Bristol Myers (BMY) Q4 2025 Earnings Transcript

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Thursday, Feb. 5, 2026 astatine 8 a.m. ET

• Board Chair and Chief Executive Officer — Christopher Boerner

• Chief Financial Officer — David Elkins

• Chief Commercialization Officer — Adam Lenkowsky

• Chief Medical Officer and Head of Global Drug Development — Cristian Massacesi

• Vice President, Investor Relations — Chuck Triano

Chuck Triano: Thank you and bully greeting everyone. We admit you joining our 4th fourth 2025 net call. With maine this greeting with prepared remarks are Christopher Boerner, our committee seat and main enforcement officer, and David Elkins, our main fiscal officer. Also participating successful today's telephone is Adam Lenkowsky, our main commercialization officer, and Cristian Massacesi, our main aesculapian serviceman and caput of planetary cause development. Earlier this morning, we posted our quarterly descent presumption to bms.com that you tin usage to travel on with Christopher Boerner and David Elkins' remarks. Before we get started, I'll punctual everybody that during this call, we volition marque statements astir the company's aboriginal plans and prospects that represent forward-looking statements.

Actual results whitethorn disagree materially from those indicated by those forward-looking statements arsenic a effect of assorted important factors, including those discussed successful the company's SEC filings. These forward-looking statements correspond our estimates arsenic of contiguous and should not beryllium relied upon arsenic representing our estimates arsenic of immoderate aboriginal date, and we specifically disclaim immoderate work to update forward-looking statements adjacent if our estimates change. We'll besides absorption our comments connected our non-GAAP fiscal measures, which are adjusted to exclude definite specified items. Reconciliations of definite non-GAAP fiscal measures to the astir comparable GAAP measures are disposable astatine bms.com.

Finally, unless different stated, each comparisons are made from the aforesaid play successful 2024, and income maturation rates volition beryllium discussed connected an underlying basis, which excludes the interaction of overseas exchange. All references to our P&L are connected a non-GAAP basis. And with that, I'll manus it implicit to Christopher Boerner. Thanks, Chuck. Welcome, and convey you for joining america this morning.

Christopher Boerner: 2025 was a twelvemonth of focused execution crossed the business. We judge our results further show the ongoing spot successful our maturation portfolio arsenic we beforehand our multiyear program to rewire Bristol-Myers Squibb Company for semipermanent growth. These efforts enabled america to participate 2026 with bully momentum. Let maine commencement by highlighting our caller advancement connected descent four. We closed the twelvemonth with beardown fourth-quarter performance. Our maturation portfolio grew 15% twelvemonth implicit twelvemonth successful Q4 and 17% for the afloat year. In presumption of gathering retired breadth, with newer products, Opdualag, Breyanzi, and Camzyos each contributed implicit $1 cardinal successful income for the afloat year, portion Reblozyl delivered implicit $2 billion.