Bristol Myers lifts guidance on strong Q3 driven by new portfolio momentum

Bristol Myers Squibb (NYSE: BMY) reported third-quarter 2025 revenue of $12.2 billion, up 3% year-on-year, with non-GAAP earnings per share of $1.63. Growth was driven by the company’s newer products, which rose 18% to $6.9 billion, offsetting continued declines in its legacy portfolio. GAAP EPS climbed to $1.08 from $0.60.

Chief executive Christopher Boerner said the results reflected “continued execution across the business and ongoing Growth Portfolio momentum.” He added that the company was focused on accelerating innovation and advancing its pipeline.

US sales grew 1% to $8.3 billion, while international revenue rose 6% to $3.9 billion. Gross margin narrowed slightly to 71.9% on a GAAP basis, reflecting product mix, while selling, general and administrative costs fell 10% due to a productivity program. Research and development spending increased 6% to $2.5 billion, largely from impairment and acquisition-related charges.