Bristol Myers Squibb Reports Strong Q2 Performance Amid Clinical Setbacks

Bristol Myers Squibb (BMS) has announced a robust financial performance for the second quarter of 2025, surpassing Wall Street expectations. However, the pharmaceutical giant also faces challenges as it grapples with recent clinical trial disappointments and works to establish its newer drugs in the market.

Financial Highlights and Revenue Outlook

BMS reported second-quarter revenues of $12.3 billion, beating analysts' consensus by 7.7%. This strong performance led the company to raise its full-year revenue outlook by $700 million at the midpoint, now projecting between $46.5 billion and $47.5 billion for 2025.

Both legacy products and newer drugs contributed to the quarter's success. Notably, the blood cancer drug Revlimid, despite a 38% year-over-year decline, generated $838 million in sales, surpassing expectations by 40%. Other key performers included the Pfizer-partnered blood thinner Eliquis, heart disease medication Camzyos, and cell therapy Breyanzi.

Cobenfy's Market Progress and Clinical Challenges

Investor attention remains focused on Cobenfy, BMS's novel antipsychotic for schizophrenia. While the drug's $35 million contribution to the company's top line slightly exceeded projections, it falls short of the multibillion-dollar potential BMS and industry watchers anticipate.

Adam Lenkowsky, BMS Chief Commercialization Officer, reported that Cobenfy is now tracking over 2,000 total weekly prescriptions in the U.S. The company is expanding its community field force and introducing peer-to-peer assistance to address physician concerns about switching from traditional medications.

However, Cobenfy recently failed a clinical trial as an adjunctive treatment for inadequately controlled schizophrenia. BMS is still analyzing the data and plans to discuss potential paths forward with the FDA. Meanwhile, the focus has shifted to Cobenfy's potential in Alzheimer's disease psychosis, with the first of three phase 3 trials, Adept-2, expected to report data this year.

Clinical Setbacks and R&D Refresh

BMS has faced a series of clinical disappointments in 2025, with all four of its pivotal data readouts yielding negative results. These setbacks include trials for Opdualag in adjuvant melanoma, Camzyos in non-obstructive hypertrophic cardiomyopathy, and Reblozyl in myelofibrosis-associated anemia.

Despite these challenges, CEO Chris Boerner remains optimistic, stating that the failed studies have "relatively limited impact on the long-term growth of the company." Boerner also emphasized that these setbacks do not have implications for future opportunities.

In response to these challenges, BMS is bringing on a new chief medical officer, Cristian Massacesi, M.D., formerly of AstraZeneca. This change in leadership is expected to bring a fresh perspective and renewed focus on execution across drug development.