Bristol Myers Squibb (NYSE: BMY; BMS) delivered some good news to investors in reporting fourth-quarter and full-year 2025 results on Thursday. The pharma giant beat analyst consensus forecasts by reporting higher than expected numbers for total revenue and its “growth” portfolio of drugs on which BMS is counting on for long-term growth to offset revenue declines from its aging blockbusters set to lose patent exclusivity over the next two years. As a result, BMS shares climbed 3% on Thursday from $57.62 to $59.52 despite a day of declines for key stock market indexes, after an initial 5% surge to $60.56 at the start of trading. Shares rose another 4% to $61.94 on Friday, finishing the week with a nearly 13% gain. BMS shares have surged 38% over the past six months, on the strength of rising results, positive clinical data, and five business development deals completed last year. BMS finished the fourth quarter with net income attributable to the company of $1.1 billion or $0.53 earnings per share (EPS) on a GAAP basis, up from $72 million or $0.04 EPS in Q4 2024. Non-GAAP net income stood at $2.6 billion or $1.26 EPS, 4.6% above analysts’ consensus, though down from $3.4 billion, or $1.67 per share in the year-ago quarter. Q4 revenues increased 1% to $12.5 billion, 4.8% above analyst consensus. More than half of BMS’s revenue came from its growth portfolio (18 products plus royalty revenues), which increased year over year by 16% to $7.4 billion in the fourth…
