Bristol Myers Squibb reported a 7% increase in fourth-quarter 2025 revenue compared with the prior year, driven primarily by a 19% jump in immuno-oncology product sales. Total full-year revenue rose 4% to approximately $46.5 billion, with operating margin expanding by 120 basis points. Gains in oncology treatments offset a mid-single-digit decline in legacy brands, while non-GAAP EPS of $6.15 exceeded consensus by $0.10. The company’s strong cash flow generation was reflected in $12 billion of operating cash flow, supporting ongoing share repurchases and debt reduction.

Management provided guidance that total revenue for 2026 is expected to grow by 3% to 5% year over year, above the average sell-side estimate of 3%. The forecast incorporates targeted price adjustments to the leading anticoagulant Eliquis, which are projected to be fully offset by volume growth and expanded market share in emerging markets. Adjusted EPS is guided to a range of $6.50 to $6.75, implying a mid-single-digit increase over 2025, and free cash flow conversion is expected to exceed 90%.

In early February 2026, Bristol Myers Squibb signed a new multi-year Commercial Supply Agreement with Oxford Biomedica for lentiviral vector production at commercial scale. The deal, commencing upon regulatory approvals later this year, covers two facilities in Oxford, U.K., and Durham, North Carolina, and is projected to contribute several hundred million dollars in annual revenue once fully ramped. This agreement supports the company’s growing CAR-T pipeline, including planned launches beyond Breyanzi, and enhances supply chain resilience for personalized cell therapies.

The company’s fast-growing Reblozyl franchise surpassed $2 billion in annual sales during 2025, representing 45% year-over-year growth as new indications drive expanded use in myelodysplastic syndromes. Opdivo and Yervoy joint revenues increased 12% following label expansions in renal and colorectal cancers, while the recently launched melanoma combination recorded $400 million in sales. Bristol Myers Squibb continues to anticipate multiple regulatory decisions in 2026, including a supplemental biologics license application for a next-generation checkpoint inhibitor.