Bristol Myers Squibb Reports Earnings Beat and Pipeline Advances in Hematology and Oncology

Bristol Myers Squibb reported fourth quarter and full year 2025 results that beat consensus expectations, with newer drugs and cost savings playing a key role. Total revenues reached $48.3 billion, a 7% increase from 2023.

The company announced FDA acceptance of its new drug application for iberdomide in relapsed or refractory multiple myeloma. Iberdomide received Breakthrough Therapy Designation and Priority Review from the FDA. Bristol Myers Squibb also reported positive Phase 2 results for Reblozyl in treating anemia in alpha thalassemia patients.

Growth Portfolio Revenues reached $22.6 billion, a 17% increase, indicating robust performance of newer products. Non-GAAP EPS was $1.15, a significant decrease from $7.51 in 2023. GAAP Loss Per Share was $(4.41), compared to earnings of $3.86 in 2023.

The share price showed a 30 day return of about 10% and a 90 day share price return of 29.76%. The 1 year total shareholder return of 18.38% sits against a weaker 3 year total shareholder return of a 2.07% decline, suggesting momentum has picked up recently even though longer term results have been more mixed.

At a last close of $60.74 versus a narrative fair value of $65.00, Bristol Myers Squibb is framed as modestly undervalued. At $61.10, the share price is roughly 1% below the $61.76 consensus target.

Both programs are within areas that are already core to the company's business focus in hematology and oncology. Forecasts currently point to flat to slightly declining earnings over the next few years.