data catalysts on slide 5. As we've said before, we are entering a data-rich period.

We continue to anticipate data readout for the ADEPT 2 program by the end of this year and have two additional  COBENFY studies in Alzheimer's disease Psychosis, both of which are expected to read out next year. We anticipate needing two of these three studies to read out positively to support regulatory approval. The pace of pivotal readouts will accelerate in 2026. As a reminder, over the next 12-24 months alone, we expect data for seven new molecular entities and seven meaningful life cycle management opportunities. Among others, we will see data for Admilparant and IPF, a fatal lung disease with high unmet need, CELMoDs iberdomide and Mosigdamide, which represent a significant step forward in the treatment of Multiple myeloma.

The broad Milvexian program, where we are running three phase III trials to address ongoing unmet needs for patients with Cardiovascular disease, includes an AFib trial that could potentially open treatment to at least 40% of AFib patients not suitable for factor X today. COBENFYin a broad range of Alzheimer's-related neuropsychiatric conditions and sotic 2 in Lupus and Sjogren's. Together, these represent an attractive set of near-term catalysts that can further shape our pipeline and longer-term growth trajectory. Given the significant commercial potential of these indications and looking out a bit further, by the end of this decade we have the potential to introduce 10 new medicines to the market and at least 30 significant life cycle management opportunities. This strategy is designed to set Bristol Myers Squibb on a clear path of strong and sustainable growth, which remains our guiding principle.

Beyond the specific commercial and R&D highlights, the company continues to focus on strong financial discipline consistent with prior quarters. While we generated significant cash flow in the third quarter, we also continue to be prudent in managing our expenses as we align our cost structure with the projected shape of our business. In addition, we progressed our efforts in the quarter to rewire how we operate, including continuing to integrate digital technology and AI across the company. We anticipate these efforts will drive additional efficiencies going forward and significantly enhance the agility of the organization. What does this mean? Between our growth portfolio performance, the business development activity I just referenced, including the BioNTech partnership, and combined with our broad pipeline and strong financial discipline, we feel even better about our longer term growth potential.

I want to take a moment and thank my colleagues around the globe who are committed to our mission to discover, develop, and deliver innovative and life-changing medicines to patients. With that, I'll turn it over to David.

Thank you, Chris, and good morning, everyone. I'm pleased to report another strong quarter of execution. The growth portfolio continues to perform well, and we continue to maintain cost discipline. Now, turning to the third quarter sales performance on Slide 7, total company sales were approximately $12.2 billion, which reflects strong demand across our business. Global sales of the growth portfolio increased 17%, driven primarily by demand across multiple brands, notably our IO portfolio, REBLOZYL, CAMZYOS, and BREYANZI. Beginning with our review of the oncology portfolio on Slide 8, OPDIVO global sales were approximately $2.5 billion, up 6%, driven primarily by continued demand. In the U.S., sales grew 6% to roughly $1.5 billion, largely driven by a strong launch in MSI-high colorectal cancer and continued share growth in first-line non-small cell lung cancer. This growth was achieved even as we saw expanded uptake of Qvantig.

Outside the U.S., sales grew 6%, driven by demand with expanded indications across multiple markets. We are pleased with the expanded growth of Qvantig, with sales of $67 million in the quarter. Growth was fueled by continued use across all indicated tumor types as well as the permanent J code received in the quarter. Due to the strong performance year-to-date, we now expect global OPDIVO sales together with Qvantig to deliver stronger growth than previously guided, with sales expected to increase in the high single-digit to low double-digit range for the full year. Turning to our hematology performance on Slide 9, REBLOZYL global sales were $615 million in the quarter, reflecting continued strength across our MDS-associated anemia indications. We are annualizing over $2 billion in sales for the brand.

In the U.S., revenue growth continues to be strong, up 38%, primarily due to demand in first-line RS positive and RS negative setting as well as improved duration of therapy. Outside the U.S., REBLOZYL sales grew 31%, driven by demand in newly launched markets. Moving to BREYANZI, sales were $359 million in the quarter and now annualizing over $1 billion. Global sales grew 58%, reflecting strong demand across all indications. In the U.S., sales were $251 million, growing 45%, reflecting growth in large B cell lymphoma and expansion from new indications approved last year. Outside the U.S. Sales were $109 million, more than doubling due to continued strong demand across existing markets along with added demand from newly launched markets. Transitioning to our Cardiovascular performance, on slide 10, starting with CAMZYOS, global sales increased 88% to $296 million, reflecting continued robust demand.

This is another asset in our growth portfolio, also now annualizing over $1 billion. In the U.S., sales were $238 million, up 76%, driven primarily by increasing new patient starts. Outside the U.S., sales growth more than doubled, driven by continued launch momentum in multiple markets. Eliquis global sales were $3.7 billion, growing 23%, primarily driven by continued strong demand and the expected favorable impact of Medicare Part D redesign. U.S. sales grew 29% and ex-U.S. sales grew 11%. Moving to immunology performance on slide 11, Sotyktu sales grew 20% globally. In the U.S., sales remained consistent with prior year due to demand being offset by higher rebates associated with our increased commercial access. Now turning to discuss  COBENFY on slide 12,  COBENFY sales were $43 million in the quarter and $105 million year-to-date. As previously communicated, sales and weekly total prescriptions continue to grow steadily.

We remain focused on disrupting the entrenched D2 prescribing behavior by educating physicians on  COBENFY's innovative profile, and we've completed our field force expansion to increase reach and frequency to targeted healthcare professionals. Now let's move to the P&L. On slide 13, gross margin was approximately 73%, primarily due to product mix. As expected, operating expenses decreased by approximately $100 million to roughly $4.2 billion compared to the same period last year, primarily reflecting the savings from our ongoing Strategic Productivity Initiative. Our effective tax rate in the quarter was 22.3%, reflecting our earnings mix. Overall diluted earnings per share was $1.63 due to strong performance in the quarter and includes net charges of approximately $530 million, or $0.20 per share, attributed to acquired in-process R&D and licensing income, primarily related to the Phylochem Asset License and SystemicMune milestone payment.

Turning to the balance sheet and capital allocation highlights on slide 14, our financial position remains strong. We generated cash flow from operations of about $6.3 billion in the third quarter, with nearly $17 billion in cash, cash equivalents, and marketable securities as of September 30th. Our capital allocation priorities remain unchanged as we continue to take a strategic and balanced approach. As Chris mentioned, in recent months we closed our license agreement with Phylochem, announced the acquisition of Orbital Therapeutics, and advanced our SystemicMune partnership. Strategically investing in our growth portfolio brands along with business development are our top priorities. We also continue to be on track to further delever our balance sheet.

As of the end of the third quarter, we have paid $6.7 billion of the $10 billion debt paydown we've committed to by the first half of 2026, and we remain committed to returning capital to our shareholders through the dividend. Now, turning to our non-GAAP guidance on Slide 15, we are increasing our full year revenue guidance by $750 million at the midpoint to a range of $47.5 billion-$48 billion, primarily reflecting continued strong performance of our growth portfolio. We continue to expect the legacy portfolio to decline approximately 15%-17% for the year and our REVLIMID sales expectation remain at approximately $3 billion, along with the continued impacts from generics of [Pomulous] in Europe, SPRYCEL, and Abraxane.

Our gross margin guidance for the year remains unchanged at approximately 72% and our operating expense guidance also remains unchanged at approximately $16.5 billion, reflecting over $1 billion in net savings versus 2024. Regarding OIE, we now expect annual income of approximately $500 million due to higher than anticipated royalties, licensing income, and favorable interest income. We are maintaining our full year tax guidance of approximately 18%. As a result of our strong performance year to date, the midpoint of our revised 2025 non-GAAP guidance would have increased by approximately $0.20 per share. This increase was offset by the net impact of acquired in-process R&D charges and licensing income, primarily related to the Phylochem asset license and a SystemicMune milestone payment. As a result, we are narrowing our expected EPS range for 2025 to be between $6.40 and $6.60, which leaves the midpoint of our range unchanged.

Taken all together, I'm pleased with the performance of the business year-to-date and I'd like to thank our colleagues around the world for their continued focus and execution. With that, I'll turn the call back over to Chuck to start Q&A.

Thanks, David. Before we start our Q&A session, I want to note that questions related to our solid tumor development programs will be answered by Adam Lenkowsky.

Betsy, could you please poll for questions?

We will now begin the question-and-answer session. To ask a question, you may press star then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the key. To withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. The first question today comes from Chris Schott with JP Morgan. Please go ahead.

Thanks so much for the question. I wanted to start with the depth. Is there any additional updates you can give us in terms of any actions, if any, that you've taken following some?

Of the clinical site reviews you highlighted.

Maybe just putting the broader ADEPT program into context as we think about ADEPT 1 and 4 next year, can you just talk about the relative confidence you have in those studies relative to ADEPT 2, just given some of.

The differences in study designs, just maybe.

How you're thinking about that indication.

Sure.Thanks for the question, Chris. Maybe I'll start and then obviously Christian can chime in with any additional context he has. Just remember the ADEPT 2 is obviously an ongoing study, as I referenced in my prepared remarks, that has a readout in the next two months. We're not going to be able to provide a lot of specific comments on the product. What I can say are a few things. First, I will reiterate that we expect results by the end of the year and of course we'll communicate those results as we normally do. The second thing I would say, which really gets to the second part of your question, is while we remain blinded to the data, our confidence in the Cabenfi development program, including in ADEPT, continues to be strong. With respect to ADEPT, I just remind you of the source of that confidence.

We obviously have compelling external data going back to the Lilly data in the late 1990s. We're hearing very interesting real world stories based on our experience, albeit in Schizophrenia. Of course, we have internal data with respect to the ADEPT 1 lead-in and the ADEPT 3 extension data. That's what I would say about ADEPT 2. If I step back from the specific studies, remember the work that we're doing in development fits with the focus that we have on execution really across the company. Given the importance of the late-stage studies, I think it's prudent that we take whatever learnings we can and pull whatever appropriate levers we can to ensure that we deliver these studies with the highest probability to succeed and on time. We're obviously excited to have Christian on board to bring a fresh perspective to that.

Net net, I feel good about where we are in terms of working through the broader development programs and ensuring that we're executing appropriately. Christian, I don't know if you want to add anything.

Thanks, Chris. Let me try to first of all reassure that the COBENFY Development program is progressing at a really rapid pace. We currently have in the development plan 14 studies that are ongoing or in the process to be activated. Ten of those studies are pivotal studies. We actually posted, maybe you have seen, a third pivotal study in bipolar mania, Barsam 4. We are also expanding the indications. We plan to initiate pure studies in autism spectrum irritability next year. The program is moving apace, I think. Chris, you answered very well. The reason to believe I want to add, part of your question was some differences. Just to clarify, ADEPT 4 is very similar to ADEPT 2, it is the sister or the brother study. We are doing ADEPT 4 exactly in the same patient population with the same primary point.

ADEPT 2, the readout, as you know, is projected next year. ADEPT 1 is slightly different because it's a relapse prevention design. This is a trial in which patients are enrolled into COBENFY for 12 weeks and then at the end of that period, based on the response on the psychosis metrics and CGI, the patient is randomized to COBENFY and Placebo. Different approach, but same setting.

Thank you both. Can we move to our next question, please?

The next question comes from Geoff Meacham with Citi. Please go ahead.

Morning. Thanks for the question. Just have a couple. Also on COBENFY, but more commercial. How would you guys characterize the speed of reimbursement and maybe the depth of prescribers in the U.S.? I guess I'm just looking for what could be a tipping point of demand as it sounds.

Maybe there's more work to do on education then.

Also wanted to loop in Christian Massacesi here. I know obviously early days, but can.

Priorities and maybe approach to development.

A diversified portfolio like Bristol Myers Squibb's? Thank you,

Yes, thanks for the question. We're pleased with the progress that we've made in Cabenfi's first full year on the market, and we're establishing a new treatment paradigm in what we knew was going to be a highly entrenched market. As you have probably seen, we've now surpassed 2,400 TRXs on a weekly basis, and we expect to see continued steady growth. We are adding a significant number of new trialists each week. Physician feedback continues to be positive regarding COBENFY's profile, and we're very pleased with the pace of access that we're able to establish early on. As you know, and as a reminder, this is a heavy Medicare Medicaid population, and we have virtually 100% access across both. Now, stepping back, there's clearly more work to do in year two.

We need to continue to increase both breadth and depth of prescribing, which will drive additional growth for the brand. We've onboarded our expanded field force now in the community and in the hospital setting. Based on the leading indicators that we're seeing, COBENFY is going to deliver continued steady growth in Schizophrenia, and longer term growth is going to be fueled by additional indicators as Christian has stated. That's what we've also seen with other Antipsychotics in the market. We are confident that COBENFY will be a big drug over time. Christian?

Yeah, Jeff, thanks for the question. Let me tell you why I decided to join Bristol Myers Squibb beyond the fact that I like Chris. The first thing is the science. Bristol Myers Squibb always did very strong science and continues to do it. Of course, the portfolio is an impressive portfolio across therapeutic areas with a lot of potential first-in-class and or best-in-class assets. This is, of course, the basis. I also like very much the focus that Bristol Myers Squibb is having in the therapeutic areas where it's playing because beyond Oncology and Hematology, the focus on Immunology, Cardiovascular, and Neuroscience, specifically those RTA's where you have the intersection, the best intersection of what is the current or the emerging biology rational and the medical need. Of course, Bristol Myers Squibb people have always been veriy highly reputated. I found a very strong development organization here.

What I want to do here, what I'm starting to do and will continue to do, is evolve these drug development organizations to try to deliver on the pipeline, the short and mid-long term pipeline, focusing on the key strategic priority. I have three main areas where I started to work and we continue to work. The first thing is how we prioritize our ongoing and future opportunities. Usually, strong science needs to be the basis. We do execution. Flawless execution is incredibly important in development, and then the value, because what we need, what we do, needs to bring value to the patients and, of course, to the company. The other aspect I'm starting to work with a lot of urgency is integrating new ways of working in development. You know we are at a turning point.

We can continue to do things like we were doing in the last decades. We have AI, we have novel solutions and tools, and this needs urgently to be integrated in the way we work. The last thing is people. I need to continue to build. I want to continue to build the right teams and attract talent in the company.

The next question comes from Evan Seigerman with BMO Capital Markets. Please go ahead.

Hi guys, thank you so much for taking my question. I want to touch on the competitive.

We saw some data at ESMO with PFS benefit in the Harmony 6.

Trial in squamous non-small cell lung cancer.

Can you just help frame how that maybe informs how you're thinking about your partnership with BioNTech, does it make you.

More incrementally confident or is it really too early to read into kind of your program? Thank you so much.

Thanks, Evan. Let me just say one thing about BioNTech, and then I will turn it over to Adam. That partnership continues to go very well. We have a very tight relationship with BioNTech both on the development side and, of course, anticipating the commercial opportunity on the commercial side. So far, that relationship is quite strong. Adam, do you want to go through the details? Sure.

Thanks Chris and Evan, good to talk to you. We believe that pomitomig has the potential to become a new standard of care. The data that we have seen both from BioNTech as well as from the competitors adds to our conviction and broad development program that we have for Pumitamig. We have multiple trials that are currently ongoing across several solid tumor indications. As you know, we've got first line non-small cell Lung cancer. We just presented data in small cell lung cancer and we also have triple negative breast cancer, first line initiating. We will be presenting TNBC data at San Antonio Breast in December. We've also been working with urgency with our BioNTech partners and made very good progress building a robust clinical development program. In fact, we'll be initiating two new studies that are now posted on ClinicalTrials.gov in first line MSS CRC.

As you know, that's not a place where first generation PD-1/PD-L1s have shown activity as well as in first line gastric cancer. Our focus is on speed to market. Our opportunity is to be either first or second to market across indications. We feel very good about combining our industry leading commercial and operational capabilities with BioNTech's scientific expertise. We plan to maximize the potential of this asset.

The next question comes from David Amsellem with Piper Sandler. Please go ahead.

Thanks. I wanted to come back to COBENFY and not try to read too much into the prescription data over the summer relative to earlier this year, but I did want to ask about how you're thinking about potential or key barriers to adoption thus far. Is it GI tolerability? Is it twice daily dosing? Is it just prescriber inertia in terms of the dominance of the D2 blockers? I just wanted to get a better sense of what you're hearing and seeing in the field and what you think you need to do to drive more acceptance of the product among Psychiatrists. Thank you.

Thanks for the question, David. I'll turn it to Adam. One thing, I just was in the field with COBENFY sales reps very recently, and what I would say is that once physicians begin to use this product and patients have access to it, one thing that gives us a lot of confidence about the long-term potential of this product in Schizophrenia is the feedback that we're getting from both. Feedback continues to be very strong. I'll let Adam go through the specifics around your question.

Yeah, David, I appreciate the question. As I said earlier, we're pleased with the progress that we've made. We're now just about a little over one year in the market right now. This is an entrenched market as we know that this is the first new mechanism that's been approved in over three decades in the space. I think what's really important, what we look for in terms of leading indicators, are adding new trialists and we're tracking very well on a weekly basis as well as new prescriptions. When we look at the feedback in general, the feedback is very positive. Regarding COBENFYs profile, as Chris mentioned, I would say that the number one question that we get as a team is around how to switch from a D2 to COBENFY and even from physicians who are sitting on the sidelines, that's the question they want to know.

We've got robust peer-to-peer activities that are ongoing. We've introduced real-world data and we have a phase IV switch study that reads out early next year. All will help build physician confidence. What I'll say is if you look historically, all the recently launched D2s, we are tracking ahead of all recently launched analogs in Schizophrenia. Based on everything that we're seeing, we feel good about the performance for COBENFY. We will get a continuous steady growth and the inflection will come as we continue to add new indications.

Thanks, Adam.Betsy, can we take our next question, please?

The next question comes from Asad Haider with Goldman Sachs. Please go ahead.

Great. Thanks for taking the question and congrats on the quarter. Just first for Chris or David on the cost side as it relates to your strategic productivity initiatives where another $1 billion is incorporated. Cost savings expected to drop to the bottom line by 2027. Any updated thoughts on the shape of this over the next couple of years in the context of the potential R&D expenses associated with the development of BNT327 as it starts to move forward into later stage phase three programs. Recognizing, of course, that you have other phase three programs over the next 2018 to 2024 months that are going to come off. Just trying to understand the margin trajectory as we go through these pushes and pulls.

Then second for Christian, maybe just double clicking on your previous response, could you share with us any early thoughts on the pipeline and if there are programs that you're particularly encouraged by? Thank you.

Maybe I'll start and turn it to David for the first question, and then Christian, you can pick up the second question. Just on the cost side as David goes through some of the specifics, the one thing I would just remind everyone is that the way we think about costs and our investment profile generally is there's a balance that's going to be maintained. One is continuing to invest in areas to drive value and growth. That's not only on the pipeline, including BNT, but the R&D organization more generally.

Of course, as we did this past few quarters, investing in the growth profile of the company with Adam's organization, at the same time, we have committed, and I think you've seen it in the numbers over the last number of quarters, we're going to be disciplined with respect to financial management, and that's going to be our operating approach going forward .David.

yeah, Asad, I know 2026 is top of mind for many folks, so let me just share with you how.

First, we're exiting 2025 with really strong.

Year to date, it's up 16%. As I said in the prepared remarks, we now have four products that are annualizing greater than $1 billion in that growth portfolio. We're exiting this year in really good shape. As we head into next year, we're also executing well against our efficiency commitments. We're on track for $1 billion this year, and we have clear line of sight to the $2 billion that we're targeting by 2027. I feel good about that as well. Also remember, we have numerous phase three programs, programs completing next year and going into 2027. Just as a reference point, our 2024 cost base was $17.8 billion, and we're guiding $16.5 billion this year. We made really good progress. Overall, we have clear line of sight to the pushes and pulls of 2026, and I feel confident in our ability to manage the cost base.

As Chris said, you know what we're doing, we're focusing on balancing up investments that we need to do in order to drive growth in the growth portfolio as well as to create headroom for additional business development. We'll balance that with our savings program. Look, we're getting smarter as we go, and we see additional opportunities. We have a lot of P&L flexibility, and we're going to remain financially disciplined as we go through this transition period. This financial discipline not only helps us manage our margins, but it also provides a strong basis to deliver cash flows to strengthen the balance sheet as we committed to provide both strategic and financial flexibility and continue to build on the growth portfolio.

David, let's take our next question. Oh, Christian, sorry.

You know, Chuck, I can speak at length on the question. Thank you. Thank you for the question. I mean, I cannot speak about solid tumors and Oncology, but there are a lot of exciting readouts and assets in the portfolio. I think we talked about COBENFY and how invested we are in this drug and how excited we are because there are multiple readouts in front of us. I want to speak on two short-term potentials. One is milvexian. When I dig into Milvexian, I think Bristol Myers Squibb, first of all, has a deep expertise and understanding of this area, this market, cardiovascular. This is a novel next-generation factor 11A anticoagulant and can be the first, maybe the only, factor 11A in atrial fibrillation and ACS and potentially best in class in SSP. I'm really eager to see the results of these studies.

ACS, SSP are planned next year, and we are really pleased that we can complete the atrial fibrillation study next year. The other drug I want to point out is admilparant.  because admilparant.  is playing in a very difficult disease, pulmonary fibrosis. That is a huge medical need, and Chris mentioned that. I think we have a very strong approval concept in both IPF and PPF because the phase two study that is underneath the registration programs showed more than 60% improvement in lung function decline. I think this gives us a lot of confidence in the two pivotal studies. I'm very eager to see the IPF1 readouts here. Now let me talk a little bit about the platform because this is short-term, more on the midterm. I'm really, really excited in what are some of the scientific platforms this company can leverage. One is protein degradation.

Bristol Myers Squibb is a leader in this space. I think REVLIMID, Pomalyst, and I think today targeted protein degradation is one of the priority research platforms across the TAs in our portfolio. If you scrutinize a little bit every stage, phase three, two, and one, we have more than 10 drugs in clinic that are protein degraders. What excites me most is not that we just have a platform with preliminary data. Now we have phase three data. Iberdomide met the primary point in Excalibur in relapsed refractory multiple myeloma for MRD negativity rate. Of course, we released that. This is the first readout of one drug in this platform that gives us confidence. The other one, briefly I want to mention, because I think it's very relevant, is the platform that we are putting together in Cell therapy for Autoimmune diseases. We have an autologous CD19 CAR T.

We presented the data in Seattle a few days ago. Preliminary data, spectacular data, cross indication, lupus, scleroderma, and Myositis. We have also a CD19 allogeneic CAR T in this space that is in clinic. It can represent an off-the-shelf option. We acquired Orbital Therapeutics now that gives us the in vivo platform that can be transformative in this space for multiple reasons. This is great if you think, because it's first of all a step forward in the concept of immune reset and potentially to cure more patients with the autoimmune diseases. Bristol Myers Squibb can own this space. This is very exciting.

Thank you, Christian. Now we can move to our next question.

The next question comes from Mohit Bansal with Wells Fargo. Please go ahead. Great.

Thank you very much for taking my question. My question is regarding the VEGF PD-1 and the data we have seen from Summit so far. What is your impression of the data, especially on the OS side of things? The second part of the question is that there are two ways to think about it. One is you could actually go after indications where PD-1s work really well, or you could go after indications where VEGFs work well and PD-1 could add some value there. Is there an either or approach here, or could there be a scenario where it works better to improve the efficacy of VEGF with the VEGF PD-1 approach? How do you think about that?Thank you,

Yeah, Moe, thanks for the question. In terms of what we have seen, we are encouraged by the magnitude and consistency of the PFS data that we believe will ultimately translate into a survival benefit over time. The data we've seen adds to our conviction of the broad development plan that we're building. I do think in terms of the strategy that we have employed, as you can see, our strategy really is twofold. One is to become the new standard of care. For example, when you look at the studies we have in first line non-small cell lung cancer versus standard of care as well as in small cell lung cancer, but also a good example of expanding beyond where PD-1/PD-L1s play and that's in MSS CRC. That's the balance that we are taking as it relates to the strategy for pomitomig.

Bristol-Myers Squibb (BMY) Q3 2025 Earnings Call Transcript

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