Analyst Conference Summary

biotechnology

conference date: October 30, 2025 @ 5:00 AM Pacific Time
for quarter ending: September 30, 2025 (third quarter 2025, Q3)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ billion, up % sequentially from $12.27 billion and up % from $ billion year-earlier.

Net income was $ billion, down % sequentially from $1.3 billion and down % from $ billion year-earlier.

EPS (earnings per share), diluted, were $, down % sequentially from $0.64, and down % from $ year-earlier.

Guidance:

Conference Highlights:

Chris Boerner, CEO, said ""

Sotyktu sNDA for active psoriatic psoriasis has PDUFA March 6, 2026. Based on positive Phase 3 results. Accepted for review Q3 2025.

In July 2025 created a new pharmaceutical company with Bain Capital for autoimmune diseases, with five therapy assets from Bristol and $300 million financing led by Bain.

In Q3 2025 the Phase 3 Reblozyl tril combined with janus kinase inhibitor, for myelofibrosis associated anemia patients receiving transfusions, did not meet the primary endpoint, despite positive trends.

Non-GAAP numbers: diluted EPS $, down % sequentially from $1.46 and down % from $ year-earlier. Net income $ billion, down % sequentially from $2.99 billion, and down % from $ billion year-earlier.

Cash and equivalents ended at $ billion up sequentially from $12.6 billion. Cash flow from operations $ billion. Long-term debt was $ billion, short term $ billion. $0 billion used for stock repurchases, but $5 billion remains authorized. Plans to pay down $4 billion of debt in 2025/2026.

US revenue decreased 3% to $8.5 billion; international up 10% to $3.8 billion.

The mid to late stage pipeline includes repotrectinib, farletuzumab exteribulin, AR-LDD, iberomide, mezigdomide, alnuctamab BCMA TCE, CC-99282, cendakimab, LPA1, and milvexian.

Cost of products sold was $ billion. SG&A $ billion. R&D $ billion. Amortization of acquired intangible assets $ million. Acquired IRPD $ billion. Other expense $ million. Total expenses $ billion. Operating profit $ billion. Tax $ million.

Q&A selective summary:

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