Analyst Conference Summary

biotechnology

conference date: February 5, 2026 @ 5:00 AM Pacific Time
for quarter ending: December 31, 2025 (fourth quarter 2025, Q4)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ billion, down less than % sequentially from $12.22 billion and up % from $ billion year-earlier.

Net income was $ billion, up % sequentially from $2.2 billion and up % from $ billion year-earlier.

EPS (earnings per share), diluted, were $, up % sequentially from $1.08, and up % from $ year-earlier.

Guidance:

Conference Highlights:

Chris Boerner, CEO, said ""

In October 2025, Bristol announced a definitive agreement to acquire Orbital Therapeutics. The acquisition includes OTX-201, Orbital's lead RNA immunotherapy preclinical candidate currently in IND-enabling studies.

Sotyktu sNDA for active psoriatic psoriasis has PDUFA March 6, 2026. Based on positive Phase 3 results detailed in October 2025. Phase 2 results for moderate-to-severe systemic lupus erythematosus were positive for up to four years of treatment.

In October 2025 BMS-986353, a CD19 NEX-T cell therapy, reported positive Phase 1 data for systemic sclerosis, SLE, and idiopathic inflamatory myopathies.

In Q4 2025 iza-bren (izalontamab brengitecan) reported initial promising antitumore activity in multiple late line tumor types. It is a EGFRxHER3 bispecific ADC.

On December 5, 2025 FDA had approved a supplemental BLA for Breyanzi for relapsed or refractory marginal zone lymphoma, 3rd line.

Anti-MTBR-tau (BMS-986446), in Phase 2, for Alzheimer's, granted FDA Fast Track in Q4 2025.

Non-GAAP numbers: diluted EPS $, up % sequentially from $1.63 and down % from $ year-earlier. Net income $ billion, up % sequentially from $3.3 billion, and down % from $ billion year-earlier.

Cash and equivalents ended at $ billion up sequentially from $16.9 billion. Cash flow from operations $ billion. Long-term debt was $ billion, short term $ billion. $0 billion used for stock repurchases, but $ billion remains authorized. Plans to pay down $4 billion of debt in 2025/2026.

US revenue increased % to $ billion; international up % to $ billion.

The mid to late stage pipeline includes

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

Q&A selective summary:

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