Bristol Myers Squibb (BMY) Q2 2025 10-Q Quarterly Report
Bristol Myers Squibb (BMY) 10-Q quarterly report for Q2 2025, filed with SEC EDGAR on Jul 31, 2025 for the fiscal period ending Jun 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
Bristol Myers Squibb Q2 2025 10-Q Analysis
Management Discussion & Analysis
- • Total expenses $10.5B Q2 2025, down 4% from $10.9B Q2 2024; cost of products sold up 3% to $3.37B Q2 2025 vs $3.27B Q2 2024
- • SG&A down 11% to $1.71B Q2 2025 vs $1.93B Q2 2024; R&D decreased 11% to $2.58B from $2.90B Q2 2024
- • Best segment: Acquired IPRD charges $1.51B Q2 2025, up from $132M Q2 2024, due to BioNTech upfront fee
- • Worst impact: Amortization of acquired intangible assets down 66% to $830M Q2 2025 vs $2.42B Q2 2024, lowering expense
- • Operating cash flow not detailed; year-to-date expenses down 45% driven by lower amortization and acquisition-related costs
- • No updated revenue or profit guidance disclosed; management notes ongoing strategic productivity initiatives driving cost savings
Risk Factors
- • New product approval risk: FDA approved Opdivo + Yervoy for unresectable/metastatic HCC and CRC in April 2025, impacting market launch timing
- • Material regulatory update: EC approved Opdivo Qvantig for multiple adult solid tumors May 2025, expanding commercial indications significantly
- • Compliance risk from diverse multinational approvals: multiple approvals in Japan, EU, US require harmonized regulatory adherence across markets
- • Near-term competitive risk: increased market competition for newly approved therapies like Camzyos (oHCM) and Augtyro (ROS1-positive NSCLC)
- • Financial risk from product concentration: growth concentrated on Opdivo + Yervoy combination across multiple indications with expanding market exposure
Bristol Myers Squibb Q2 2025 Quarterly FinancialsXBRL
Revenue
$12.3B
▲ +0.6% YoY▲ +9.5% QoQ
Net Income
$1.3B
▼ -22.0% YoY▼ -46.7% QoQ
Net Margin
10.7%
▼ -309bp YoY▼ -1125bp QoQ
Source: XBRL data from Bristol Myers Squibb Q2 2025 10-Q filing on SEC EDGAR. All figures in USD.
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